Sharetronic(300857) 长城证券·2025-04-03 08:17Investment Rating - The report maintains a rating of "Accumulate" for the company [5][4]. Core Views - The company achieved a revenue of 7.41 billion yuan in 2024, representing a year-on-year growth of 59.1%, and a net profit attributable to shareholders of 0.69 billion yuan, up 140.8% year-on-year [2][11]. - The company is focusing on developing AI computing centers and computing power leasing business, having obtained NVIDIA CLOUD PARTNER qualification [3][4]. - The company is actively expanding into the service robot sector, enhancing its capabilities in advanced manufacturing [3][4]. Financial Summary - Revenue and Profitability: - 2024 revenue is projected at 7.41 billion yuan, with a growth rate of 59.1% year-on-year. The net profit attributable to shareholders is expected to be 0.69 billion yuan, reflecting a 140.8% increase year-on-year [2][11]. - The gross margin for 2024 is 17.36%, an increase of 3.79 percentage points year-on-year, while the net profit margin is 9.27%, up 3.13 percentage points year-on-year [2][11]. - Future Projections: - The company forecasts revenues of 10.02 billion yuan, 13.39 billion yuan, and 17.14 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.03 billion yuan, 1.41 billion yuan, and 1.84 billion yuan [4][16]. - Valuation Metrics: - The projected P/E ratios for 2025, 2026, and 2027 are 26.9, 19.6, and 15.1 respectively, while the P/B ratios are expected to be 6.6, 5.0, and 3.8 [4][16]. Business Segments - Data Storage Equipment: - This segment generated revenue of 4.46 billion yuan in 2024, accounting for 60.2% of total revenue, with a year-on-year growth of 55.0% [2][11]. - IoT Smart Terminals: - Revenue from this segment reached 2.26 billion yuan in 2024, representing 30.5% of total revenue, with a year-on-year growth of 60.8% [2][11].