KEHUA HENGSHENG(002335) 东吴证券·2025-04-29 08:13Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and performance are expected to rise steadily, with overseas expansion and AIDC (Artificial Intelligence Data Center) likely to contribute to incremental growth [1] - The company reported a revenue of 7.76 billion yuan in 2024, a year-on-year decrease of 4.71%, and a net profit of 315.18 million yuan, down 37.90% year-on-year [7] - The data center business is showing strong growth, with revenue from this segment reaching 3.15 billion yuan in 2024, up 14.70% year-on-year, accounting for over 40% of total revenue [7] - The company is focusing on core products and product upgrades, which has led to improved profitability despite a decline in revenue from certain segments [7] - The company is increasing its overseas business efforts, particularly in the renewable energy sector, which is expected to recover by the end of Q3 2025 [7] - The company has demonstrated excellent cost control, with operating expenses decreasing by 5.7% year-on-year in 2024 [7] - The forecast for net profit for 2025-2027 is 688 million yuan, 1.05 billion yuan, and 1.4 billion yuan respectively, with corresponding growth rates of 118%, 52%, and 34% [7] Financial Summary - Total revenue is projected to be 8.92 billion yuan in 2025, with a year-on-year growth of 14.93% [1] - The net profit for 2025 is expected to be 688 million yuan, reflecting a significant increase from the previous year [1] - The company's earnings per share (EPS) is forecasted to be 1.33 yuan in 2025, with a price-to-earnings (P/E) ratio of 30.69 [1] - The company’s total assets are estimated to reach 13.02 billion yuan by 2025, with total liabilities of 7.78 billion yuan [8]