ROSHOW(002617) 民生证券·2025-05-16 04:40Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company has shown significant growth in its aerial work platform business, contributing to a substantial increase in overall revenue and net profit for 2024 and Q1 2025 [12][4]. - The company is strategically positioned to benefit from high demand in the AI and infrastructure sectors, driven by increased capital expenditures (CAPEX) from major tech companies [2][27]. - The partnership with the subsidiary, Wandeng Technology, has led to new breakthroughs in copper connection orders, indicating a promising growth trajectory for this segment [3][44]. Summary by Sections Company Performance - In 2024, the company achieved a revenue of 3.717 billion yuan, a year-on-year increase of 34.1%, and a net profit of 258 million yuan, up 97.0% [12][15]. - For Q1 2025, the company reported a revenue of 859 million yuan, a 10.4% increase year-on-year, and a net profit of 98 million yuan, reflecting a 22.0% growth [12][15]. - The revenue breakdown for 2024 shows that the enameled wire business generated 1.868 billion yuan (50.3% of total revenue), the aerial work platform business brought in 1.057 billion yuan (28.4%), and the photovoltaic power generation segment accounted for 708 million yuan (19.1%) [15][20]. Industry Trends - The aerial work platform market is experiencing robust demand, driven by domestic infrastructure investments and equipment renewal policies, with a global market size expected to exceed 15 billion USD in 2024 [16][17]. - Major tech companies are significantly increasing their CAPEX, with Amazon, Google, Microsoft, and Meta collectively spending approximately 76.5 billion USD in Q1 2025, indicating strong growth in AI and infrastructure needs [2][30]. Subsidiary Developments - Wandeng Technology has secured new orders in the copper connection field, including bulk orders for active copper cables for emerging data centers in North America [3][44]. - The company has announced financial support for Wandeng Technology to facilitate the large-scale procurement of core DSP chips, which is expected to accelerate the growth of its copper connection business [45][44]. Financial Projections - The company forecasts net profits of 516 million yuan in 2025, 586 million yuan in 2026, and 680 million yuan in 2027, with corresponding price-to-earnings (PE) ratios of 28, 24, and 21 [4][5]. - The projected revenue growth rates are 30.5% for 2025, 16.0% for 2026, and 16.9% for 2027, indicating a strong growth outlook [5][47].