CEM(SZ:002980) Xin Lang Cai Jing·2025-04-14 06:40Core Viewpoint - The company has launched AI-based instrumentation products, marking a significant step towards the intelligent upgrade of traditional industries. Additionally, the commencement of production in Vietnam enhances the company's global layout and risk resilience [1][3]. Financial Performance - The company maintains a "Buy" rating, adjusting the EPS forecast for 2024-2026 to 1.03, 1.49, and 1.81 yuan respectively, down from previous estimates of 1.09, 1.37, and 1.72 yuan. The target price is revised to 29.77 yuan, previously 37.93 yuan, based on a 20X PE valuation for 2025, considering trade friction risks [2]. - In 2024, the company achieved a net profit attributable to shareholders of 139 million yuan, representing a year-on-year increase of 29.60%. This growth is attributed to the continuous absorption of new technologies, leading to product upgrades and improved gross margins, as well as a global strategy that has broadened the customer base and enhanced market competitiveness [2]. Product Development - The company has introduced the AI-7760 power quality analyzer, which integrates DeepSeek large model technology and RAG industry knowledge graph retrieval systems, transforming industrial measurement from data recording to predictive decision-making. This product supports precise and rapid quantitative analysis of power quality data and is applicable across various stages of the power system [3]. - The company is progressively incorporating large model technology into multiple smart instruments and medical devices, aiming to create next-generation smart instruments with intelligent decision-making capabilities, thereby driving the intelligent upgrade of traditional industries [3]. Global Expansion - The company has established a wholly-owned subsidiary in Vietnam to enhance its supply chain's risk resilience in response to international trade tensions. The Vietnam factory officially commenced production on March 3, 2025, further strengthening the company's global layout and risk management capabilities [3].