TF Securities(SH:601162) Ge Long Hui A P P·2025-09-11 09:28Core Viewpoint - Tianfeng Securities report indicates that Youyou Green Energy's main business focuses on charging pile power modules, emphasizing core technology and new product development with a light asset model [1] Group 1: Business Overview - The company has advantages in product iteration, customer structure, and overseas expansion [1] - The downstream extensibility of power modules is strong, with high-voltage direct current power modules applicable in data center direct power supply fields, opening up growth space [1] Group 2: Financial Projections - Revenue from 20kw, 30kw, and 40kw modules in 2024 is projected to be 0.7 billion, 6 billion, and 7.4 billion respectively, with year-on-year changes of -67%, -28%, and +155% [1] - Revenue shares for these modules are expected to be 5%, 40%, and 50%, with year-on-year changes of -10 percentage points, -20 percentage points, and +29 percentage points, indicating a significant increase in the revenue share of the 40kw module [1] Group 3: Future Outlook - The company is expected to see a rise in overseas revenue share and product upgrades, leading to rapid growth in net profit attributable to shareholders in 2026 and 2027 [1] - The expansion of product categories is anticipated to extend into the data center sector, with a projected PE of 40x for 2026, corresponding to a stock price of 285.7 yuan, initiating coverage with a "buy" rating [1]