Ge Long Hui A P P·2025-12-09 05:50Core Viewpoint - The report from Zheshang Securities highlights the rapid international expansion of Igor Transformers and AIDC products, driven by increasing demand in the photovoltaic energy storage and data center sectors, with significant growth in revenue and net profit projected from 2020 to 2024 [1] Group 1: Financial Performance - The company's operating revenue is expected to grow from 1.406 billion yuan to 4.639 billion yuan from 2020 to 2024, with a four-year CAGR of 35% [1] - The net profit attributable to the parent company is projected to increase from 51 million yuan to 293 million yuan during the same period, with a four-year CAGR of 54% [1] Group 2: Demand and Supply Dynamics - The demand side is driven by a surge in photovoltaic energy storage grid connection needs and significant growth in electricity consumption by data centers, leading to increased procurement of transformers by large developers, grid companies, and data center operators [1] - On the supply side, manufacturers are struggling to meet the surging demand due to labor and material shortages, resulting in existing production capacity being insufficient [1] Group 3: Competitive Position and Growth Opportunities - Domestic high-quality transformer manufacturers are expected to seize historic opportunities for international expansion due to their enhanced competitive capabilities [1] - The company's overseas business is experiencing rapid growth, with North America and Europe accounting for 70% of its international sales [1] - The company is strategically positioning itself in the data center sector, which is anticipated to open up additional growth avenues [1] Group 4: Product Focus and Market Strategy - The company focuses on the energy and information sectors, with a diverse product portfolio and significant advantages in overseas channels [1] - Products such as energy storage transformers, distribution transformers, and data center products are expected to drive accelerated performance growth for the company [1] - The report initiates coverage with a "Buy" rating for the company [1]