研报掘金丨东吴证券：维持中熔电气“买入”评级，目标价183元

Core Viewpoint - Dongwu Securities report indicates that Zhongrong Electric's Q4 2025 performance exceeded expectations, with significant contributions from scale effects [1] Financial Performance - The company estimates a net profit attributable to shareholders for 2025 between 383 million to 432 million, representing a year-on-year increase of 105% to 131% [1] - For Q4 2025, the net profit attributable to shareholders is projected to be between 140 million to 190 million, showing a year-on-year increase of 114% to 189% and a quarter-on-quarter increase of 35% to 82% [1] Business Segments - The automotive business continues to be the main contributor to growth, with an improvement in profitability levels [1] - The wind and solar storage business remains stable, with energy storage providing additional growth [1] Strategic Focus - The company is focusing on high-voltage direct current relays and Battery Distribution Units (BDU), aiming to expand into new markets [1] Profit Forecast - Due to the evident scale effects and expected contributions from new products, the company has revised its net profit forecasts for 2025-2027 to 420 million, 600 million, and 800 million respectively, up from previous estimates of 360 million, 500 million, and 660 million [1] - This represents year-on-year growth of 122%, 44%, and 34% respectively [1] Valuation - The corresponding price-to-earnings ratios are projected at 28x, 20x, and 15x for 2025, 2026, and 2027 respectively [1] - A target price of 183 yuan is set, maintaining a "Buy" rating with a 30x PE for 2026 [1]