研报掘金丨东海证券：首予陕鼓动力“买入”评级，看好公司未来“制造+运营+服务”布局

Core Viewpoint - Donghai Securities report indicates that ShanGu Power is a leading enterprise in the energy conversion equipment sector in China, continuously making breakthroughs in areas such as compressed air energy storage, coal chemical industry, and industrial gas operations, which supports the company's future stable growth [1] Financial Projections - The company is expected to achieve net profits attributable to shareholders of 1.074 billion yuan, 1.110 billion yuan, and 1.182 billion yuan for the years 2025, 2026, and 2027 respectively [1] - The current stock price corresponds to price-to-earnings ratios (PE) of 17.41, 16.84, and 15.82 for the years 2025, 2026, and 2027 respectively [1] Competitive Advantage - The company possesses a leading advantage in the energy conversion equipment, energy infrastructure operation, and service industries, and is expected to benefit from its future layout of "manufacturing + operation + service" [1] Investment Rating - The report initiates coverage with a "buy" rating for the company [1]