Investment Rating - The report gives a "Buy" rating for the company, with a forecasted revenue of 3.57 billion, 4.27 billion, and 5.03 billion for the years 2024 to 2026, respectively, and corresponding net profits of 0.98 billion, 1.27 billion, and 1.53 billion [5]. Core Viewpoints - The company is positioned as a leader in the industrial fan market and is strategically transitioning towards AI-driven new productivity solutions, aiming to enhance operational efficiency and market competitiveness [3][20]. - The company has experienced a decline in revenue due to macroeconomic fluctuations, with a reported revenue of 1.67 billion in H1 2024, down 5.19% year-on-year, and a significant drop in net profit to 2.87 million, down 85.71% year-on-year [3][19]. - The market for HVLS fans is expected to grow significantly, with projections indicating that the domestic market size will reach 3.5 billion by 2025, driven by increasing environmental awareness and energy-saving policies [4]. Summary by Sections 1. Strategic Layout of AI+ New Productivity Business - The company focuses on manufacturing high-quality products and providing excellent services, particularly in the environmental technology sector, and has developed HVLS industrial energy-saving fans to enhance workplace efficiency [3][10]. - The company has established a joint venture with Henan Zhongyu Investment Group to develop AI-related businesses, marking a strategic shift from traditional manufacturing to AI-driven productivity [20][28]. 2. Market Growth Driven by Downstream Demand for HVLS Fans - The global awareness of environmental issues and government policies aimed at improving labor conditions are driving the growth of the HVLS fan industry, with a projected market size of 3.5 billion by 2025 [4]. 3. Collaborative Development and AI Business Expansion - The company is actively expanding its AI business, focusing on various sectors such as automotive manufacturing and commercial energy storage, and has formed strategic partnerships with companies like Lanjun New Energy and Jingneng Technology [5][22]. - The company has launched the "Yuzhi AI" platform, which focuses on smart office, smart travel, and smart healthcare applications [5][28]. 4. Profit Forecast and Valuation - The report forecasts revenues and net profits for 2024 to 2026, with corresponding earnings per share (EPS) estimates of 1.52, 2.63, and 3.42, indicating a positive outlook for the company's recovery and strategic transformation [5][19]. 5. R&D Investment and Innovation - The company has been increasing its R&D expenditure, which reached 17.98 million in 2023, accounting for 4.88% of its revenue, and has a dedicated team of 48 R&D personnel [25][27].
开勒股份：深度报告：工业风扇领航员，AI转型正当时