Megmeet(SZ:002851) Guotai Junan Securities·2024-10-20 23:39Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to 45.00 CNY from the previous 30.50 CNY [4][10]. Core Insights - The company is expected to achieve both revenue and profit growth due to successful progress in AI high-power power supply samples and localized delivery in its global production layout [2][10]. - The company has become the only mainland supplier for NVIDIA's GB200 product, which is anticipated to lead to bulk orders by 2025 [10]. - The company's revenue from power supply products reached 1.097 billion CNY in H1 2024, marking a year-on-year increase of 13.05% [10]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 8.11 billion CNY, 12.12 billion CNY, and 15.23 billion CNY respectively, reflecting growth rates of 20.1%, 49.4%, and 25.7% [11]. - Net profit attributable to shareholders is forecasted to be 733 million CNY in 2024, 1.16 billion CNY in 2025, and 1.47 billion CNY in 2026, with growth rates of 16.5%, 57.7%, and 26.9% respectively [11]. - The company’s earnings per share (EPS) are projected to be 1.45 CNY for 2024, 2.29 CNY for 2025, and 2.91 CNY for 2026 [11]. Market Data - The company's current stock price is 33.86 CNY, with a 52-week price range of 18.92 to 33.86 CNY [5]. - The total market capitalization is 17.068 billion CNY, with a total share capital of 504 million shares [5]. Balance Sheet Highlights - Shareholder equity stands at 4.668 billion CNY, with a net asset value per share of 9.26 CNY [6]. - The current net debt ratio is 10.78% [6].