KEHUA HENGSHENG(002335) 中国银河·2024-11-04 07:02Investment Rating - The report maintains a "Recommend" rating for the company [2][5] Core Views - The company achieved revenue of 5.393 billion yuan in the first three quarters of 2024, a decrease of 1.97% YoY, with net profit attributable to the parent company of 238 million yuan, a decrease of 46.53% YoY [1] - In Q3 2024, the company's revenue was 1.663 billion yuan, a decrease of 21.02% YoY, with net profit attributable to the parent company of 12.4 million yuan, a decrease of 89.92% YoY [1] - The company's intelligent computing business has partnered with multiple enterprises, leveraging AI and liquid cooling technology to create new development opportunities [1] - The company operates over 20 data centers in more than 10 cities, with over 30,000 racks and a total data center area exceeding 250,000 square meters [1] - The company's micro-module data center products have gained high industry recognition, leading the market share in 2023 [1] - The company's new energy business is expanding overseas, with over 30 authorized service outlets in countries such as France, Poland, and the UAE, which is expected to further improve overall gross margins [2] Financial Forecasts - The company's revenue is expected to be 8.030 billion yuan in 2024, 9.235 billion yuan in 2025, and 11.082 billion yuan in 2026 [4] - Net profit attributable to the parent company is forecasted to be 356 million yuan in 2024, 482 million yuan in 2025, and 634 million yuan in 2026 [4] - EPS is projected to be 0.77 yuan in 2024, 1.04 yuan in 2025, and 1.37 yuan in 2026 [4] - The company's PE ratio is expected to be 35.53x in 2024, 26.27x in 2025, and 19.94x in 2026 [4] Business Development - The company focuses on three major directions: data centers, smart power, and new energy, aiming to drive industry digitization and low-carbon energy development [1] - The company's high-end power supply (UPS) maintained the top market share in China in 2023 [2] - The company's new generation of commercial and industrial integrated energy storage products has achieved breakthroughs in multiple overseas markets [2] - The company's data center business is expected to benefit from the global growth in AI and computing power demand, with a focus on efficient, energy-saving, and environmentally friendly solutions [2]