欧陆通：服务器高功率电源占比持续提升

Investment Rating - The report assigns a "Buy" rating to the company, with a first-time coverage [11] Core Viewpoints - The company has a diversified product portfolio, serving data center clients with a range of power supply products, including high-power server power supplies and liquid-cooled server power solutions [13] - The company has established itself as a major domestic data center power supply manufacturer, with products highly recognized by leading server manufacturers and end customers [13] - The company has launched new liquid-cooled server products and continues to expand its market share in other power supply segments, such as power adapters and electric tool chargers [13] - The company's revenue from power adapters has shown a narrowing decline, while the electric tool charger business has experienced significant growth due to new customer acquisitions [13] Financial Projections - The company's revenue is projected to grow from 2,870 million yuan in 2023 to 5,508 million yuan in 2026, with a CAGR of 24.3% [15] - Net profit attributable to the parent company is expected to increase from 195.73 million yuan in 2023 to 403.88 million yuan in 2026, with a CAGR of 27.4% [15] - EPS is forecasted to rise from 1.93 yuan in 2023 to 3.99 yuan in 2026 [15] - The company's P/E ratio is expected to decrease from 43.85 in 2023 to 21.25 in 2026, indicating potential undervaluation [15] Financial Ratios - The company's gross margin is projected to remain stable at around 22% from 2024 to 2026 [17] - ROE is expected to increase from 10.5% in 2023 to 14.2% in 2026, reflecting improved profitability [17] - The debt-to-asset ratio is forecasted to rise from 50.5% in 2023 to 60.8% in 2026, indicating increased leverage [17] Business Highlights - The company has successfully supplied power products to major server manufacturers such as Inspur, Foxconn, Lenovo, and ZTE [13] - The company has introduced innovative liquid-cooled server power solutions, including 30kw PowerShelf and ATS2.5KWPSU, combining liquid cooling and centralized power supply advantages [13] - The company's electric tool charger business has seen significant growth due to the normalization of global demand and new customer acquisitions [13]