Megmeet(002851) 中邮证券·2024-12-05 01:56Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company is expected to experience growth in its AI and new energy vehicle (NEV) business, with a focus on expanding its customer base and product offerings [8]. - The company has made significant strides in overseas market expansion, establishing R&D centers and production capabilities in various countries [8]. - The server power supply segment is anticipated to become a new growth driver as the company develops its server system power projects [8]. Financial Overview - The company's total market capitalization is 21.4 billion yuan, with a circulating market capitalization of 17.8 billion yuan [2]. - The latest closing price is 40.54 yuan, with a total share capital of 5.27 billion shares and a circulating share capital of 4.39 billion shares [8]. - The company has a debt-to-asset ratio of 55.1% and a price-to-earnings ratio of 31.95 [4][5]. Revenue and Profit Projections - Projected revenues for 2024, 2025, and 2026 are 8 billion yuan, 10 billion yuan, and 13 billion yuan respectively, with growth rates of 18.45%, 25.01%, and 30.00% [11]. - The net profit attributable to the parent company is expected to be 570.97 million yuan in 2024, 773.07 million yuan in 2025, and 1.03 billion yuan in 2026, with growth rates of -9.27%, 35.40%, and 33.55% respectively [11]. - Earnings per share (EPS) are projected to be 1.08 yuan in 2024, 1.47 yuan in 2025, and 1.96 yuan in 2026 [11].