COTRAN(SZ:300731) Minsheng Securities·2024-12-10 08:10Investment Rating - The report assigns a "Cautious Recommendation" rating to the company [3]. Core Views - The company plans to acquire a 51% stake in Zhaoke Electronics, which is valued at no more than 450 million yuan, with a transaction price of up to 229.5 million yuan. This acquisition is expected to enhance profits significantly [1]. - Zhaoke Electronics specializes in the research and development of thermal interface materials, which are increasingly important in data centers due to the rising demands of AI, VR, and AR technologies [1]. - The report anticipates that the company's revenue will grow from 771 million yuan in 2024 to 1.57 billion yuan in 2026, with net profit expected to increase from 20 million yuan to 71 million yuan during the same period [2][5]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 771 million yuan, 1.14 billion yuan, and 1.57 billion yuan, respectively, reflecting growth rates of 38.0%, 48.2%, and 37.4% [2][5]. - The net profit attributable to shareholders is forecasted to be 20 million yuan in 2024, 53 million yuan in 2025, and 71 million yuan in 2026, with growth rates of -21.6%, 165.6%, and 33.5% respectively [2][5]. - The report estimates the company's P/E ratios to be 147x in 2024, 55x in 2025, and 41x in 2026 [2][5]. Business Insights - The acquisition of Zhaoke Electronics is expected to fully release its performance starting in 2025, while the company's polymer materials business in the telecommunications and power industries is projected to maintain high gross margins [1]. - The company is also strategically positioning itself in the silicon carbide substrate market, which is anticipated to benefit from the increasing penetration of new energy vehicles and the rise in domestic semiconductor material production [1].