Megmeet(002851) 天风证券·2024-12-15 06:23Investment Rating - The report assigns a "Buy" rating for the company with a target price of 64.97 CNY, based on a projected market capitalization of 327.5 billion CNY, which includes both core business and AI new business contributions [4][2]. Core Insights - The company is positioned as a leading provider in the electrical control and energy-saving sectors, focusing on diversified growth across six main business categories: smart home appliances, power products, new energy and rail transit components, industrial automation, intelligent equipment, and precision connections [1][22]. - The smart home appliance market is expected to be a significant revenue driver, particularly in the variable frequency air conditioning and smart bathroom segments, with projected revenues of 36.3 billion CNY in 2024, growing at a CAGR of 39% from 2024 to 2026 [2][28]. - The AI server power supply segment is anticipated to experience rapid growth, with the market expected to reach 5.3 billion USD by 2026, contributing an estimated profit increase of 600 to 900 million CNY for the company [2][8]. Summary by Sections 1. Business Overview - The company emphasizes a multi-polar growth strategy to balance risks and ensure steady progress despite industry downturns, showcasing strong anti-cyclical capabilities [1][30]. - The diversified product matrix includes smart home appliance control products, power products, new energy components, industrial automation, intelligent equipment, and precision connections, with established partnerships with major global brands [22][23]. 2. Growth Potential - The smart home appliance segment, particularly in India, is projected to generate 4.5 to 5 billion CNY in revenue due to low market penetration and increasing demand [2][45]. - The company has secured supply qualifications for AI server power from NVIDIA, which is expected to enhance profitability significantly [2][70]. 3. Financial Projections - Revenue forecasts for 2024 to 2026 are 86.9 billion CNY, 109.3 billion CNY, and 134.6 billion CNY, respectively, with net profits expected to reach 6.5 billion CNY, 8.3 billion CNY, and 10.2 billion CNY [2][3]. - The company’s revenue growth from 2020 to 2023 has shown a CAGR of 26%, indicating a robust financial trajectory [2][28]. 4. Market Position - The company maintains a strong competitive position in various sectors, including medical power supplies, industrial automation, and new energy vehicles, contributing to stable cash flow and risk balance [2][28]. - The AI server power supply market is a new growth frontier, with the company leveraging its technological capabilities to capture market share [2][8].