YINGLIU(603308) 国金证券·2024-12-25 00:11Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth and profitability improvements [22] Core Views - The company's gas turbine blade business is expected to benefit from the increasing demand for AI data centers, which drive higher electricity consumption globally [22] - The company has secured significant new orders in the gas turbine sector, with contract liabilities increasing by RMB 117 million in Q3 2024 [22] - The company plans to issue convertible bonds to raise up to RMB 1.5 billion for expanding production capacity and enhancing competitiveness in the aerospace and gas turbine sectors [22] Financial Projections - Revenue is projected to grow from RMB 2.71 billion in 2024E to RMB 4.075 billion in 2026E, with a CAGR of 22.6% [11][22] - Net profit attributable to shareholders is expected to increase from RMB 320 million in 2024E to RMB 554 million in 2026E, with a CAGR of 31.6% [11][22] - The company's ROE is forecasted to rise from 6.91% in 2024E to 10.66% in 2026E, reflecting improved profitability [11] Industry Analysis - Global AI server electricity consumption is projected to increase from 195 TWh in 2023 to 500 TWh by 2027, driven by the rapid growth of data centers [22] - The US electricity demand is expected to grow by 128GW (15.8%) over the next five years, primarily due to data centers and manufacturing growth [22] - Gas turbines are favored for their fast start-up, high efficiency, and strong peak-shaving capabilities, making them a key solution for stable power supply in data centers [22] Valuation - The company's PE ratio is expected to decline from 28X in 2024E to 16X in 2026E, indicating attractive valuation levels [11][22] - The PB ratio is projected to decrease from 1.93X in 2024E to 1.72X in 2026E, reflecting improved asset efficiency [11]