SENCI ELECTRIC MACHINERY CO.(603109) 华鑫证券·2025-02-19 02:03Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment [1][8]. Core Insights - The company is positioned to benefit from three driving forces: capacity release, policy incentives, and AI infrastructure development, which are expected to enhance growth potential [1][8]. - The company has established a strong competitive moat through a comprehensive industry chain layout and global marketing strategy, supported by a significant number of patents and certifications that enhance its market position [3][4]. - The expansion projects in both domestic and Vietnam markets are progressing well, which will significantly increase production capacity and improve profitability [4][8]. - The anticipated increase in agricultural machinery subsidies from government policies is expected to boost domestic demand, benefiting the company [5][6]. - The global surge in AI data center capital expenditures presents structural opportunities for the company's diesel generator business, as demand for backup power sources is expected to rise [7][8]. Summary by Sections Company Overview - The company has a total market capitalization of 42 billion yuan and a current stock price of 20.17 yuan, with a 52-week price range of 11.78 to 21.08 yuan [1]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 26.47 billion, 34.11 billion, and 43.42 billion yuan respectively, with corresponding EPS of 1.03, 1.43, and 1.94 yuan [8][10]. - The company is expected to experience significant revenue growth rates of 28.8% in 2025 and 27.3% in 2026, driven by policy catalysts and increased demand from AI infrastructure [10][11]. Market Positioning - The company has a robust global marketing network that penetrates mainstream channels in Europe, America, and Southeast Asia, enhancing its operational capabilities [3][4]. - The company holds 341 patents, including 34 inventions, which support its technological advancements and brand premium [3]. Expansion and Capacity - The domestic expansion project in Chongqing is set to add 800,000 units of high-end production capacity by 2026, while the Vietnam project aims to leverage low-cost manufacturing advantages [4][8]. Policy Environment - The central government's focus on agricultural machinery upgrades and subsidies is expected to create a favorable demand environment for the company [5][6].