Highlander(300065) 东吴证券·2025-02-20 12:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The official launch of the underwater computing center in Hainan marks a significant step in the construction of new marine infrastructure, with a high-quality computing cluster capable of 675 PFlops, equivalent to approximately 30,000 high-end computers operating simultaneously [8] - The underwater data center offers notable green and energy-saving advantages, utilizing seawater for natural cooling, achieving a PUE of 1.1, and saving over 30% energy compared to traditional data centers [8] - The demand for underwater data centers is expected to grow significantly due to the increasing global need for AI computing power, with the centers positioned closer to coastal populations and economic activities [8] - The company's earnings forecast has been adjusted upward, with expected net profits for 2024-2026 at 0.62 billion, 1.30 billion, and 1.62 billion respectively, corresponding to P/E ratios of 157, 75, and 60 [8] Financial Summary - Total revenue for 2022 was 724.42 million, with projections of 753.69 million for 2023, 830.88 million for 2024, 1,382.83 million for 2025, and 1,610.39 million for 2026, reflecting a growth rate of 4.04% in 2023 and 10.24% in 2024 [1][9] - The company reported a net profit of -788.84 million in 2022, with forecasts of -116.36 million for 2023, 62.11 million for 2024, 129.67 million for 2025, and 161.62 million for 2026, indicating a significant recovery and growth trajectory [1][9] - The earnings per share (EPS) is projected to improve from -1.09 in 2022 to -0.16 in 2023, and then to 0.09, 0.18, and 0.22 in the following years [1][9]