GDHEC CO.,LTD(600673) 国盛证券·2025-03-02 08:15Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [6]. Core Insights - The company is expanding its business landscape through strategic partnerships, including a joint venture with Zhiyuan Robotics to enter the embodied intelligence sector, which is expected to have significant growth potential [1]. - Another joint venture with Zhongji Xuchuang focuses on liquid cooling solutions, enhancing the company's competitive edge in the market by leveraging its integrated manufacturing capabilities [2]. - The company is fully embracing AI technologies, with plans to develop AI servers and related components, indicating a strong commitment to technological transformation [3]. Summary by Sections Joint Ventures and Partnerships - The establishment of Hubei Guanggu Dongzhi Embodied Intelligence Technology Co., Ltd. with Zhiyuan Robotics, where the company holds a 70% stake, marks its entry into the embodied intelligence industry [1]. - The joint venture with Zhongji Xuchuang, named Shenlin Zhileng Technology, will focus on promoting liquid cooling solutions globally, with the company holding a 49% stake [2]. Financial Projections - The company expects to achieve a net profit of 4.0 billion, 14.0 billion, and 22.2 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 83, 24, and 15 [3]. Revenue and Profitability - The company's revenue is projected to grow from 10.854 billion yuan in 2023 to 21.275 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 35% [5]. - The net profit is expected to recover from a loss of 294 million yuan in 2023 to a profit of 2.216 billion yuan in 2026, indicating a strong turnaround [5].