GDHEC CO.,LTD(600673) 国盛证券·2025-03-02 08:23Investment 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 by forming partnerships with leading firms in the AI and robotics sectors, particularly with Zhiyuan Robotics and Zhongji Xuchuang, to enter the embodied intelligence industry [1][3]. - A joint venture with Zhongji Xuchuang focuses on liquid cooling solutions, enhancing the company's competitive edge in the global market [2]. - The company is fully embracing AI technologies, with plans to develop high-performance capacitors and other components essential for AI servers, indicating a strategic shift towards technology transformation [3]. Financial Summary - The company's projected net profit for 2024-2026 is estimated at 4.0 billion, 14.0 billion, and 22.2 billion CNY, respectively, with corresponding P/E ratios of 83, 24, and 15 times [3]. - Revenue is expected to grow from 10.854 billion CNY in 2023 to 21.275 billion CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 35% [5]. - The company reported a significant turnaround in net profit from a loss of 294 million CNY in 2023 to a profit of 399 million CNY in 2024, with further growth anticipated [5].