GuoChuang(300520) 中邮证券·2025-03-14 10:10Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company, Keda Guochuang, is a leading provider of data intelligence products and services in China, originating from the University of Science and Technology of China. It focuses on digital applications, products, and operations, driving digital transformation for industry clients [3][4]. - The company has successfully won a storage project with China Telecom, showcasing its technical strength in the energy storage sector. This project is expected to enhance its market share in data centers and computing power [4]. - Keda Guochuang has a strategic investment in Guoyi Quantum, indicating its deep involvement in the quantum technology industry, which is anticipated to open new growth avenues [5][6]. - The company is advancing its AI capabilities through the development of intelligent platforms and programming assistants, which are being applied across various industries, including telecommunications and energy [7][8]. Company Overview - The latest closing price of the company's stock is 29.12 yuan, with a total market capitalization of 8.5 billion yuan. The company has a total share capital of 291 million shares, with 277 million shares in circulation [2]. - The company reported a total revenue of 1.038 billion yuan for the third quarter, a year-on-year decrease of 41.51%. However, it anticipates a turnaround with a projected net profit of 22 to 33 million yuan for 2024 [3][9]. - The company has a debt-to-asset ratio of 56.5% and a current P/E ratio of -19.16, indicating a challenging financial environment but potential for recovery [2][3]. Financial Projections - The company expects its earnings per share (EPS) to be 0.10, 0.37, and 0.55 yuan for the years 2024, 2025, and 2026, respectively. The corresponding P/E ratios are projected to be 296.87, 78.74, and 53.18 [9][12]. - Revenue is projected to decline to 2.26 billion yuan in 2024 but is expected to rebound to 3.18 billion yuan in 2025 and 4.11 billion yuan in 2026, reflecting a growth rate of 40.88% in 2025 [12][15]. Strategic Initiatives - The company is actively participating in the construction of intelligent computing centers and is well-positioned to meet the growing demand for energy storage solutions in data centers [4][9]. - Keda Guochuang is leveraging its expertise in quantum technology and AI applications to enhance its product offerings and expand into new markets, potentially creating a second growth curve for the company [5][9].