GuoChuang(300520) 中邮证券·2025-03-14 10:23Investment 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 already being applied in various sectors, 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 debt-to-asset ratio of 56.5% and a current P/E ratio of -19.16 [2]. - The company reported a total revenue of 1.038 billion yuan for the third quarter, a year-on-year decrease of 41.51%, and a net profit attributable to shareholders of -47 million yuan, a decline of 173.36% compared to the previous year. However, it forecasts a turnaround in 2024 with an expected net profit of 22 to 33 million yuan [3][9]. Financial Projections - The company is projected to achieve revenues of 2.26 billion yuan in 2024, with a growth rate of -10.14%. By 2026, revenues are expected to reach 4.11 billion yuan, reflecting a growth rate of 29.08% [12]. - The earnings per share (EPS) are forecasted to be 0.10 yuan in 2024, 0.37 yuan in 2025, and 0.55 yuan in 2026, with corresponding P/E ratios of 296.87, 78.74, and 53.18 [9][12].