Megmeet(002851) 浙商证券·2025-03-18 12:23Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4][10]. Core Insights - The company is a leading supplier in the electronic and electrical field, with a diversified product portfolio that includes smart home appliance controls, industrial automation, and precision connection products [1]. - The company has made significant advancements in AI power supply development, positioning itself as a key player in the data center and AI server power supply market [8]. - The company has been included in NVIDIA's server supplier list, which is expected to enhance its business prospects in the AI power sector [8]. Financial Forecast and Valuation - Projected revenues for 2024, 2025, and 2026 are estimated at 85.15 billion, 109.50 billion, and 137.40 billion CNY, respectively, with year-over-year growth rates of 26.07%, 28.60%, and 25.48% [2][8]. - Expected net profits for the same period are forecasted to be 6.35 billion, 8.21 billion, and 10.00 billion CNY, with corresponding year-over-year growth rates of 0.94%, 29.26%, and 21.82% [2][8]. - The earnings per share (EPS) is projected to be 1.16, 1.50, and 1.83 CNY for 2024, 2025, and 2026, respectively, with price-to-earnings (P/E) ratios of 58.3, 45.1, and 37.0 [2][8]. Business Performance - In Q1-Q3 of 2024, the company reported a revenue of 59.0 billion CNY, reflecting a year-over-year increase of 21.1%, with a net profit of 3.6 billion CNY, up 18.1% [8]. - The company has achieved a leading position in high-power, high-efficiency network power technology, which supports its future growth [8]. - The collaboration with NVIDIA is expected to drive demand for the company's innovative power solutions, particularly with the upcoming GB300 product launch [8].