GuoChuang(300520) 中邮证券·2025-03-19 02:07Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company, Keda Guokong, 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][9]. - 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 Guokong has a strategic investment in Guoyi Quantum, indicating a deep commitment to the quantum technology industry chain, which is expected to play a significant role in its future growth [5][6]. - The company is actively developing AI applications, leveraging its core technologies to create intelligent platforms that enhance operational efficiency across various sectors [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 [2]. - 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%, and a net profit attributable to shareholders of -47 million yuan, a decline of 173.36% year-on-year [3]. Financial Projections - The company is projected to achieve earnings per share (EPS) of 0.10, 0.37, and 0.55 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 296.87, 78.74, and 53.18 [9][12]. - Revenue is expected to decline to 2.26 billion yuan in 2024 before rebounding to 3.184 billion yuan in 2025 and 4.110 billion yuan in 2026, reflecting a growth rate of 40.88% in 2025 [12][15]. Strategic Initiatives - The company is advancing its AI+ strategy, integrating AI technologies into various applications, including customer service and smart logistics, to enhance operational efficiency [7][8]. - Keda Guokong's storage solutions are already in use with over one million new energy vehicles and large-scale storage systems, indicating a strong foothold in the market [4].