Sichuan Discovery Dream Science & Technology (301213) 中邮证券·2025-04-10 10:23Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for its stock performance in the near term [8][9]. Core Insights - The company, Guanshang Technology, is transitioning towards intelligent equipment and AI business, leveraging its experience in the defense industry to expand into civilian markets, achieving breakthroughs in various sectors such as smart education and emergency response [4][6]. - The intelligent equipment business is based on a "software-defined hardware" approach, aligning with the trends of low-cost and sustainable development, which enhances performance while reducing costs [5]. - The company has established a strong presence in the AI field, focusing on edge AI capabilities that integrate military knowledge to enhance unmanned equipment and edge computing devices [6]. - The company has rich experience in equipment lifecycle management, previously serving military clients, and is now expanding into the civilian market, evidenced by recent contracts and projects [9]. Financial Summary - The company is expected to turn a profit in 2024, with projected net profits ranging from 6.48 million to 7.54 million yuan, marking a significant turnaround from previous losses [9]. - Revenue is forecasted to grow significantly, with estimates of 144 million yuan in 2024, 335 million yuan in 2025, and 458 million yuan in 2026, reflecting a compound annual growth rate of 133.52% from 2024 to 2025 [11][14]. - The projected net profit for 2024-2026 is expected to be 0.07 billion yuan, 0.95 billion yuan, and 1.44 billion yuan respectively, with corresponding P/E ratios of 511, 38, and 25 [9][11].