Beijing Relpow Technology (300593) 华泰证券·2025-04-23 02:17Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.72 RMB [7][8]. Core Views - The company experienced a significant recovery in demand in Q1 2025, with expectations for strong growth in revenue and net profit throughout the year, driven by the release of previously accumulated demand and the launch of new products [1][2]. - Despite a decline in revenue in 2024 due to insufficient downstream demand in specialized industries and cyclical fluctuations in the communication sector, the company has made substantial progress in product development and market expansion, indicating a potential turning point in performance [2][3]. - The data center market is expected to provide new growth opportunities, with the company enhancing its production capacity and developing comprehensive power solutions for IDC facilities [3][4]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 922 million RMB, a year-over-year decline of 37.16%, and a net loss of 500.78 million RMB, a significant drop of 617.17% compared to the previous year [1][6]. - For Q1 2025, the company achieved revenue of 233 million RMB, an increase of 16.75% year-over-year, although it still reported a net loss of 44 million RMB, down 13.42% year-over-year [1][2]. Revenue and Profit Forecast - The company is projected to achieve net profits of 146.81 million RMB, 240.38 million RMB, and 313.46 million RMB for the years 2025, 2026, and 2027, respectively [4][6]. - The expected revenue for 2025 is 1.65 billion RMB, reflecting a growth of 79.20% compared to 2024 [6]. Valuation Metrics - The report estimates a price-to-earnings (PE) ratio of 69 for 2025, with a target price set at 18.72 RMB based on this valuation [4][8]. - The company's market capitalization is currently 7.35 billion RMB, with a closing price of 13.54 RMB as of April 22, 2025 [8].