Sharetronic(SZ:300857) Huachuang Securities·2025-05-08 15:40Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 133.3 CNY [1][6]. Core Insights - The company has sufficient orders on hand and is experiencing steady growth in performance. In 2024, the company achieved a revenue of 74.10 billion CNY, representing a year-on-year increase of 59.08%, and a net profit attributable to shareholders of 6.92 billion CNY, up 140.80% year-on-year [6][7]. - For Q1 2025, the company reported a revenue of 20.77 billion CNY, a year-on-year increase of 18.11%, and a net profit of 1.69 billion CNY, up 4.29% year-on-year [6][7]. - The company is focusing on deepening its "cloud-edge-end" integrated smart storage and intelligent IoT system, driven by AI demand, enhancing supply chain efficiency and cost control [6][7]. Financial Performance Summary - Revenue Forecast: - 2024: 7,410 million CNY - 2025: 10,430 million CNY - 2026: 13,369 million CNY - 2027: 16,434 million CNY - Year-on-year growth rates: 59.1% (2024), 40.8% (2025), 28.2% (2026), 22.9% (2027) [2][7]. - Net Profit Forecast: - 2024: 692 million CNY - 2025: 1,074 million CNY - 2026: 1,450 million CNY - 2027: 1,891 million CNY - Year-on-year growth rates: 140.8% (2024), 55.3% (2025), 35.0% (2026), 30.4% (2027) [2][7]. - Earnings Per Share (EPS): - 2024: 2.82 CNY - 2025: 4.38 CNY - 2026: 5.91 CNY - 2027: 7.71 CNY [2][7]. - Valuation Ratios: - Price-to-Earnings (P/E) ratio: 38 (2024), 24 (2025), 18 (2026), 14 (2027) - Price-to-Book (P/B) ratio: 8.1 (2024), 6.2 (2025), 4.7 (2026), 3.6 (2027) [2][7]. Business Segments Performance - The IoT intelligent terminal business generated revenue of 22.59 billion CNY, up 60.82% year-on-year, benefiting from overseas expansion in smart security and smart home sectors [6][7]. - The data storage equipment business achieved revenue of 44.57 billion CNY, a year-on-year increase of 54.98%, driven by continuous investment in data centers and cloud storage [6][7]. Investment Recommendation - Based on the latest financial reports and anticipated price declines in storage in the second half of 2024, the revenue projections for 2025-2027 have been adjusted to 104.30 billion CNY, 133.69 billion CNY, and 164.34 billion CNY respectively, with net profits of 10.74 billion CNY, 14.50 billion CNY, and 18.91 billion CNY [6][7].