Sharetronic(SZ:300857) Huachuang Securities·2025-05-09 00:30Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 133.3 CNY [1][6]. Core Views - 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]. - The company continues to deepen its integrated "cloud-edge-end" smart storage and intelligent IoT system, focusing on smart storage, intelligent IoT, cloud services, computing servers, and server remanufacturing, driven by AI demand [6][7]. - The AI wave is driving demand for computing power, with significant growth in server remanufacturing and computing power leasing businesses [6][7]. Financial Summary - Revenue Forecast: The company is projected to achieve revenues of 10,430 million CNY in 2025, 13,369 million CNY in 2026, and 16,434 million CNY in 2027, with year-on-year growth rates of 40.8%, 28.2%, and 22.9% respectively [2][7]. - Net Profit Forecast: The net profit attributable to shareholders is expected to be 1,074 million CNY in 2025, 1,450 million CNY in 2026, and 1,891 million CNY in 2027, with growth rates of 55.3%, 35.0%, and 30.4% respectively [2][7]. - Earnings Per Share (EPS): The EPS is projected to be 4.38 CNY in 2025, 5.91 CNY in 2026, and 7.71 CNY in 2027 [2][7]. - Valuation Ratios: The price-to-earnings (P/E) ratio is expected to decrease from 38 in 2024 to 14 in 2027, while the price-to-book (P/B) ratio is projected to decline from 8.1 to 3.6 over the same period [2][7]. Business Performance - The company's IoT intelligent terminal business generated revenue of 22.59 billion CNY in 2024, a year-on-year increase of 60.82%, primarily 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, up 54.98% year-on-year, due to continuous investment in data centers and cloud storage [6][7]. - In Q1 2025, the company reported 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].