KEHUA HENGSHENG(SZ:002335) Huafu Securities·2025-05-09 02:53Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [18]. Core Insights - The company reported a revenue of 7.757 billion yuan for 2024, a decrease of 4.71% year-on-year, and a net profit attributable to shareholders of 315 million yuan, down 37.90% year-on-year [3][5]. - The data center business showed steady growth in 2024, with IDC services revenue at 1.231 billion yuan, a decline of 4.50%, while data center products revenue increased by 30.32% to 1.921 billion yuan [3]. - The company has formed strategic partnerships with leading computing power manufacturers and secured significant service orders, indicating a strong order pipeline and customer expansion [4]. - The integration of "smart computing + energy storage" aims to create a collaborative ecosystem of "green electricity + AI + light charging and storage computing," enhancing operational efficiency through AI technology [4]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 729 million yuan, a significant recovery of 131% year-on-year, with earnings per share (EPS) expected to reach 1.41 yuan [5][6]. - Revenue forecasts for 2025-2027 are 9.933 billion yuan, 12.526 billion yuan, and 15.429 billion yuan, respectively, reflecting a growth rate of 28%, 26%, and 23% [5]. - The company's gross margin is expected to improve gradually, with projections of 26.4% in 2025 and 27.1% in 2027 [5].