汇纳科技（300609）：拟转让公司股权，有望拓展3D打印

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4]. Core Views - The company plans to raise no more than 739 million yuan through a private placement to enhance liquidity and expand its 3D printing business, with Jiang Zexing acquiring a 15% stake to become the new controlling shareholder [1][2]. - The acquisition aims to integrate core technologies and resources, creating a "3D printing + AI + computing power" ecosystem to support the digital transformation of the manufacturing industry [2]. - The company is a leader in customer flow analysis, providing AI and big data solutions across various sectors, including commercial and public services [2]. Financial Summary - Revenue projections for 2025-2027 are 476 million yuan, 601 million yuan, and 748 million yuan, respectively, with corresponding net profits of 34 million yuan, 79 million yuan, and 140 million yuan [3][11]. - The expected price-to-earnings (PE) ratios for the same period are 102.47x, 44.82x, and 25.22x [3][11]. - The company anticipates a revenue growth rate of 30.91% in 2025, followed by 26.44% in 2026 and 24.40% in 2027 [3][11].