WINNER TECH.(SZ:300609) Huaxin Securities·2025-06-29 06:30Investment Rating - The report assigns an "Accumulate" investment rating for the company [2][8]. Core Views - The actual controller of the company is set to change, which is expected to facilitate entry into the 3D printing sector [4][5]. - The new actual controller, Jiang Zexing, is the chairman of Jinshi 3D, a leading provider of comprehensive additive manufacturing solutions in China, indicating potential growth opportunities in this field [5][6]. - The company aims to leverage the new controller's resources to optimize its product structure and enhance market share in the rapidly growing additive manufacturing industry [6]. Summary by Sections Company Overview - The company is an artificial intelligence and big data application solution provider, focusing on digital solutions for various industries, including commercial and public services [7]. - Revenue has grown from 219 million yuan in 2020 to 363 million yuan in 2024, with a CAGR of 13.53% [7]. Financial Performance - The company is projected to achieve net profits of 9 million yuan in 2025, 27 million yuan in 2026, and 43 million yuan in 2027, with corresponding EPS of 0.08, 0.23, and 0.36 yuan [8][10]. - The report forecasts a revenue growth rate of 16.1% in 2025, 15.9% in 2026, and 16.0% in 2027 [10]. Market Position - The company is positioned to benefit from the growth of the 3D printing market, which has seen a compound annual growth rate exceeding 50% in recent years [5][6]. - The company plans to gradually develop additive manufacturing-related businesses to enhance its competitive edge [6].