Guomai Technologies(SZ:002093) Minsheng Securities·2025-07-02 03:35Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.59 CNY [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.25-1.56 billion CNY for the first half of 2025, representing a year-on-year growth of 61-100%. The non-recurring net profit is projected to be 0.67-0.88 billion CNY, with a growth of 4-36% [1][2]. - The company's traditional business is showing steady growth, while the AI and elderly care sectors are opening new avenues for development. The management is optimistic about future growth and is increasing investments in high-growth industries [1][2]. - The introduction of AI smart bodies and the Guomai coin aims to create a closed-loop ecosystem for AI-driven elderly care services, aligning with national policies [2]. Summary by Sections Financial Performance - The company forecasts revenue of 718 million CNY for 2025, with a growth rate of 30.7%. The net profit attributable to shareholders is expected to be 244 million CNY, reflecting a growth rate of 44.8% [4][10]. - The earnings per share (EPS) for 2025 is projected at 0.24 CNY, with a price-to-earnings (PE) ratio of 48 [4][10]. Business Strategy - The company is focusing on integrating education and technology, expanding its training scale, and enhancing operational efficiency through its "Guomai University Elderly Care" initiative [1][2]. - The AI smart bodies are designed to meet the full cycle of elderly care needs, transitioning from traditional tools to service executors, thus enhancing user engagement and service delivery [2]. Future Outlook - The projected net profits for 2025-2027 are 2.4 billion CNY, 3.1 billion CNY, and 3.9 billion CNY, respectively, with corresponding PE ratios of 48, 37, and 30 [3][4]. - The company is actively seeking high-quality technology acquisition targets to foster a second growth curve [1][2].