Yunding Tech(SZ:000409) ZHONGTAI SECURITIES·2025-08-28 07:32Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7] Core Views - The report highlights a significant growth in the company's industrial internet platform products, with a projected revenue increase from 1,141 million yuan in 2023 to 2,201 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 19% [3][5] - The company's net profit is expected to grow from 62 million yuan in 2023 to 159 million yuan by 2027, indicating a strong recovery trajectory after a decline in 2025 [3][5] - The report emphasizes the company's strategic advancements in artificial intelligence and smart mining sectors, showcasing its competitive edge in technology and market expansion [5] Financial Summary - The total share capital of the company is 677.99 million shares, with a market price of 12.76 yuan, resulting in a market capitalization of approximately 8,651.16 million yuan [1] - For the first half of 2025, the company reported revenue of 639 million yuan, a slight increase of 0.30% year-on-year, while the net profit decreased by 42.36% to 42 million yuan [5] - The gross margin for the first half of 2025 was 30.83%, showing a slight decline of 1.94 percentage points compared to the previous year [5] Revenue and Profit Forecast - The company is projected to achieve revenues of 1,351 million yuan in 2024, 1,571 million yuan in 2025, and 1,847 million yuan in 2026, with corresponding growth rates of 18%, 16%, and 18% respectively [3][6] - The forecasted net profit for the company is expected to be 93 million yuan in 2024, 99 million yuan in 2025, and 126 million yuan in 2026, with growth rates of 50%, 7%, and 28% respectively [3][6] Market Position and Strategy - The company has made significant strides in market expansion, successfully entering non-coal mining sectors and establishing partnerships with major clients [5] - The report notes the company's commitment to innovation, particularly in AI and smart mining technologies, which positions it favorably against competitors [5]