麦格米特：AI 服务器订单得到确认；GB300 中含量价值更高；瑞银将目标价上调至 105 元人民币

Accessible version We now expect Megmeet's AI server power supply business to contribute RMB0.3bn/ 4.0bn/11.6bn revenue in 2025/26/27E, corresponding to 3%/26%/48% of its total revenue. Factoring in 2Q25 results, we adjust its 2025/26/27E earnings by -32%/+14%/ +46% on weaker-than-expected earnings in 2Q25 but with stronger earnings growth prospect in 2026-27E. We lift our PO to RMB105 (was RMB60), based on SOTP method, with 33x 2026E P/E for its legacy business (was 30x average 2025/26E P/E) and 75x 2026E ...