Tonhe TECH.(SZ:300491) HTSC·2025-09-05 07:35Investment Rating - The investment rating for the company is maintained at "Buy" [1][10]. Core Views - The report highlights a positive outlook on the company's data center business, driven by the acceleration of global charging station construction and stable growth in grid investment [6][10]. - The company reported a significant increase in revenue and net profit in Q2 2025, with revenue reaching 379 million RMB, a year-on-year increase of 34.8% and a quarter-on-quarter increase of 82.7% [6][7]. - The report anticipates continued robust growth across multiple business segments, particularly in the smart grid and charging module sectors, due to successful customer expansion and product competitiveness [9][10]. Financial Summary - The target price is set at 38.15 RMB, with the closing price as of September 4 being 33.96 RMB [2]. - The company's market capitalization is approximately 5,934 million RMB, with an average daily trading volume of 244.16 million RMB over the past six months [2]. - Revenue projections for the upcoming years are as follows: - 2024: 1,209 million RMB (growth of 19.89%) - 2025E: 1,721 million RMB (growth of 42.32%) - 2026E: 2,429 million RMB (growth of 41.16%) - 2027E: 3,323 million RMB (growth of 36.81%) [5][12]. - The expected net profit for 2025 is 91.38 million RMB, with a significant increase projected for subsequent years [5][12]. Business Segments - The company's new energy power conversion business generated 385 million RMB in revenue in H1 2025, reflecting an 18.6% year-on-year increase [8]. - The smart grid business saw revenue of 118 million RMB in H1 2025, a 36.0% year-on-year increase, benefiting from the growth in data center development [9]. - The report emphasizes the competitive edge of the company's charging modules, which have been continuously iterated to enhance efficiency and reduce operational costs [8].