Megmeet(SZ:002851) EBSCN·2025-09-08 07:27Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5][14]. Core Views - The company's revenue for the first half of 2025 reached 4.674 billion yuan, a year-on-year increase of 16.52%, while the net profit attributable to shareholders decreased by 44.82% to 174 million yuan [1][2]. - The decline in profitability is attributed to intensified competition in downstream sectors, particularly in home appliances, which has compressed industry profit margins [2]. - The company is focusing on high R&D investment, maintaining a research expense ratio of 11%, with total R&D expenses amounting to 514 million yuan, a year-on-year increase of 15.24% [2]. - Significant breakthroughs have been made in the AI server power supply business, with partnerships established with NVIDIA, positioning the company as a key supplier for data center components [2][3]. Summary by Sections Financial Performance - In 2025H1, the company achieved a revenue of 4.674 billion yuan, with a gross margin of 22.07%, down 3.77 percentage points year-on-year [1][2]. - The second quarter of 2025 saw revenue of 2.357 billion yuan, an 8.13% increase year-on-year, but net profit dropped by 62.33% to 66 million yuan [1]. Business Segments - The new energy and rail transportation sectors showed remarkable growth, with revenue increasing by 150.94% year-on-year [2]. - Other business segments, except for intelligent equipment, experienced a decline in gross margins due to competitive pressures [2]. Capital Expenditure and Fundraising - The intelligent warehousing project has been delayed until October 2026 due to technical complexities, with 168.86 million yuan invested so far [3]. - The company plans to raise up to 2.663 billion yuan through a private placement to expand production capacity and enhance global layout [3]. Profit Forecast and Valuation - The profit forecast for 2025 has been revised downwards due to short-term pressures, while projections for 2026 and 2027 have been adjusted upwards, with expected net profits of 402 million yuan, 838 million yuan, and 1.166 billion yuan for 2025, 2026, and 2027 respectively [3][4]. - The current stock price corresponds to a PE ratio of 104 for 2025, 50 for 2026, and 36 for 2027 [3].