雄韬股份（002733）：AIDC锂电先锋，静候业绩放量

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company is positioned as a leader in lithium batteries, particularly in the data center sector, and is expected to benefit from the growth driven by AI data centers [2][8] - The company has a solid foundation in the UPS-battery segment, with stable performance and established relationships with major clients [3][8] - Financial projections indicate significant revenue and profit growth from 2025 to 2027, with expected revenues of 41.33 billion, 49.08 billion, and 60.25 billion respectively, and net profits of 2.57 billion, 3.94 billion, and 5.78 billion [8] Financial Summary - Revenue for 2023 is projected at 36 billion yuan, with a year-on-year decline of 11.7%, followed by a slight decline in 2024 [1] - The company anticipates a revenue increase of 16.3% in 2025, 18.7% in 2026, and 22.8% in 2027 [1] - Net profit is expected to rebound significantly in 2025 with a growth rate of 164.3%, followed by 53.5% in 2026 and 46.8% in 2027 [1][8] - The latest diluted EPS is projected to be 0.67 yuan in 2025, 1.03 yuan in 2026, and 1.51 yuan in 2027 [1][8] Business Segments - The lithium-ion battery segment achieved revenue of 636 million yuan in the first half of 2025, with a year-on-year growth of 5.72% [2] - The UPS-battery segment generated revenue of 616 million yuan, showing a slight decline of 0.23% year-on-year, but maintaining a gross margin of 19.14% [3] - The company has established long-term partnerships with major players in both domestic and international markets, enhancing its competitive position [3]