Sharetronic(SZ:300857) Shanxi Securities·2025-09-09 09:28Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][6]. Core Insights - The company has exceeded expectations in Q2 growth, with significant increases in its computing power leasing business. The server remanufacturing and computing power services have been the main contributors to revenue growth [1][4]. - The company is positioned as a leader in server remanufacturing in China, with emerging businesses like cloud computing expected to drive rapid revenue growth in the future [6][5]. Financial Performance - For the first half of 2025, the company achieved revenue of 4.944 billion yuan, a year-on-year increase of 38.18%, and a net profit of 432 million yuan, up 20.76% year-on-year [7]. - The company’s revenue breakdown for H1 2025 shows: - Data storage devices: 1.835 billion yuan, down 5.27% year-on-year - AIoT terminals: 875 million yuan, down 11.61% year-on-year - Server peripherals and remanufacturing: 835 million yuan, up 119.49% year-on-year - Intelligent computing products and services: 1.221 billion yuan, up 100.00% year-on-year [4][5]. - The gross margin for H1 2025 was 17.61%, an increase of 0.15 percentage points compared to the same period last year [4]. Future Projections - The company is expected to see EPS of 3.22, 5.00, and 6.71 for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 35.74, 22.99, and 17.15 based on the closing price of 115.01 yuan on September 9, 2025 [6][11]. - Revenue forecasts for the upcoming years are as follows: - 2025: 10.984 billion yuan - 2026: 14.585 billion yuan - 2027: 18.305 billion yuan - Year-on-year growth rates are projected at 48.2%, 32.8%, and 25.5% respectively [9][11].