Sharetronic(SZ:300857) Guohai Securities·2025-09-24 14:38Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][14]. Core Views - The OmniBot platform has achieved an end-to-end closed loop from cloud simulation to physical deployment, marking a new phase in robot development [4][5]. - The domestic robotics industry is experiencing significant growth, with a year-on-year increase of 27.8% in the first half of the year, and humanoid robots growing nearly 40% [6]. - The company is expected to benefit from the expanding server remanufacturing market, which is entering a "compliance refurbishment + performance upgrade" cycle [9]. Summary by Sections Recent Performance - The company's stock has shown impressive performance over the past year, with a 396.1% increase compared to the Shanghai and Shenzhen 300 index's 36.2% [3]. Business Developments - The OmniBot platform integrates NVIDIA's simulation environment and robot intelligence models with its own cloud platform, significantly lowering development barriers and costs [5]. - The company has completed a bank credit application of 20.5 billion yuan and is advancing its H-share listing plan to enhance its financial base [7]. Financial Performance - In the first half of 2025, the company reported a 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% [10]. - The second quarter saw a revenue of 2.867 billion yuan, a substantial year-on-year growth of 57.58%, with a net profit of 263 million yuan, up 34.42% [10]. Revenue Breakdown - Smart computing products and services generated 1.221 billion yuan in revenue, doubling year-on-year [10]. - Server peripherals and remanufacturing contributed 835 million yuan, also showing a significant increase of 119.49% year-on-year [11]. Future Projections - Revenue projections for 2025-2027 are 11.879 billion yuan, 17.261 billion yuan, and 23.640 billion yuan, respectively, with corresponding net profits of 1.255 billion yuan, 1.856 billion yuan, and 2.612 billion yuan [11][13]. - The expected EPS for 2025-2027 are 3.62 yuan, 5.36 yuan, and 7.55 yuan, with P/E ratios of 47.45, 32.08, and 22.79, respectively [11][14].