联德股份（605060）：数据中心β+新业拓展α，业绩有望回归高速增长通道

Investment Rating - The report maintains a "Strong Buy" rating for the company [2] Core Views - The company has shown a significant recovery in its performance, with Q1-3 2025 revenue reaching 930 million yuan, a year-on-year increase of 9.27%, and a net profit of 178 million yuan, up 21.56% year-on-year. Q3 alone saw revenue of 344 million yuan, a 25.62% increase year-on-year, and a net profit of 69 million yuan, up 41.47% year-on-year [1] - The growth is attributed to the high demand in data centers and the gradual ramp-up of new businesses, with Q3 marking a historical high in quarterly revenue. The company’s revenue growth rates for Q1, Q2, and Q3 were -5.13%, +8.24%, and +25.62%, respectively, indicating a strong recovery trend [1] - The company has established a comprehensive product line in AIDC components, including compressors and large diesel engines, with a focus on high-margin new products benefiting from the data center boom [1] Financial Performance - The company’s gross margin and net margin for Q1-3 2025 were 37.18% and 19.21%, respectively, showing improvements in profitability. The Q3 gross margin was 37.77%, and the net margin was 20.05%, indicating a positive trend in operational efficiency [5] - The report projects revenue growth for 2025-2027 at 16%, 25%, and 24%, respectively, with net profit growth of 31%, 34%, and 31% for the same period, reflecting strong future earnings potential [5][6] - The company’s total revenue for 2025 is estimated at 1.274 billion yuan, with a projected net profit of 246 million yuan, indicating a recovery from previous declines [6][8] Market Position and Valuation - The current market capitalization of the company is 7.1 billion yuan, with a price-to-earnings (PE) ratio projected at 28.8 for 2025, decreasing to 16.4 by 2027, suggesting an attractive valuation as growth accelerates [2][6] - The company is expected to benefit from the ongoing recovery in the engineering machinery and data center sectors, positioning it well for future growth [5]