LONGSHINE(SZ:300682) Minsheng Securities·2025-11-02 13:19Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company reported a revenue of 2.446 billion yuan for the first three quarters of 2025, a year-on-year decline of 9.38%, and a net profit attributable to shareholders of 106 million yuan, down 33.95% year-on-year [1]. - The company has focused on its core business by divesting non-core operations, which has led to a significant decrease in revenue from its internet television segment, down approximately 30% [1]. - The dual strategy of "Energy Digitalization + Energy Internet" aims to focus on high-growth areas such as smart grids, charging aggregation, and electricity trading, which are expected to drive new revenue and profit growth [1][4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 904 million yuan and a net profit of 77 million yuan [1]. - The forecast for revenue and net profit shows a recovery trend, with expected revenues of 5.044 billion yuan in 2025, 6.184 billion yuan in 2026, and 7.756 billion yuan in 2027, reflecting growth rates of 12.6%, 22.6%, and 25.4% respectively [5][11]. Strategic Focus - The company is enhancing its market presence in the energy digitalization sector and increasing R&D investments, particularly in AI applications for new power systems [2]. - The self-developed AI energy model has achieved global recognition, contributing to rapid growth in business scale, with transaction volumes on the life payment platform increasing by over 8% year-on-year [2]. Digital Asset Ecosystem - The company is collaborating with Ant Group to establish a new digital asset ecosystem in the energy sector, leveraging blockchain technology to improve asset management and valuation processes [3]. - The partnership aims to create a comprehensive service platform that covers asset on-chain, data aggregation, asset management, and pricing [3]. Future Outlook - The company is expected to see significant growth in earnings per share (EPS), projected at 0.46 yuan in 2025, 0.77 yuan in 2026, and 0.92 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 39, 23, and 20 [4][5].