Runjian (SZ:002929) China Post Securities·2025-11-05 07:17Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [6][12]. Core Insights - The company reported a revenue of 7.271 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 11.04%. However, the net profit attributable to shareholders decreased significantly by 97.78% to 6.44 million yuan [5]. - The company's transition towards AI and overseas business is accelerating, with notable growth in its computing power and energy sectors. The launch of the "Star Computing Cloud Pool" product is a key development in its AI transformation [5]. - The report projects revenues for 2025-2027 to be 10.291 billion, 12.370 billion, and 15.857 billion yuan, respectively, with year-on-year growth rates of 11.87%, 20.20%, and 28.20% [6][8]. Financial Performance Summary - For the first three quarters of 2025, the company experienced a significant asset impairment loss of 119 million yuan, which was a 453.47% increase year-on-year. This was primarily due to cautious provisions for inventory and contract asset impairments [5]. - The company’s R&D expenses increased by 3.08% year-on-year to 261 million yuan, reflecting a commitment to enhancing competitive advantages through innovation [5]. - The projected net profit for 2025 is revised down to 104 million yuan from an original estimate of 160 million yuan, with expected growth of 386.01% in 2026 [6][8].