Sharetronic(SZ:300857) Huachuang Securities·2025-11-08 15:40Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][23]. Core Insights - The company reported a significant revenue increase in Q3 2025, achieving 3.387 billion yuan, representing a year-over-year growth of 86.43% and a quarter-over-quarter growth of 18.14%. The net profit attributable to shareholders was 266 million yuan, with a year-over-year increase of 33.44% [2][4]. - The company's strategic focus on a "three-in-one" model of computing power base, cloud services, and smart terminals is expected to drive future growth, supported by a robust order backlog in the intelligent computing power business [2][8]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 11.09 billion yuan, with a year-over-year growth rate of 49.7%. The net profit attributable to shareholders is expected to reach 1.138 billion yuan, reflecting a growth rate of 64.5% [4][9]. - The earnings per share (EPS) is forecasted to increase from 2.00 yuan in 2024 to 3.29 yuan in 2025, with a price-to-earnings (P/E) ratio decreasing from 85 in 2024 to 52 in 2025 [4][9]. Business Segments Overview - The intelligent computing power products and services segment generated 1.221 billion yuan in revenue in H1 2025, with a gross margin of 20.60%. The company is enhancing its R&D efforts to improve its computing service platform [8][9]. - The server and peripheral remanufacturing business saw revenue of 835 million yuan in H1 2025, with a year-over-year growth of 119.49%. The company has developed core capabilities in automated chip disassembly, leading to improved production efficiency and product quality [8][9]. Market Position and Valuation - The target price for the company's stock is set at 212.68 yuan, with the current price at 169.41 yuan, indicating a potential upside [4][5]. - The company has a total market capitalization of 58.636 billion yuan, with a circulating market value of 58.468 billion yuan [5].