LONGSHINE(SZ:300682) Shanxi Securities·2025-11-26 10:37Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Insights - The company has launched the "Jiugong Power Trading AI Agent," which is designed to provide intelligent and reliable power trading solutions, enhancing the efficiency of market decision-making [2][3] - The AI agent features four core capabilities: comprehensive situational awareness, deep strategy analysis, intelligent solution generation, and comprehensive risk control [3] - The company is expected to see revenue growth in 2025, with a projected net profit of 4.3 billion yuan, increasing to 10.6 billion yuan by 2027, reflecting a dynamic P/E ratio of 30 times in 2026 [6] Financial Performance - For the first three quarters of 2025, the company reported a revenue of 2.45 billion yuan, a year-on-year decline of 9.4%, but expects growth in Q4 due to seasonal revenue recognition [4] - The gross margin for Q3 2025 was 48.2%, an increase of 3.9 percentage points from the previous quarter [4] - The company has seen significant growth in its new business areas, with over 25 million registered users for its new electric charging platform and a trading volume of over 4 billion kWh, a year-on-year increase of 200% [4] Market Data - As of November 24, 2025, the closing price of the company's stock was 16.96 yuan, with a market capitalization of 18.287 billion yuan [5] - The company’s basic earnings per share (EPS) for 2025 is projected at 0.40 yuan, with a net asset return rate of 6.3% [8] Financial Projections - Revenue projections for the company are as follows: 4.87 billion yuan in 2025, 6.1 billion yuan in 2026, and 7.979 billion yuan in 2027, with corresponding year-on-year growth rates of 8.6%, 25.4%, and 30.8% respectively [8] - The net profit is expected to recover from a loss of 250 million yuan in 2024 to 427 million yuan in 2025, and further increase to 1.061 billion yuan by 2027 [8]