Kings(SH:603505) KAIYUAN SECURITIES·2025-12-22 06:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][20] Core Views - The company plans to acquire a 15.7147% stake in Noah Fluorochemical for 257 million yuan, entering the liquid cooling sector. This acquisition positions the company as the second-largest shareholder in Noah Fluorochemical [5][6] - The pricing for the acquisition is consistent with previous financing rounds, indicating stable valuation. The company has improved its fundamentals and outlook, leading to an upward revision of profit forecasts for 2025-2027 [5][6] - Projected net profits for the company are expected to be 343 million yuan, 490 million yuan, and 761 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.41, 0.57, and 0.90 yuan [5][8] Financial Summary - The company’s total revenue for 2023 is projected at 1,896 million yuan, with a year-on-year growth of 80.5%. Revenue is expected to reach 2,752 million yuan in 2024 and 3,158 million yuan in 2025, reflecting a growth rate of 45.2% and 14.7% respectively [8][17] - The net profit for 2023 is estimated at 349 million yuan, with a significant increase to 343 million yuan in 2025, followed by 490 million yuan in 2026 and 761 million yuan in 2027, indicating a robust growth trajectory [8][17] - The company’s gross margin is projected to stabilize around 22.7% in 2025, with a net margin of 10.8% [8][17] Market Position and Strategic Partnerships - Noah Fluorochemical is recognized as a leading domestic enterprise in fluorinated liquids, with established applications in high-performance computing and partnerships with major tech firms [6][7] - The company has formed strategic collaborations with prominent players such as Alibaba Group and Sinopec Capital, enhancing its market credibility and growth potential [7][15]