Megmeet(SZ:002851) Soochow Securities·2026-01-29 07:25Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to increase its investment in AI, with a potential turning point in performance anticipated in 2026 [1] - Despite short-term performance pressure, the long-term growth potential of the company's AI server power business is viewed positively [7] Financial Forecasts - Total revenue projections for the company are as follows: - 2023: 6,754 million RMB - 2024: 8,172 million RMB (up 21% YoY) - 2025: 8,683 million RMB (up 6.25% YoY) - 2026: 12,220 million RMB (up 40.72% YoY) - 2027: 16,613 million RMB (up 35.96% YoY) [1][8] - Net profit attributable to the parent company is forecasted as: - 2023: 629.32 million RMB - 2024: 436.12 million RMB (down 30.70% YoY) - 2025: 133.47 million RMB (down 69.40% YoY) - 2026: 800.61 million RMB (up 499.86% YoY) - 2027: 1,718.77 million RMB (up 114.68% YoY) [1][8] - Earnings per share (EPS) estimates are: - 2023: 1.14 RMB - 2024: 0.79 RMB - 2025: 0.24 RMB - 2026: 1.46 RMB - 2027: 3.12 RMB [1][8] Market Data - The closing price of the company's stock is 139.18 RMB, with a market capitalization of approximately 76,559.75 million RMB [5] - The price-to-earnings (P/E) ratio is currently 121.65, projected to rise to 573.63 in 2025 before decreasing to 44.54 by 2027 [1][5] Business Outlook - The company is positioned as the only supplier of NVIDIA AI server power in mainland China, with expectations of maintaining a market share of 10% or more [7] - The company is expanding its product offerings in the AIDC sector, which is expected to enhance its growth potential [7]