Entive(SZ:300911) GUOTAI HAITONG SECURITIES·2026-02-06 13:20Investment Rating - The investment rating for the company is "Cautious Accumulate" with a target price of 37.79 CNY, while the current price is 37.44 CNY [5][10]. Core Insights - The report indicates that the company is facing significant pressure from declining demand and intensified competition in the integrated stove industry. The new business segment focused on computing power is still in the investment phase and has not yet achieved scale effects [2][10]. - The company has adjusted its earnings forecast for 2025-2027, expecting EPS of -0.92, 0.23, and 0.55 CNY respectively, reflecting a year-on-year change of -735.5%, +125.0%, and +140.3% [10]. Financial Summary - Total revenue is projected to decline from 1,227 million CNY in 2023 to 506 million CNY in 2025, representing a decrease of 42.7% [4]. - Net profit attributable to the parent company is expected to drop significantly to -169 million CNY in 2025 from 179 million CNY in 2023, marking a change of -735.5% [4]. - The company's earnings per share (EPS) is forecasted to be -0.92 CNY in 2025, down from 0.98 CNY in 2023 [4]. - The return on equity (ROE) is expected to decline to -13.9% in 2025 from 11.7% in 2023 [4]. Industry Overview - The integrated stove industry is experiencing weak demand and fierce competition, exacerbated by a downturn in the real estate market and a trend towards consumer downgrading, which affects the pricing power of high-end products [10]. - The company is attempting to diversify by investing in computing power as a second growth curve, but this segment is currently not profitable [10].