SIFANG(SH:601126) GUOTAI HAITONG SECURITIES·2026-02-10 10:30Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 47.60 yuan based on a 40x PE for 2026 [3][7]. Core Insights - The company is one of the few in China capable of providing a complete set of solutions for data center AC and DC power distribution systems, focusing on deep cooperation with clients to meet specific needs [2][4]. - The projected net profit for the company is expected to grow from 843 million yuan in 2025 to 1.172 billion yuan in 2027, reflecting a growth rate of 17.8% to 17.9% [3][5]. - The company is expanding both its internal and external business segments, with significant growth in secondary equipment bidding and market share in various sectors, including renewable energy and industrial electricity [4]. Financial Summary - Total revenue is projected to increase from 8.371 billion yuan in 2025 to 11.936 billion yuan in 2027, with a growth rate of approximately 20.4% to 19.5% [5]. - The earnings per share (EPS) are expected to rise from 1.01 yuan in 2025 to 1.41 yuan in 2027 [3][5]. - The return on equity (ROE) is forecasted to improve from 17.9% in 2025 to 23.2% in 2027 [5][14].