金盘科技：公司点评：业绩基本符合预期，数据中心领域大幅增长-20260226

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 6.6 billion, 9.7 billion, and 13.6 billion RMB for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 15%, 46%, and 41% [5]. Core Insights - The company reported a revenue of 7.3 billion RMB for 2025, a year-on-year increase of 5.8%, and a net profit attributable to shareholders of 660 million RMB, up 14.9% year-on-year, indicating performance in line with expectations [2][4]. - Significant growth in the data center business and steady growth in the new energy and other business segments were highlighted, with the company transitioning from a single transformer supplier to a comprehensive power solution provider [3][4]. - The company is focusing on its core business and advancing digital transformation to optimize operational efficiency and management quality, which contributed to the increase in net profit [4]. Financial Summary - Revenue projections for the company are as follows: 6.668 billion RMB in 2023, 6.901 billion RMB in 2024, 7.299 billion RMB in 2025, 9.144 billion RMB in 2026, and 11.546 billion RMB in 2027, with respective growth rates of 40.5%, 3.5%, 5.8%, 25.3%, and 26.3% [9]. - The net profit attributable to shareholders is projected to be 505 million RMB in 2023, 574 million RMB in 2024, 660 million RMB in 2025, 967 million RMB in 2026, and 1.361 billion RMB in 2027, with growth rates of 78.15%, 13.82%, 14.93%, 46.46%, and 40.71% [9]. - The report indicates a diluted earnings per share of 1.182 RMB for 2023, increasing to 2.959 RMB by 2027 [9].