禾盛新材（002290）：家电材料基石稳固，AI算力开启第二增长曲线

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 91.12 RMB based on a 7x PS valuation for 2026 [3]. Core Insights - The company is a leader in the household appliance exterior composite materials sector, with over 20 years of experience and strong partnerships with major brands like Samsung and LG. The demand for its products is expected to grow due to industry recovery and the upgrade of intelligent production lines [9][15]. - The company has undergone a change in control, with the new major shareholder being Moer Zhixin, which is expected to enhance its AI business strategy [20][22]. - The company is actively investing in AI capabilities, establishing Haixi Technology and increasing its stake in Yizhi Electronics, aiming to create a second growth curve through AI computing power solutions [19][23]. Financial Summary - Revenue projections for 2025, 2026, and 2027 are 2.77 billion, 3.22 billion, and 3.68 billion RMB, respectively, with year-on-year growth rates of 9.7%, 16.3%, and 14.3%. Net profit is expected to reach 166 million, 286 million, and 368 million RMB, with growth rates of 69.2%, 72.5%, and 28.8% [3][57]. - The company’s gross margin is anticipated to improve, with the composite materials business expected to maintain a gross margin of around 15% [57][58]. - The AI business is projected to contribute significantly, with revenues expected to reach 2 million, 5 million, and 8 million RMB in 2025, 2026, and 2027, respectively, reflecting substantial growth rates [58]. Business Operations - The company has established a solid foundation in the household appliance materials sector, which is expected to support its AI transformation by providing stable cash flow and profits [19][27]. - The AI business is focused on developing integrated solutions, including servers and AI models, with existing orders indicating a strong market demand [58][53]. - The company’s strategic investments in AI and partnerships with technology firms are aimed at enhancing its competitive position in the rapidly evolving AI landscape [22][54].