欧陆通（300870）：欧陆通首次覆盖：乘AI电源东风，进入高增长趋势

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [5] Core Views - The company is positioned to benefit from the growing demand for power supplies driven by AI technologies, with expectations of entering the ASIC supply chain [2][12] - The company has a strong global market presence, leveraging decades of technical expertise and production experience, and aims to expand its international footprint [12] - The data center power supply business is a key focus for long-term growth, with significant investments in R&D and market expansion [12] Financial Summary - Total revenue is projected to grow from 29 billion in 2023 to 81 billion in 2027, with a compound annual growth rate (CAGR) of approximately 24.9% [4] - Net profit attributable to shareholders is expected to increase from 2 billion in 2023 to 6 billion in 2027, reflecting a CAGR of 41.4% [4] - Earnings per share (EPS) are forecasted to rise from 1.80 yuan in 2023 to 5.40 yuan in 2027 [4] Market Data - The target price for the company's stock is set at 305.43 yuan, based on a price-to-earnings (PE) ratio of 80 times the estimated earnings for 2026 [12][15] - The current stock price is 263.64 yuan, with a 52-week price range of 90.75 to 301.00 yuan [5][6] Growth Projections - The company anticipates a significant increase in ASIC chip deliveries, projecting a demand for approximately 20GW of power supplies by 2026, alongside a surge in demand from NVIDIA [12] - The server power supply segment is expected to grow at rates of 73%, 49%, and 35% from 2025 to 2027, driven by the high demand for AI servers [14][15] Valuation and Comparables - The report compares the company to peers such as Megmeet and Zhongheng Electric, with an average valuation of 63 times PE for 2026, justifying the company's higher valuation due to its leadership position in the domestic server power supply market [15][16]