朗新科技：AI助力电力交易量3倍增长，布局算电协同打开全新空间-20260331

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Insights - The company achieved a revenue of 4.517 billion yuan in 2025, a year-on-year increase of 0.84%, and a net profit attributable to shareholders of 105 million yuan, representing a year-on-year growth of 141.94% [1]. - The company is positioned for a performance turning point in 2025, driven by dual engines of energy digitization and energy internet [1]. - The energy digitization business saw a revenue of 2.107 billion yuan in 2025, a decrease of approximately 1.88%, while the energy internet business generated 1.977 billion yuan, an increase of about 9.56% [1]. Business Segments Summary Energy Digitization - The company is collaborating with the Shanghai Lingang Computing Power Center to build a virtual power plant, exploring scalable paths for computing and electricity synergy [2]. - The profitability of the energy digitization business significantly improved in 2025 due to the focus on grid digitization and the divestment of non-core businesses [2]. - By 2030, China's data center electricity consumption is projected to reach 4000-7000 billion kWh, with a potential new market for 40-70 billion kWh of adjustable capacity if 10% of computing power loads are dispatchable [2]. AI Power Trading - The company reported a trading volume exceeding 6 billion kWh in 2025, a year-on-year increase of over 300%, with a projected fourfold increase in new contracts for 2026 [3]. - The AI trading system, based on the "Langxin Jiugong AI Energy Model," enhances market price discovery efficiency through precise forecasting of electricity prices and load curves [3]. New Electric Path - The registered user base for the New Electric Path charging aggregation platform grew by 50% year-on-year, surpassing 27 million users, with over 2.4 million charging devices connected [3]. - The platform's annual charging volume increased by approximately 30%, and the distributed photovoltaic cloud platform has connected over 50 GW of capacity [3]. Financial Projections - Revenue projections for 2026-2028 are estimated at 6.270 billion yuan, 8.327 billion yuan, and 10.672 billion yuan, respectively, with net profits expected to reach 478 million yuan, 876 million yuan, and 1.131 billion yuan [4][9].