LONGSHINE(SZ:300682) GOLDEN SUN SECURITIES·2026-03-31 11:41Investment 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, a significant 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 slight decline of approximately 1.88%, while the energy internet business generated 1.977 billion yuan, reflecting a year-on-year growth 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]. - The potential market for adjustable computing power is estimated to be between 40 to 70 billion kilowatt-hours by 2030, indicating a new growth area for computing and electricity synergy [2]. AI Power Trading - The company reported a threefold increase in electricity trading volume in 2025, with a projected fourfold increase in new contracts for 2026 [3]. - The company conducted market-based electricity trading across multiple provinces, leveraging its AI energy model for precise forecasting of electricity prices and load curves [3]. - The overall trading volume exceeded 6 billion kilowatt-hours in 2025, marking a year-on-year increase of over 300% [3]. New Electric Path - The registered user base for the New Electric Path charging 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, 2027, and 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].