Chuanhuan Technology(300547) 国元证券·2024-03-13 16:00Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company's Q1 2024 performance shows significant growth, with estimated net profit attributable to the parent company ranging from 40 to 48 million yuan, a year-on-year increase of 80.29% to 113.15% [5] - The growth is driven by the rapid development of new energy and energy storage data center businesses, with new energy vehicle-related revenue increasing and customer structure optimization [5] - The company has expanded its energy storage and data center liquid cooling pipeline systems, with batch production starting for energy storage systems and small-scale supply for data center server systems [5] - The company is promoting integrated supply and efficiency improvements, enhancing customer stickiness and supply value through rubber + nylon integrated pipelines and self-made components [5] Financial Forecasts - The report raises the company's net profit forecast for 2023-2025 to 164, 236, and 293 million yuan, respectively, with basic earnings per share of 0.76, 1.09, and 1.35 yuan [5] - The company's revenue is expected to grow from 776.49 million yuan in 2021 to 1,992.86 million yuan in 2025, with a compound annual growth rate of 22.25% [10][13] - The company's net profit margin is projected to remain stable at around 14.80% to 14.88% from 2023 to 2025 [10] Valuation - The company's P/E ratio is expected to decrease from 23.40 in 2023 to 13.12 in 2025, indicating a more attractive valuation [5][13] - The target price is set at 21.8 yuan, with a 6-month target period [9] Business Highlights - The company's new energy business is accelerating, with key customers including major brands such as BYD, Geely, and Li Auto [5] - The company has established partnerships with over 40 clients in the energy storage sector and is a key supplier for a major domestic data center client [5] Historical Performance - The company's stock price has shown a downward trend over the past year, underperforming the CSI 300 index [16]