Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][5]. Core Views - The company is a globally recognized supplier of port handling equipment and is actively pursuing a transformation strategy that includes GPU chip design and sensor business [1]. - In 2024, the company turned a profit with a revenue of 1.184 billion yuan, a year-on-year increase of 76.48%, and a net profit attributable to shareholders of 123 million yuan [2]. - The company has completed the acquisition of GPU chip design business in October 2024, which will be consolidated into the financial statements starting November 2024 [2]. - A strategic partnership was established with 聚众科技 to enter the high-end sensor market, acquiring a 9.09% stake [3]. Financial Summary - The company achieved a revenue of 1.184 billion yuan in 2024, with a projected revenue of 1.379 billion yuan in 2025, reflecting a growth rate of 16.44% [4]. - The net profit attributable to shareholders is expected to grow from 133 million yuan in 2025 to 201 million yuan in 2027, with corresponding P/E ratios of 54.58X and 36.08X [3][4]. - The company’s gross margin is projected to improve from 12.4% in 2024 to 24.1% in 2027 [4].

华东重机新跨界业务陷诉讼纷争 "目前来看，对我们正常经营没有影响。"华东重机证券部相关负责人日前向《中国经营报》记者进一步 表示，上述案件现在还未开庭，"我们有我们的立足点，他们（备注：指'捷佳系'公司）也有包括延期 交货在内的严重合同违约行为"。 新业务涉及4起法律纠纷 3月10日，华东重机方面公告称，控股子公司无锡光能和徐州光能于近期分别收到了深圳市中级人民法 院、无锡市滨湖区人民法院、常州市新北区人民法院的《应诉通知书》《起诉状》等法律文书。 因设备买卖合同纠纷、设备维修纠纷，深圳捷佳、常州捷佳精密、常州捷佳智能分别向深圳市中级人民 法院、无锡市滨湖区人民法院、常州市新北区人民法院提起民事诉讼。据悉，此轮诉讼涉及4起纠纷案 件，合计涉案金额为2.08亿元，目前均已正式立案。 华东重机与"捷佳系"3家公司的矛盾源头何在？ 记者注意到，法律纠纷主要涉及华东重机旗下光伏板块。2023年3月，华东重机为推进业务结构转型升 级，对外投资拟建设10GW太阳能电池片进入光伏电池行业。仅几个月后，华东重机便与"捷佳系"公司 产生业务往来。 2023年5月，徐州光能分别与深圳捷佳签订《购销合同书》，合同金额为3.74亿元 ...