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协创数据(300857):智算产品与服务成为新增长极,前瞻布局机器人
GOLDEN SUN SECURITIES· 2025-09-04 01:17
Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company has achieved significant revenue growth, with a 38.18% year-on-year increase in revenue to 4.944 billion yuan and a 20.76% increase in net profit to 432 million yuan in the first half of 2025 [1]. - The company's strategy focuses on building a global industrial system based on "computing power foundation + cloud services + intelligent terminals," positioning itself to capitalize on AI development opportunities [2]. - The company is actively expanding into the service robot sector, developing advanced manufacturing capabilities and reducing barriers for developers through a comprehensive platform [2]. - The company is preparing for a Hong Kong IPO to enhance its international strategy and optimize its overseas business layout [2]. Financial Summary - Revenue projections for 2025-2027 are estimated at 10.953 billion yuan, 14.732 billion yuan, and 17.958 billion yuan, respectively, with net profits expected to be 1.040 billion yuan, 1.605 billion yuan, and 2.028 billion yuan [2][4]. - The company’s earnings per share (EPS) are projected to grow from 3.01 yuan in 2025 to 5.86 yuan in 2027 [4]. - The company’s return on equity (ROE) is expected to increase from 25.0% in 2025 to 27.4% in 2027 [4].
协创数据(300857):“算力底座+云端服务+智能终端”三位一体,把握全球化布局
Huachuang Securities· 2025-08-31 05:14
Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [6][21]. Core Views - The company reported a revenue of 4.944 billion yuan for the first half of 2025, representing a year-on-year increase of 38.18%. The net profit attributable to shareholders was 432 million yuan, up 20.76% year-on-year [6][7]. - The company's strategy focuses on a three-pronged approach: "computing power foundation + cloud services + smart terminals," aiming for a global layout [6][7]. - The rapid growth in computing power demand is highlighted, with China becoming the largest single incremental market globally, driven by a 43% year-on-year increase in intelligent computing power [6][7]. Financial Summary - For the first half of 2025, the company achieved a revenue of 4.944 billion yuan, with a net profit of 432 million yuan, and a non-recurring net profit of 420 million yuan [6]. - The company forecasts total revenue of 10.43 billion yuan for 2025, with a year-on-year growth rate of 40.8% [6][7]. - The projected net profit for 2025 is adjusted to 1.018 billion yuan, reflecting a growth rate of 47.2% [6][7]. Business Segments - The server remanufacturing and intelligent computing services are experiencing high growth, with server remanufacturing revenue reaching 835 million yuan, a year-on-year increase of 119.49% [6][7]. - The intelligent computing products and services segment generated 1.221 billion yuan in revenue, with a gross margin of 20.60% [6][7]. Market Positioning - The company is expanding its smart manufacturing capabilities in Southeast Asia and North America, focusing on integrating industrial IoT with AI algorithms [6][7]. - The report emphasizes the importance of data and system integration for efficient operations and decision-making [6][7]. Price Target - The target price for the company's stock is set at 139.86 yuan, based on a valuation of comparable companies [6][7].