Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][11]. Core Views - The company is experiencing short-term performance pressure, but its power supply business is expected to gain momentum [5]. - The U.S. export restrictions on NVIDIA H20 and similar AI chips are seen as a positive development for the domestic AI chip industry, which may benefit the company's server power module business [6][11]. - The company has established a dual business model focusing on "sawing + power supply," which includes new categories such as new energy smart photovoltaic/storage power and data center power [5]. Financial Performance - In 2024, the company reported a revenue of 1.731 billion yuan, a year-on-year decrease of 6.16%, and a net profit attributable to shareholders of 50.41 million yuan, down 62.11% [4][11]. - The first quarter of 2025 saw a revenue of 355 million yuan, a decline of 20% year-on-year, with a net profit of 15 million yuan, down 53.24% [4][11]. - The company forecasts revenues of 2.103 billion yuan, 2.839 billion yuan, and 4.003 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.46, 0.88, and 1.49 yuan [11][13]. Market Trends - The penetration rate of AIPC (AI Personal Computer) is gradually increasing, with global shipments reaching 8.8 million units in Q2 2024 and expected to rise to 15.4 million units by Q4 2024 [10]. - The company is recognized as a leading ODM manufacturer in the domestic market, having increased R&D investments since 2021 and successfully developed new AIPC power supply products [10]. Business Outlook - The company’s server power module production line began operations in Q4 2023, with production efficiency steadily improving [9]. - The domestic AI server penetration is anticipated to increase, which is expected to empower the company's data center power business [9][11].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1]. Core Insights - The company is experiencing short-term performance pressure, with a focus on its power supply business showing potential for future growth. The dual business model of "saw cutting + power supply" is being established [5][9]. - The recent U.S. export restrictions on NVIDIA H20 and similar AI chips are expected to create opportunities for domestic AI chip manufacturers, which may benefit the company's server power module business [6][11]. - The AIPC (AI Personal Computer) penetration rate is gradually increasing, with expectations for both volume and price growth in AIPC power supply products [10]. Financial Performance Summary - In 2024, the company reported a total revenue of 1.731 billion yuan, a year-on-year decrease of 6.16%, and a net profit attributable to shareholders of 50 million yuan, down 62.11% [4][11]. - The forecast for 2025-2027 indicates revenues of 2.103 billion, 2.839 billion, and 4.003 billion yuan respectively, with corresponding EPS of 0.46, 0.88, and 1.49 yuan [11][13]. - The company is expected to see a significant recovery in net profit, with growth rates projected at 130.9% in 2025 and 93.2% in 2026 [13]. Market Position and Strategy - The company has established a strong foothold in the power supply sector, particularly in high-power applications such as smart photovoltaic/storage power and data center power solutions [5][9]. - The launch of the first commercial intelligent computing node in the Guangdong-Hong Kong-Macao Greater Bay Area signifies the company's commitment to enhancing its capabilities in the AI computing space [8]. - The company is recognized as a leading ODM manufacturer in the AIPC sector, with ongoing development of new power supply products tailored to customer demands [10].