Guosheng Securities: Initiates "Buy" Rating on Keda Intelligent, a Full-Chain Player with Self-Developed SST and Layout in the Upstream SiC Sector.

Guosheng Securities research report pointed out that Keda Intelligent self-developed SST and layout upstream SiC full chain players. The company not only has the manufacturing capability of primary equipment, but also masters the control and communication technology of secondary equipment. In the SST and AIDC distribution and power supply field, the company is systematically layout through the "endogenous R&D + external M&A + upstream shareholding" trinity model. In the traditional main business sector, the company deeply benefits from the industry boom cycle of grid intelligence upgrading. The company deeply cultivates the field of intelligent power distribution, acquires Yongguang Electric to complement its overseas capabilities, and invests in Gridlink Semiconductor to seize the high-voltage SiC, layout SST and AIDC distribution and power supply systems, and is expected to benefit from the mass production of SST brought about by AI algorithm construction. It is expected that the company's net profit attributable to mothers in 2026/2027/2028 will be 2.1/3.8/6.0 billion yuan, corresponding to PEs of 53/29/18 times in 2026/2027/2028. The first coverage is given a "buy" rating.