SHARETRONIC DATA TECHNOLOGY (300857)

Individual Stock Analysis Report | Industry: Storage Hardware & Computing Power Services | Report Date: October 16, 2026 | Market Data as of 2026-10-15 Close

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

Core Conclusion: Earnings acceleration has materialized, but high leverage and high valuation require computing power expansion to continuously translate into returns

Market data as of: 2026-10-15 close

1. Key Investment Points

• Interim report growth and profit margin jumped in tandem: 2026 interim revenue of RMB 12.523 billion and net profit attributable to parent of RMB 1.838 billion, up 153.29% and 325.51% year-over-year respectively; gross margin rose to 25.15%.
• Computing power ramp-up is the main growth engine, returns still to be verified: 2025 computing power products and services revenue grew 1,727.17% but was affected by a low base; 2026 interim growth accelerated, while financial expenses rose 714.48% year-over-year.
• Current valuation is not low, PB and PS at high percentiles: October 15 close of RMB 205.55, PE-TTM 39.13x, PB-MRQ 16.59x; at the 39% and 88% percentiles of the past 5.2 years respectively, PS-TTM 5.08x at the 83rd percentile.

Market Expectations and Evidence

• What the market is pricing in: Institutions forecast 2026 net profit attributable to parent to grow 292.7%; at the current price, under given return and exit PE assumptions, the implied 10-year EPS CAGR is 18.9%. The two differ in time horizon and metric, and cannot be directly compared as high or low.
• What the evidence shows: Interim revenue, profit and gross margin all accelerated significantly, supporting growth realization; however, with high leverage and a large increase in financial expenses, whether computing power investment can convert into sustained service revenue and cash returns still awaits verification from the Q3 report and subsequent utilization rates.

Evidence leans: insufficient evidence; confidence: low (some financial fields still lack official verification or disclosure dates, and some arguments have period or caliber conflicts, related judgments have been withheld)

Some arguments had inconsistent periods or calibers, and related comparisons have been withdrawn.

2. Business and Competitiveness

2.1 Business Structure

Sells storage devices, smart terminals and servers to consumer electronics, storage and computing power customers, and provides computing power services and server remanufacturing.

2.2 Competitive Advantages

Competitive advantage strength: not evident

• Product coverage spans storage, IoT, computing power and server remanufacturing, but there is no evidence proving leading advantages in each segment.
• Direct materials accounted for 89.28% of operating costs in 2025; supply chain management and automation-driven cost reduction are disclosed initiatives.
• Remanufacturing qualifications, certifications and automated disassembly capabilities constitute business barriers, but market share or profitability leadership has not been proven.

Main threats: customer and supplier concentration, cost volatility of key electronic components and computing power equipment; computing power investment needs to translate into utilization rates, service revenue and cash returns.

2.3 Industry Chain Position and Profitability Trends

• Inputs include storage chips and module components, IoT electronic components, computing power servers and related equipment, as well as remanufacturing recycling equipment and disassembly processing inputs; direct materials accounted for 89.28% of 2025 operating costs, and pricing power over key components has not been proven.
• The 2025 annual report disclosed that the top five suppliers accounted for 51.89% of procurement, with the largest at 21.96%; the increase in procurement partly includes fixed asset investments such as computing power servers and does not equate to operating costs.
• Direct sales revenue accounted for 100% of operating revenue in 2025, with customers spanning consumer electronics, storage, computing power and server remanufacturing; product competition and order scale affect hardware pricing power, while computing power services also depend on utilization rates and service prices.
• The 2025 annual report disclosed that the top five customers accounted for 46.75% of revenue, with the largest customer at 30.81%; customer names are anonymized, and existing data is on a 2025 basis.
• Accounts receivable at end-2025 were RMB 2.478 billion, accounting for 20.25% of revenue and 2.13x net profit attributable to parent; estimated average receivables turnover of approximately 58 days. Inventory rose to RMB 2.877 billion and prepayments rose to RMB 339 million, with net operating cash flow of RMB 1.100 billion.

The company sits midstream between electronic hardware manufacturing, supply chain delivery and computing power services, and overall is not a high-margin brand or upstream resource provider. Margin improvement depends more on computing power equipment utilization and service revenue realization, storage product mix upgrading, supply chain cost reduction and remanufacturing efficiency. Gross margin changes from 2021–2023 lack sufficient basis for year-by-year attribution.

2.4 Industry and Peer Comparison

The company is expanding from storage and IoT hardware into computing power and server remanufacturing; computing power and remanufacturing grew significantly in 2025, and the key going forward is translating computing power investment into utilization rates, service revenue and cash returns.

协创数据's 2025 consolidated gross margin of 19.24% is within the disclosed gross margin range of storage comparable companies, but its business boundaries are broader, and overall profitability cannot be directly equated to a pure storage company. Its advantage lies in business coverage and delivery mix; customer concentration and a high share of materials in costs, and returns on computing power expansion still depend on equipment utilization and service revenue realization.

3. Financial Quality

3.1 Operating Performance

Operating revenue and net profit attributable to parent are presented per official statements for the same periods and in explicit currency; adjusted earnings and statutory profit are compared separately. The table contains 6 items each for operating revenue and net profit attributable to parent, and all 6 were verified item-by-item against the issuer's periodic report originals. YoY growth rates were derived from the original current and prior period figures for 6 items, and all 6 match the table.

Interim growth accelerated, with the announcement citing computing power business ramp-up driving storage and remanufacturing growth; financial expenses rose 714.48% year-over-year, reflecting computing power expansion's reliance on financing.

3.2 Financial Health Check

4. Valuation and Market Expectations

4.1 Valuation Level

Valuation multiples are calculated programmatically based on 2026-10-15 closing data (trailing twelve months basis); peer multiples are calculated on the same basis using 2026-10-15 closing data

Market-implied expectations: At the current 39.13x P/E, if investors require an 8% annualized return and a 15x P/E valuation after 10 years, EPS would need to grow approximately 18.9% annually (excluding dividends, conservative), and the short-term institutional net profit forecast differs from this long-term EPS growth rate in horizon and caliber, so the two cannot be directly compared as high or low.

At the current price, under given return and exit PE assumptions, the implied 10-year EPS CAGR is 18.9%, which differs from institutional short-term net profit forecasts in horizon and metric, and cannot be directly compared as high or low.

4.2 Consensus Estimates

East Money research report compilation over the past six months, as of 2026-10-16. Detailed institutional research reports available, number of analysts with ratings counted separately: 2026E net profit 3 firms, EPS 3 firms; 2027E net profit 3 firms, EPS 3 firms; 2028E net profit 3 firms, EPS 3 firms

4.3 Institutional Views

No institutional target prices available for citation

5. Catalysts and Recent Events

5.1 Key Upcoming Milestones

5.2 Recent Important Events

• 2026-10-15 First grant of equity incentives implemented (Neutral): Shareholders' meeting approved the incentive plan, granting 3.9149 million shares to 92 people at RMB 124.82/share; the 2026–2028 revenue and net profit growth targets are each raised year by year to 700%, and realization will test computing power business growth expectations.
• 2026-09-16 RMB 8 billion private placement application accepted (Neutral): Shenzhen Stock Exchange accepted the application for issuance to specific targets, planning to raise RMB 8 billion, no more than 147 million shares, for intelligent computing centers, storage capacity expansion and working capital/loan repayment; project progress can support expansion, and the issuance will bring equity dilution.
• 2026-10-15 Company responds to related-party transaction concerns (Neutral): The company stated that MetaBess was transferred in February 2026, and related procurement and sales transactions are independent and fairly priced, denying substantive control and tunneling of benefits; going forward, watch for regulatory inquiries or actions.

6. Bull-Bear Divergence and Risks

6.1 Bull Case

• Storage revenue grew 28.31%, with gross margin up 3.86 percentage points year-over-year, indicating hardware business ramp-up accompanied by margin improvement.
• Computing power and services revenue grew 1,727.17%, and remanufacturing revenue grew 169.35%, with business expansion already translating into revenue growth, though computing power growth was affected by a low base.
• The 2026 interim operating cash flow to net profit ratio was 1.00, with current profit growth matched by cash flow.

6.2 Bear Case

• The top five customers accounted for 46.75% of revenue in 2025, with the largest at 30.81%, and changes in major customer orders may amplify revenue and profit volatility.
• The 2026 interim debt-to-asset ratio was 86.79% and current ratio 0.90, and increased financing reliance could compress profits through debt servicing and interest burdens.
• The company has no clear evidence of leading advantages, direct materials accounted for 89.28% of operating costs in storage products, and cost volatility may weaken margin improvement.

6.3 Other Risks

• Proposed private placement of RMB 8 billion, no more than 147 million shares → issuance progress may dilute EPS, and if project returns are low, it would also depress capital return valuation.
• Approximately 14.532 million restricted shares unlocking on October 26 → if shareholders reduce holdings in a concentrated manner, it would increase share supply and exacerbate valuation volatility.
• If related-party transaction concerns trigger regulatory inquiries or actions → may affect business cooperation and governance assessment, bringing valuation discount.

7. Tracking Checklist

8. Stock Price and Short-Term Outlook (Next Week, Scenario Projection, for Reference Only)

⚠️ The following is a subjective scenario projection based on current technical and capital flow data; weights are for relative reference only and are not statistical probabilities; short-term volatility risk is high.

8.1 Technical Overview

The stock price fell below the Bollinger lower band and below moving averages of all periods, with MACD bearish momentum strengthening; RSI6 is at a low level, suggesting a possible technical rebound, but the recent 20-day low of RMB 203 is a key short-term observation level.

8.2 Key Price Levels

8.3 One-Week Range Estimated from Historical Volatility

Using the 2026-10-15 price of RMB 205.55 as the baseline, and applying the return distribution over the past 300 trading days (scaled to the current index-weighted daily volatility of approximately 4.2%, retaining this stock's own frequency of large gains and declines), the projected closing price range for the next 5 trading days is:

This range only reflects this stock's recent volatility magnitude and does not include directional judgment; in the event of major announcements or a sharp market decline, actual movements may still exceed the range.

8.4 Next Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (Medium relative weight, approx. 30%): Stabilization near RMB 203, with the stock fluctuating between RMB 203 and 210.13, failing to reclaim the Bollinger lower band. Based on historical volatility estimates, the probability of the closing price falling in this range after one week is approximately 15%.
• Weaker downside (Higher relative weight, approx. 40%): If the closing price effectively breaks below RMB 203 with increased volume, weakness may continue; the lower bound of the range references the 52-week low. Based on historical volatility estimates, the probability of the closing price falling in this range after one week is approximately 40%.
• Rebound and strengthening (Lower relative weight, approx. 30%): If RMB 203 is held and RMB 210.13 is reclaimed on volume, a rebound may test resistance near RMB 221.84. Based on historical volatility estimates, the probability of the closing price falling in this range after one week is approximately 20%.

Values in parentheses are subjective weights; the probabilities at the end of each sentence are derived from the volatility range above and only reflect volatility magnitude, without directional judgment.

8.5 Capital and Liquidity

Over the past 10 trading days, turnover was approximately RMB 1.579–3.940 billion, with a turnover rate of 1.46%–3.16%. As of 2026-06-30, the top ten tradable shareholders held a combined 42.18%; including public funds and QFII, the shareholding structure disclosure is lagged and may change thereafter. Recent trading activity has some base, but shareholder concentration means actual tradable chips are not evenly dispersed.

If daily turnover continues to exceed the upper bound of the past 10-day range of RMB 3.940 billion, and the stock price reclaims RMB 210.13, this can be viewed as a volume confirmation of a rebound.

The above scenario projections are based on 2026-10-15 closing data and historical price and technical indicator calculations. Short-term stock prices will also be affected by multiple factors such as news, capital flows and the broader market environment. Technical indicators themselves have lag and limitations, do not constitute a guarantee of actual future movements, and do not constitute buy or sell recommendations. Please make independent judgments based on the latest market information and bear investment risks yourself.

Sources

• static.cninfo.com.cn（公告PDF）
• disc.static.szse.cn（公告PDF）
• 协创数据(300857)_公司公告_协创数据：2024年年度报告摘要新浪财经_新浪网
• 协创数据(300857)_公司公告_协创数据：2021年年度报告全文(更新后)新浪财经_新浪网
• 协创数据技术股份有限公司 2022 年年度报告全文
• 协创数据(300857)_公司公告_协创数据：2024年年度报告新浪财经_新浪网
• 江波龙(301308)_公司公告_江波龙：2025年年度报告新浪财经_新浪网
• 德明利(001309)_公司公告_德明利：2025年年度报告新浪财经_新浪网
• 2026年半年度报告
• 2024年年度报告
• 2023年年度报告
• 腾讯财经行情（2026-10-16）
• 东方财富F10 合并资产负债表（2026中报）
• 东方财富 F10 盈利预测
• 协创数据:2026年半年度报告
• 协创数据：与麦塔倍斯仅按关联方规则开展业务合作 不存在报道所称的 “实质控制” 情形
• 协创数据：与麦塔倍斯仅按关联方规则开展业务合作 不存在报道所称的 “实质控制” 情形
• 协创数据: 2026年第八次临时股东会决议公告-证券之星
• 协创数据
• 协创数据(300857)_公司公告_协创数据：第四届董事会第二十一次会议决议公告新浪财经_新浪网
• 协创数据：拟向92名激励对象首次授予391.49万股限制性股票 授予价格124.82元/股
• 协创数据最新公告：拟向92名激励对象首次授予391.49万股限制性股票授予价格124.82元/股-证券之星
• 协创数据:第四届董事会第二十一次会议决议公告 _ 协创数据(300857) _ 公告正文
• 东方财富 个股资金流向
• 东方财富 股东研究

This report was automatically retrieved, compiled and generated by AI based on public channel information, with information as of the 2026-10-15 close, and may have timeliness differences. For specific data, please refer to the company's official announcements and authoritative data terminals. This report is for information compilation and research reference only, does not constitute any investment advice, and investors should make independent judgments and bear investment risks themselves.