Core Viewpoint - The data element circulation market in China is experiencing significant growth, driven by favorable national policies, accelerated construction of public data operation platforms, and advancements in emerging technologies [2][6]. Group 1: Industry Overview - Data elements are considered a new type of production factor alongside land, labor, capital, and technology in the digital economy [3]. - The data element circulation process involves the compliant, secure, and efficient flow, sharing, trading, and utilization of data among different entities, platforms, and scenarios [4][6]. Group 2: Current Market Status - The market size of data element circulation in China grew from 37.5 billion yuan in 2019 to 133.2 billion yuan in 2023, with projections of approximately 166.2 billion yuan in 2024 and over 200 billion yuan in 2025 [6][10]. - The market is expected to further expand as industries such as energy and healthcare begin to participate [6]. Group 3: Market Segmentation - In 2024, the market shares for various segments of data element circulation are projected as follows: data collection (5.17%), data processing (19.74%), data trading (28.52%), and data security and services (46.51%) [8]. - For 2025, the expected market shares are: data collection (5.09%), data processing (19.78%), data trading (27.80%), and data security and services (47.29%) [8]. Group 4: Related Companies - Listed companies in the data element circulation sector include AsiaInfo Technologies (01675) and other relevant firms such as Ant Group, Beijing Chongliang Online Technology Co., Ltd., and Shenzhen Insight Wisdom Technology Co., Ltd. [2].

Group 1 - Nvidia reported a quarterly expenditure of approximately $5.5 billion related to the export of H20 graphics processors to certain regions and countries [1] - The U.S. government informed Nvidia on April 9 that it would require licenses for exporting chips to specific countries, indicating potential growth slowdown due to increased export restrictions [1] - The U.S. government stated that Nvidia's chips could be used in the manufacturing of military supercomputers [1] Group 2 - Aisino Technology, in collaboration with Alibaba Cloud, launched an integrated solution for large models, providing a comprehensive service from demand analysis to private deployment [2] - In 2024, Aisino Technology is set to release the Yuansi Industry Large Model, covering the entire cycle from model development to application implementation [2] - Aisino Technology became the first "Government and Enterprise Industry Large Model Innovation Center" unit of Alibaba Cloud, forming the first "Large Model Application Service Alliance" in collaboration with industry associations and leading enterprises [2]

Summary of Conference Call Notes Company Overview - The conference call involved the management team of a company, including CEO Gao Nianchu and CFO Huang Ying, discussing the company's performance and strategic direction for 2024. The company is undergoing a significant transformation with a focus on three new business areas: cloud services, energy, and digital operations [1][2]. Financial Performance - In 2024, the company reported a revenue of 6.646 billion RMB, a decline of 15.8% year-over-year. New business revenue was 2.599 billion RMB, down 10.3%. Gross profit was 2.484 billion RMB, down 16.9%, with a gross margin of 37.4%. Net profit was 516 million RMB, showing a slight increase of 0.7%, with a net profit margin of 7.8% [2][3]. - The decline in revenue was primarily attributed to a significant drop in traditional business, particularly BSS, which fell by 18.9%. OSS remained stable with a 1.8% decline, while digital operations saw a slight increase of 0.4% [3][4]. Strategic Adjustments - The company has intentionally slowed down growth in vertical industries to mitigate risks associated with receivables and bad debts. This decision has led to a reduction in market share in these sectors [3][4]. - To counteract the decline in traditional business, the company is integrating AI into its operations and expanding its overseas partnerships, particularly with operators in Hong Kong and other international markets [4][5]. Growth in New Business Areas - The digital operations segment has shown significant growth, particularly in non-telecom sectors such as automotive (35% growth), consumer (90% growth), and finance (300% growth) [5][6]. - The company aims to become a leader in performance-based payment models, with over 25% of its revenue now derived from such arrangements [6][7]. Focus on 5G and AI - The company is positioning itself as a leader in 5G private networks and large model application delivery, with a focus on partnerships with major players like Alibaba and Baidu [8][10]. - The company has established over 30 benchmark enterprises for large model delivery, primarily in state-owned enterprises, and is developing a joint innovation center with Alibaba Cloud [10][11]. Cost Management and Operational Efficiency - The company has implemented a robust risk management system, leading to the abandonment of over 1 billion RMB in high-risk projects to ensure sustainable growth [8][19]. - Operational costs have been effectively managed, with a 15% reduction in labor costs and a 15% decrease in non-labor costs, contributing to stable gross margins [21][22]. International Expansion - The company is expanding its international business, particularly in the BSS and OSS sectors, with partnerships in Hong Kong and plans to enter Southeast Asia and the Middle East markets with standardized products [49][50]. Future Outlook - The company anticipates that new business areas will account for over 40% of total revenue by 2025, with significant growth expected in digital operations and 5G private networks [25][26]. - The management remains optimistic about cash flow recovery and expects to return to normal levels in 2025, despite recent challenges [16][26]. Key Takeaways - The company is undergoing a strategic transformation focusing on new business areas while managing risks in traditional sectors. - Financial performance has been impacted by declines in traditional revenue streams, but new business segments are showing promising growth. - The integration of AI and expansion into international markets are key components of the company's future strategy.

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching RMB 1.2 billion for the fiscal year 2024[14]. - The company's total revenue for 2024 was approximately RMB 66.46 billion, representing a year-on-year decline of 15.8%[36]. - Traditional BSS business revenue was about RMB 40.46 billion, down 18.9% year-on-year, while the new business revenue reached RMB 25.99 billion, down 10.3%[36]. - Gross profit was RMB 24.84 billion, with a stable gross margin of 37.4%[34][36]. - Net profit increased slightly to RMB 5.16 billion, with a net profit margin of 7.8%, up 1.3 percentage points from the previous year[32][36]. - The company plans to distribute a final dividend of HKD 0.252 per share and a special dividend of HKD 0.160 per share, totaling HKD 0.412 per share[36]. - The proportion of new business revenue in total revenue increased to 39.1%[36]. - The company's operating revenue for 2024 was approximately RMB 6.646 billion, a decrease of 15.8% from RMB 7.891 billion in 2023[81]. - The revenue from new businesses reached approximately RMB 2.599 billion, down 10.3% from RMB 2.899 billion in 2023, accounting for 39.1% of total revenue, an increase of 2.4 percentage points year-on-year[81]. - The gross profit for 2024 was approximately RMB 2.484 billion, a decline of 16.5% from RMB 2.975 billion in 2023, with a gross margin of 37.4%, down 0.3 percentage points year-on-year[81]. - The net profit for 2024 was approximately RMB 516 million, a slight increase of 0.7% from RMB 512 million in 2023, with a net profit margin of 7.8%, up 1.3 percentage points year-on-year[57]. Business Strategy and Growth - The company provided a forward guidance of 10-12% revenue growth for the next fiscal year[14]. - New product launches are expected to contribute an additional RMB 300 million in revenue in 2025[14]. - Market expansion plans include entering two new provinces in China, targeting a 5% market share by 2025[14]. - The company is exploring potential acquisitions to enhance its service offerings, with a budget of RMB 500 million allocated for this purpose[14]. - A strategic partnership with a leading telecom provider is expected to enhance service delivery and customer reach[14]. - The company aims to consolidate its leadership in the BSS market while rapidly developing OSS, digital operations, and vertical industry digitalization, referred to as the "three new businesses"[24]. - The company has established a strategy of "one consolidation, three developments" to ensure high-quality growth and market leadership[24]. - The company is committed to driving business model innovation in line with the trends of industrial digitalization and digital industrialization[24]. - The company aims to deepen strategic cooperation with leading large model vendors like Alibaba Cloud and Baidu to enhance its competitive edge in large model delivery[55]. - The company plans to focus on three growth points: AI large model delivery, 5G private networks and applications, and intelligent operations to drive higher quality development[54]. Research and Development - The company is investing RMB 200 million in R&D for new technologies in the upcoming year[14]. - The company reported a commitment to embrace advanced technologies such as 5G, cloud computing, big data, AI, and IoT, forming a comprehensive product system of cloud network, digital intelligence, and IT[24]. - In 2024, the company achieved significant breakthroughs in AI, with over 100 AI large model projects covering various business areas[39]. - The company launched over 100 AI-related projects in 2024, including collaborations with China Mobile and China Telecom, enhancing its AI capabilities[73]. - The company has participated in the formulation of 60 new standards and 202 patents, strengthening its research in key technologies for 5G-A/6G[51]. Operational Efficiency - The company aims to improve operational efficiency by 8% through digital transformation initiatives[14]. - The company has implemented cost control measures, including personnel scale management and the use of AI tools to enhance delivery efficiency[36][38]. - The company is actively transforming its traditional business model to adapt to market changes and enhance operational efficiency[38]. - The company continues to focus on core capabilities in data platforms, AI models, and business scenarios in the digital operation business, targeting industries such as telecommunications and finance[80]. Market and Customer Insights - User data showed a growth of 20% in active users, totaling 5 million by the end of 2024[14]. - The company achieved a 35% year-on-year growth in order scale within the automotive sector, winning multiple projects including intelligent customer service and data platforms[42]. - In the financial sector, the company reported a 300% year-on-year increase in order scale, providing data platforms and operational services to various financial institutions[43]. - The vertical industry digitalization business saw a revenue decline from RMB 965 million to RMB 676 million, accounting for 10.2% of total revenue due to adjustments in the nuclear power 5G network construction cycle[46]. - The company has signed contracts for high-value scenario-based large models with major clients such as State Grid and PetroChina, focusing on intelligent diagnostics and financial analysis[49]. Sustainability and ESG Initiatives - The board has approved a new ESG strategy to align with global sustainability standards, focusing on reducing carbon emissions by 25% by 2026[14]. - The company is committed to achieving comprehensive carbon neutrality by 2028 and is actively exploring green operations and office models[52]. - The group has been actively reviewing its environmental practices to enhance sustainability in its operations[160]. Leadership and Governance - The company’s board of directors includes newly appointed members as of November 8, 2024, including Mr. Guo Zunhua and Mr. He Zheng[166]. - The board is composed of experienced professionals with diverse backgrounds in technology, finance, and management, enhancing strategic decision-making capabilities[121]. - The management team emphasizes the importance of innovation in technology development to maintain competitive advantage[126]. - The company has confirmed that no directors have interests in businesses that compete directly or indirectly with its operations, except as disclosed[173]. Employee and Compensation - The company had a total of 12,868 employees as of the reporting period, down from 13,577 employees on December 31, 2023, indicating a reduction of approximately 5.2%[170]. - The company maintains competitive employee compensation levels in line with market trends, with remuneration based on performance and includes comprehensive benefits plans[170]. - The company has a defined contribution retirement benefit plan for employees, with contributions confirmed as expenses when incurred[171].

Core Viewpoint - The summit held by AsiaInfo Technology and TM Forum focused on the role of AI in driving digital transformation across industries, emphasizing the integration of AI, P5G, and intelligent networks for high-quality development [1][3][13]. Group 1: Summit Overview - The summit gathered hundreds of industry leaders, experts, and executives to discuss the impact of AI and P5G on digital transformation [1][2]. - Keynote speeches highlighted the importance of collaboration in advancing AI technologies and the need for a unified standard in the telecommunications sector [3][4][5]. Group 2: Key Insights from Leaders - Nik Willetts emphasized the rapid development of AI in China and its transformative impact on the economy and society, advocating for a collaborative approach to AI development [3]. - Wen Ku pointed out that AI is crucial for enhancing the efficiency of 5G networks and called for increased cooperation among government, enterprises, and research institutions [4]. - Li Huidi discussed the emergence of new technologies driven by AI, such as smart connected vehicles and AI-powered devices, and highlighted the need for ethical governance in AI [5]. - Huang Zhiyong mentioned China Telecom's focus on cloud-network integration and the development of AI infrastructure to enhance network capabilities [6]. - Gao Nianshu from AsiaInfo Technology stressed the importance of AI in traditional industry transformation and the company's commitment to providing AI and data services across various sectors [7]. Group 3: Future Directions - The summit concluded with a call for building an open and collaborative "digital intelligence community" to leverage AI and next-generation networks for industry transformation [13]. - AsiaInfo Technology aims to enhance its capabilities in 5G, cloud computing, AI, and big data to create value across multiple industries [14].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [3][14]. Core Insights - The company's revenue for 2024 is projected at 6.646 billion RMB, a decline of 15.8% year-on-year, primarily due to the slowdown in the telecommunications industry and cost-cutting measures by operator clients [1]. - Traditional business revenue, particularly from BSS, is under pressure, with a forecasted revenue of 4.046 billion RMB for 2024, down 18.9% year-on-year [1]. - New business segments (OSS, vertical industries, and smart operations) generated 2.599 billion RMB in revenue, a decrease of 10.3%, but their contribution to total revenue increased by 2.4 percentage points to 39.1% [1]. - The company is focusing on expanding its AI model delivery business, which is expected to grow significantly, with projected revenues of 200-300 million RMB in 2025 [2]. - The company plans to replicate its domestic BSS and OSS experiences in overseas markets, engaging with operators in Hong Kong and the Philippines [1]. Summary by Sections Financial Performance - In 2024, the company reported a gross profit of 2.484 billion RMB, a decrease of 16.5%, resulting in a gross margin of 37.4% [1]. - Net profit for 2024 is expected to be 545 million RMB, with a net profit margin of 7.8% [1]. - The company anticipates a recovery in net profit to 636 million RMB in 2025, reflecting a growth rate of 16.8% [3]. Revenue Projections - Revenue for 2025 is estimated to reach 7.191 billion RMB, representing an 8.2% increase from 2024 [4]. - The company expects a double-digit growth in OSS business revenue in 2025, driven by trends in operator consolidation and resource integration [1][2]. Dividend Policy - The company has announced a total dividend of 0.412 HKD per share for 2024, reflecting its commitment to shareholder returns [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [3][14]. Core Insights - The company's revenue for 2024 is projected at 6.646 billion RMB, a decline of 15.8% year-on-year, primarily due to the slowdown in the telecommunications industry and cost-cutting measures by operator clients [1]. - Traditional business revenue, particularly from BSS, is under pressure, with a forecasted revenue of 4.046 billion RMB for 2024, down 18.9% year-on-year [1]. - New business segments (OSS, vertical industries, and smart operations) generated 2.599 billion RMB in revenue, a decrease of 10.3%, but their contribution to total revenue increased by 2.4 percentage points to 39.1% [1]. - The company is focusing on expanding its AI model delivery business, which is expected to grow significantly, with projected revenues of 200-300 million RMB in 2025 [2]. - The company plans to replicate its domestic BSS and OSS experiences in overseas markets, engaging with operators in Hong Kong and the Philippines [1]. Summary by Sections Financial Performance - In 2024, the company reported a gross profit of 2.484 billion RMB, a decrease of 16.5%, resulting in a gross margin of 37.4% [1]. - Net profit for 2024 is expected to be 516 million RMB, corresponding to a net profit margin of 7.8% [1]. - The company anticipates a recovery in net profit to 636 million RMB in 2025, reflecting a growth rate of 16.8% [3]. Revenue Forecast - Revenue is projected to increase to 7.191 billion RMB in 2025, representing an 8.2% growth from 2024 [4]. - The company expects a gradual recovery in traditional business segments, with BSS revenue potentially stabilizing in 2025 [1][3]. Dividend Policy - The company has announced a total dividend of 0.412 HKD per share for 2024, reflecting its commitment to shareholder returns [2].

Revenue Performance - Total revenue for the year was approximately RMB 6.646 billion, a year-on-year decrease of 15.8%[4] - Revenue from the three new businesses was approximately RMB 2.599 billion, a year-on-year decrease of 10.3%, accounting for about 39.1% of total revenue, an increase of 2.4 percentage points from the previous year[4] - Revenue from traditional BSS business was approximately RMB 4.046 billion, a year-on-year decrease of 18.9%[6] - OSS business revenue was approximately RMB 818 million, a slight year-on-year decrease of 1.8%[11] - The company's total revenue for 2024 was approximately RMB 6.65 billion, a decrease of 15.8% compared to RMB 7.89 billion in 2023[35] - Revenue from traditional business was RMB 4.05 billion, down from RMB 4.99 billion, while revenue from new businesses was RMB 2.60 billion, a decline of 10.3% from RMB 2.90 billion[35] - The company's revenue primarily comes from project-based software development contracts, with performance obligations typically fulfilled over six to eighteen months[56] Profitability - Net profit was approximately RMB 516 million, an increase of 0.7% year-on-year, with a net profit margin of 7.8%, up 1.3 percentage points from the previous year[4] - Net profit for 2024 was approximately RMB 515.69 million, an increase of 0.7% from RMB 512.31 million in 2023, resulting in a net profit margin of 7.8%, up by 1.3 percentage points[35] - The net profit for the year was approximately RMB 516 million, an increase of 0.7% year-on-year, with a net profit margin of 7.8%, up 1.3 percentage points year-on-year[93] - Net profit for the year ended December 31, 2024, was RMB 585,771,000, down from RMB 638,763,000 in 2023, a decrease of 8.3%[69] Dividends - The board proposed a final dividend of HKD 0.252 per share and a special dividend of HKD 0.160 per share, totaling HKD 0.412 per share[4] - The proposed final dividend for the year 2024 is HKD 0.252 per share, equivalent to RMB 0.233, a decrease from the 2023 final dividend of HKD 0.412 (RMB 0.373) per share[8] - A special dividend of HKD 0.160 per share (RMB 0.148) is proposed for 2024, while no special dividend was declared in 2023[8] Business Growth Areas - The company plans to focus on three growth areas: AI large model delivery, 5G private networks and applications, and digital intelligence operations for higher quality development[4] - The company aims to become a leading enterprise in large model delivery, leveraging its technological advantages and strategic partnerships with major foundational model vendors[22] - The company plans to deepen the integration of "5G + AI" technology to expand its market share in sectors such as nuclear power, new energy, and mining[32] - The company is focusing on optimizing its business layout and ensuring revenue quality by abandoning high-risk orders in response to market changes[98] Operational Efficiency - The company has implemented cost control measures, resulting in a strict management of expenses during the reporting period[93] - Operating costs decreased by 15.3% to approximately RMB 4.16 billion, reflecting a reduction in labor and non-labor costs[122] - Employee costs totaled RMB 3,514,006,000 in 2024, a decrease of 18.2% from RMB 4,295,810,000 in 2023[69] Cash Flow and Assets - The net cash used in operating activities for 2024 was RMB 103,545,000, a significant decline from the net cash generated of RMB 581,502,000 in 2023[48] - The total cash and cash equivalents decreased by RMB 995,460,000 in 2024, compared to an increase of RMB 678,806,000 in 2023[49] - Trade receivables increased significantly from RMB 1,513,032 thousand in 2023 to RMB 2,065,075 thousand in 2024, representing a growth of about 36.4%[41] - Total assets decreased from RMB 8,398,630 thousand in 2023 to RMB 7,638,575 thousand in 2024, a decline of approximately 9.1%[41] Market Expansion - The company has made significant breakthroughs in customer expansion, securing important projects with HKT and a Southeast Asian operator[11] - In the automotive sector, the company achieved a 35% year-on-year increase in order scale through various projects[12] - The order scale in the financial sector increased by 300% year-on-year, with significant contributions from marketing lead rating and private domain operation projects for various financial clients[14] - The company signed contracts with major clients in the energy sector, including China National Nuclear Corporation and State Power Investment Corporation, expanding its market share in new energy and nuclear power[17] Research and Development - The company has established a comprehensive delivery system for large model applications, collaborating with leading cloud and large model vendors on over 200 projects[21] - The company is committed to continuous research and development to drive technological advancements and market competitiveness[166] - The company is involved in the development of AI and AIOps technologies to enhance IT operations[166] Sustainability and Governance - The company is committed to achieving comprehensive carbon neutrality by 2028 and is actively exploring green operations and office models[28] - The company has received multiple awards for its sustainable development practices, including recognition in the "KPMG ESG Top 50" and other prestigious awards[28] - The company emphasizes its commitment to ESG (Environmental, Social, and Governance) standards in its operations[164] Strategic Partnerships - The company will enhance its strategic partnerships with leading large model vendors like Alibaba Cloud and Baidu to strengthen its position in the AI large model delivery market[31] - The company is leveraging partnerships with organizations like ETSI and ITU to align with global telecommunications standards[164] Corporate Governance - The company has adopted a corporate governance code to ensure high standards of corporate governance and protect shareholder interests[154] - The board of directors includes a diverse group of executives and independent directors, ensuring a range of perspectives in decision-making[169]

Summary of Conference Call Notes Company and Industry Overview - The conference call focused on the AI business of Yaxin Technology, a leading telecommunications IT service provider in China, highlighting its rapid progress in AI services and partnerships with major cloud providers such as Volcano Engine, Alibaba, and Baidu Cloud [1][2][3]. Key Points and Arguments 1. **AI Business Development**: Yaxin Technology has made significant advancements in its AI business, becoming an official HiAgent partner of Volcano Engine and a key player in Alibaba's public cloud hybrid cloud services [1][2]. 2. **Market Position**: The company is currently experiencing a historical low valuation, making it an attractive investment opportunity. The guidance for 2024 indicates profits will exceed those of the previous year, with a stable year-end dividend per share corresponding to a dividend yield of approximately 6.9% [1][2]. 3. **5G and AI Growth**: Yaxin is actively exploring new business avenues, particularly in 5G private networks and AI, which have shown substantial growth [1][2]. 4. **Market Size and Trends**: The AI large model market is projected to reach a scale of hundreds of billions by 2028, with significant growth in project numbers and funding [6][7]. 5. **Client Engagement**: The company is focusing on providing large model services to over 3 million small and medium enterprises, emphasizing the importance of user experience and continuous operation post-deployment [5][6]. 6. **Collaboration with Cloud Providers**: Yaxin collaborates closely with major cloud providers to leverage their computational resources for training large models, which is essential for the development of AI applications [8][9]. 7. **Client Segmentation**: The strategy involves targeting head clients in various industries, including government, energy, transportation, and finance, to replicate successful applications and experiences across different sectors [18][19]. 8. **Product and Service Integration**: Yaxin's strategy includes integrating its products with those of cloud providers, ensuring compatibility and flexibility for clients, particularly in sectors with high customization needs [22][23]. Additional Important Insights - **Operational Challenges**: The transition from testing phases to full-scale implementation of AI models requires significant operational adjustments and continuous monitoring to ensure data security and model performance [5][6]. - **Market Dynamics**: The AI large model market is still evolving, with many clients unsure of how to implement these technologies effectively, highlighting the need for companies like Yaxin to provide guidance and support [13][14]. - **Investment in Infrastructure**: The development of AI applications is heavily reliant on robust infrastructure, including hardware and software integration, which Yaxin is well-positioned to provide [16][17]. - **Long-term Partnerships**: Yaxin aims to establish long-term partnerships with cloud providers and clients, focusing on mutual growth and the successful deployment of AI solutions [20][21]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of Yaxin Technology's current position and future strategies in the AI sector.

Investment Rating - The investment rating for the company is "Outperform the Market" [4] Core Views - The company is a leading provider of intelligent digital solutions with advanced technology capabilities in various fields including 5G, cloud computing, big data, artificial intelligence, and IoT [4][6] - The company has experienced a revenue of 7.891 billion RMB in 2023, a year-on-year increase of 2.0%, despite a decline in traditional BSS revenue [2][5] - The company aims to transition from a focus on communication services to a broader scope that includes both communication and non-communication businesses [4][6] Financial Performance - In 2023, the company reported a net profit of 512 million RMB, a decrease of 37.9% year-on-year, primarily due to non-operating items such as goodwill impairment [2][5] - The adjusted net profit for the year was 851 million RMB, with an adjusted net profit margin of 10.8% [2][5] - The comprehensive gross margin for 2023 was 37.7%, a slight decrease of 0.3 percentage points year-on-year [2][5] Revenue Breakdown - Traditional BSS revenue was 4.881 billion RMB in 2023, down 0.9% year-on-year [2][5] - The digital operation business generated 1.102 billion RMB, a decline of 4.2% year-on-year [2][5] - The vertical industry digitalization business saw a significant increase of 27.5%, reaching 965 million RMB [2][5] - OSS business revenue grew by 24.9%, amounting to 832 million RMB [2][5] Future Outlook - For the first half of 2024, the company expects revenue to decline by 8.8% to approximately 2.994 billion RMB, with traditional BSS facing significant pressure [4][8] - The company anticipates a narrowing decline in BSS revenue for the full year of 2024, while new business segments are expected to maintain good growth [4][8] - The company has set a dividend guidance for 2024 at 40% of the annual net profit, maintaining stability compared to the previous year [4][8] Market Position - The company has established a strong presence in various sectors including telecommunications, broadcasting, energy, government, transportation, finance, and postal services [4][6] - The company is actively expanding its international business, focusing on markets in the Middle East and Southeast Asia [7][8] Valuation - The company is projected to achieve revenues of 7.931 billion RMB in 2024, with a slight growth of 0.51% year-on-year [5][8] - The expected net profit for 2024 is 598 million RMB, reflecting a year-on-year growth of 12% [5][8] - The company is assigned a dynamic PE ratio of 10-12 times for 2024, with a reasonable value range of 6.99-8.39 HKD [8]