具体来看，AP21 搭载 RTX5070显卡，处理器可选i7-14700F和i9-14900KF，标配32G内存与1TB硬盘， 主要面向游戏开发、建筑设计、视频剪辑、直播等场景，可本地部署 DeepSeek-R1-7B 模型；AP22 则 采用旗舰级 RTX5080 显卡搭配 i7-14700F/i9-14900KF处理器，支持多平台直播、电影特效渲染及千亿 参数大模型训练，本地部署 DeepSeek-R1-32B 时可实现 40+tokens/s 的生成速度，接近人类阅读速率， 达到"无感知延迟"输出效果。 近期，国内领先的办公IT服务供应商易点云官宣，正式推出自研旗舰工作站AP21与AP22系列。据悉， 两款产品分别搭载RTX5070和RTX5080高端显卡，并支持本地部署DeepSeek-R1-7B和DeepSeek-R1- 32B。订阅价格上，与同配置动辄2万的购买价格不同，此次易点云推出的自研工作站订阅价格低至398 元/月，这一低价无疑为中小企业的AI大模型落地及专业创作等场景提供了普惠性算力支持。 自研高性能工作站直击专业场景需求 与此前推出的AH21、AH22系列不同，此次易点云发布的两款工作 ...

Group 1 - Company repurchased 120,000 shares at an average price of HKD 2.22 per share, totaling approximately HKD 266,100, with a cumulative repurchase of 15.0625 million shares, accounting for 2.89% of total share capital this year [1][2] - As of the market close on the same day, the company's stock price increased by 0.88%, closing at HKD 2.30 per share [1] - Stock repurchase is viewed as a positive market signal, indicating management's confidence in the company's future and potentially reflecting that the stock is undervalued [2] Group 2 - The company, Easy Point Cloud, is an innovative technology enterprise listed on the Hong Kong Stock Exchange, focusing on integrated IT solutions for office environments [3] - It operates under a Device as a Service (DaaS) model, providing a comprehensive range of services including leasing, maintenance, and management of office equipment [3] - The company's business model aligns with the increasing demand for flexible office solutions, cost reduction, and efficiency improvement in the context of digital transformation [3]

Financial Performance - Revenue for 2024 reached RMB 1,356,885 thousand, representing a 6.8% increase from RMB 1,270,741 thousand in 2023[10] - Adjusted net profit for 2024 was RMB 80,169 thousand, a significant increase of 427.0% compared to RMB 15,213 thousand in 2023[10] - The company reported a total asset value of RMB 3,513,815 thousand as of December 31, 2024, up from RMB 3,311,874 thousand in 2023[13] - The company achieved an adjusted EBITDA of RMB 676,288 thousand, which is a 19.4% increase from RMB 566,336 thousand in 2023[10] - The company’s gross profit for 2024 was RMB 556,557 thousand, a marginal increase of 0.8% from RMB 552,348 thousand in 2023[10] - The company reported a pre-tax profit of RMB 77,725 thousand, a turnaround from a loss of RMB 902,384 thousand in 2023[10] - The net income for the year ending December 31, 2024, was RMB 64.7 million, an increase of RMB 965.3 million compared to a net loss of RMB 900.6 million for the year ending December 31, 2023[60] - Adjusted net profit (non-IFRS measure) for the year ending December 31, 2024, was RMB 80.2 million, compared to RMB 15.2 million for the year ending December 31, 2023[61] - EBITDA (non-IFRS measure) for the year ending December 31, 2024, was RMB 676.3 million, compared to a loss of RMB 349.5 million for the year ending December 31, 2023[63] Customer Metrics - The number of active customers increased to 51,024, reflecting a year-on-year growth of 9.1%[14] - Active customer count increased to 51,024 in 2024, up 9.1% from 46,789 in 2023[30] - Core customer count rose to 27,529, a 15.8% increase from 23,777 in 2023, with core customers accounting for 86.6% of service equipment[30] - Net cash retention rate improved to 93.1% in 2024 from 86.1% in 2023[31] - Number of subscription customers reached 50,180, an increase from 45,757 in 2023[27] Liabilities and Assets - Total liabilities decreased to RMB 2,278,065 thousand in 2024 from RMB 2,079,887 thousand in 2023[13] - The company's owned IT equipment has a net book value of RMB 1,505.7 million, while leased computer equipment has a net book value of RMB 600.9 million as of December 31, 2024[24] - As of December 31, 2024, the group's total borrowings amounted to RMB 1,616.8 million, with approximately RMB 936.9 million due within one year[66] - The average balance of current and non-current borrowings increased by 7.7% to RMB 1,568.3 million compared to RMB 1,456.6 million as of December 31, 2023[66] Revenue Breakdown - Revenue from the on-demand office IT integrated solutions segment was RMB 1,188.2 million, a 6.5% increase from RMB 1,115.7 million in the previous year, driven by the launch of the self-developed IT device, Easy Point Cloud AI01[39] - Equipment sales revenue reached RMB 157.6 million, up 13.8% from RMB 138.5 million in the previous year, attributed to increased sales volume[40] - SaaS and other services revenue decreased by 33.1% to RMB 11.1 million from RMB 16.6 million, primarily due to a reduction in system development and external maintenance services[41] Operational Efficiency - The company aims to maximize the operational uptime of office IT systems, significantly reducing operational costs and enhancing employee productivity[19] - The company provides a comprehensive office IT solution through a flexible subscription model, allowing clients to avoid the traditional equipment purchase model and enhancing capital flow efficiency[16] - The subscription model allows clients to flexibly adjust their IT service needs without the burden of equipment ownership, significantly promoting business growth[18] - The company emphasizes customer IT experience by offering managed IT services, including device configuration, operational support, and performance optimization[17] Research and Development - The company plans to launch the self-developed Deepseek integrated machine in the first half of 2025, which will enhance AI capabilities across various industries[33] - The company is committed to increasing its investment in R&D to improve remanufacturing capabilities and reduce costs, while also promoting ESG initiatives through its core business[34] - The company aims to deepen its exploration of AI-related new businesses, leveraging its existing customer base of over 50,000 SMEs to help them build their own AI capabilities[35] Corporate Governance - The company has a strong governance structure with experienced board members and management team[167] - The board consists of four executive directors and four independent non-executive directors, complying with listing rules regarding board composition[173] - The company has established a nomination committee responsible for reviewing the composition of the board and providing recommendations for the appointment and re-election of directors[189] - The audit committee consists of three independent non-executive directors, ensuring oversight of corporate governance practices[197] Employee and Shareholder Information - The group had 1,666 employees as of December 31, 2024, down from 1,711 employees a year earlier, with total employee compensation approximately RMB 287 million[111] - The company has established a significant shareholder group, with Dr. Ji and Mr. Zhang being the largest stakeholders[119] - The company aims to enhance its value through the 2023 Share Plan adopted on January 26, 2024, to attract and retain qualified participants[115] - The company has adopted a pre-IPO share option plan approved by shareholders on February 25, 2022, to attract and retain suitable talent[115] Risk Factors - The company faces credit risk related to accounts receivable, particularly from small and medium enterprises, which may be adversely affected by macroeconomic conditions[81] - The company is exposed to interest rate risk, which may increase financing and operating costs due to potential interest rate hikes[82] - The company has generated and may continue to generate net losses and negative cash flows, posing liquidity risks[83] Future Plans - The company aims to continue expanding its business and exploring new market opportunities despite potential industry growth slowdowns[80] - There are no detailed future plans for significant investments or capital assets as of December 31, 2024[74]

Core Viewpoint - The company aims to achieve performance growth in 2024 through optimizing assessment and incentive mechanisms, promoting product upgrades, and enhancing operational management [2] Group 1: Financial Performance - In 2024, the company reported a revenue of 1.356 billion yuan, representing a year-on-year increase of 6.8% [4] - Adjusted net profit reached 80.169 million yuan, showing a remarkable year-on-year growth of 427% [4] - Adjusted EBITDA was 676 million yuan, up by 19.4% compared to the previous year [4] - The number of active enterprise clients reached 51,000, an increase of 9.1% from 2023 [4] Group 2: Business Model and Services - The company provides IT hardware, maintenance personnel, and SAAS software through a subscription model, alleviating the financial burden of upfront costs for SMEs [3] - Clients can adjust their subscriptions without any penalty, allowing for flexibility in hardware usage [3] - The company offers outsourced IT maintenance services, addressing the resource constraints of SMEs [3] - The "Yipandian" SAAS software has established a strong brand presence in the industry [3] Group 3: Competitive Advantages - The company has a significant competitive edge due to its "remanufacturing" capabilities, allowing for the cost-effective refurbishment of old equipment [6] - It operates five remanufacturing factories across major cities, with an annual remanufacturing capacity exceeding 800,000 computers [6] - The company has over 1.37 million devices under client subscriptions, solidifying its position as an industry leader [6] - Customer service capabilities include a 24/7 online support team and over 100 on-site engineers, enhancing service quality [7] Group 4: Future Outlook - In 2024, the company plans to launch AI PCs from major brands, expanding its IT product offerings [8] - The subscription model allows clients to access high-performance AI PCs without upfront costs, facilitating local deployment of advanced AI models [8] - The company aims to deepen connections with clients, increasing subscription numbers and improving financial performance [8] - The focus for 2025 will be on providing better services and support to SMEs [8]

Group 1 - The core point of the article is that 易点云 has been actively repurchasing its shares, with a total of 11 buybacks this year, amounting to 626.10 million shares and a total expenditure of 1,126.85 million HKD [1][2] - On March 28, 2025, 易点云 repurchased 4.4075 million shares at a price of 1.800 HKD per share, totaling 7.9334 million HKD [1][2] - The stock closed at 1.820 HKD on the same day, reflecting a 1.11% increase with a total trading volume of 12.9117 million HKD [1][2] Group 2 - The detailed buyback history shows various dates, share quantities, and prices, indicating a consistent strategy in managing share repurchases [2] - The highest repurchase price recorded this year was 1.880 HKD on January 13, while the lowest was 1.670 HKD on January 2 [2] - The total amount spent on the most recent buyback was 7.9334 million HKD, contributing significantly to the overall repurchase strategy [2]

Core Insights - The company reported a revenue of 1.356 billion yuan for the fiscal year 2024, representing a year-on-year growth of 6.8% [2] - Adjusted net profit reached 80.169 million yuan, showing a significant increase of 427% year-on-year [2] - Adjusted EBITDA was 676 million yuan, reflecting a growth of 19.4% compared to the previous year [2] Business Model and Services - The company provides a subscription-based, one-stop IT equipment management service for enterprises, addressing issues related to high upfront costs and maintenance complexities [2] - The service model includes features such as "one device to start, return anytime, no deposit, monthly payment, pay after use, and full warranty" [2] Customer Metrics - As of the end of the reporting period, the number of active enterprise customers reached 51,000, a year-on-year increase of 9.1% [2] - The number of serviced devices grew from 1.204 million in 2023 to 1.374 million in 2024, marking a 14.1% increase [2] - The number of "core customers" increased by 15.8% year-on-year [2] Product Development and Innovation - In 2024, the company launched AI PCs from brands like HP, Lenovo, and Apple, expanding its IT product offerings [2] - The company has developed its own business-specific all-in-one machines, monitors, and hosts to provide cost-effective services for enterprise clients [2] After-Sales Service - The company offers a longer warranty period and faster service response times compared to direct purchases, which is crucial for small and medium-sized enterprises lacking IT support [3] - The self-developed engineer scheduling system "Xuanji" allows real-time dispatch of over 6,000 engineers, enabling on-site service within 2 to 4 hours [3] - The core customer retention rate for 2024 is nearly 90% [3] Manufacturing Capabilities - The company independently developed DefectGPT, an industrial-grade model for remanufacturing applications, which supports its leading position in the industry [3] - The annual remanufacturing capacity for 2024 is reported to be 856,000 units [3]

Core Viewpoint - Epoint Cloud reported strong financial performance for the fiscal year 2024, with significant growth in revenue, adjusted EBITDA, and net profit, indicating enhanced profitability and financial health. Financial Performance - In fiscal year 2024, Epoint Cloud achieved revenue of 1.36 billion RMB, a year-on-year increase of 6.8% [1][3] - Adjusted EBITDA reached 676 million RMB, reflecting a growth of 19.4% compared to the previous year [1][3] - Adjusted net profit surged to 80.17 million RMB, marking a remarkable increase of 427% year-on-year [1][3] - The financial expense ratio decreased by 2.3%, and cash reserves grew by 10.5%, indicating improved financial health [3] Customer and Service Growth - The number of active customers increased to 51,024, representing a growth of 9.1% [5] - The total number of service devices reached 1,374,200, with a year-on-year growth of 14.1% [5] - Epoint Cloud maintained a high customer retention rate of 74%, with core customer retention nearing 90% [6] Business Model and Market Position - Epoint Cloud's IT subscription model has gained widespread acceptance among small and medium-sized enterprises, offering cost-effective IT solutions [5] - The company holds a market share of 19.6%, significantly surpassing its closest competitors [7] - Epoint Cloud's IT remanufacturing capabilities allow for extended product lifespans, enhancing profitability [7][8] Operational Efficiency - Epoint Cloud utilizes a fully self-developed "Nebula System" for digital management, improving operational efficiency and reducing costs [8] - The company achieved a 90% equipment utilization rate through digital inventory management [8] - Scale and digital capabilities have significantly lowered unit product costs, expanding profit margins [8]

Financial Performance - For the year ended December 31, 2024, total revenue reached RMB 1,356,885,000, representing a 6.8% increase from RMB 1,270,741,000 in 2023[6] - Adjusted net profit surged by 427.0% to RMB 80,169,000, up from RMB 15,213,000 in 2023[6] - Adjusted EBITDA rose by 19.4% to RMB 676,288,000, compared to RMB 566,336,000 in the prior year[6] - The company reported a pre-tax profit of RMB 77,725,000, a significant recovery from a pre-tax loss of RMB 902,384,000 in 2023[8] - Basic and diluted earnings per share improved to RMB 0.11, compared to a loss of RMB 2.27 per share in 2023[8] - The net profit attributable to the company for the year ended December 31, 2024, was RMB 64,724,000, a significant recovery from a loss of RMB 900,637,000 in 2023[36] - The adjusted EBITDA (non-IFRS measure) for the fiscal year ending December 31, 2024, was RMB 691.7 million, up from RMB 566.3 million in the previous year, reflecting a year-over-year increase of approximately 22.2%[90] Revenue Breakdown - Revenue from on-demand office IT integrated solutions subscription services increased significantly to RMB 510,120 thousand in 2024 from RMB 55,087 thousand in 2023, representing a growth of 826.5%[22] - Revenue for the year ended December 31, 2024, was RMB 1,356.9 million, a 6.8% increase from RMB 1,270.7 million in 2023, primarily due to growth in on-demand office IT solutions and equipment sales[65] - Revenue from on-demand office IT solutions was RMB 1,188.2 million, up 6.5% from RMB 1,115.7 million in 2023, driven by the launch of the self-developed IT device, Easy Point Cloud AI01[67] - Equipment sales revenue rose to RMB 157,620 thousand in 2024, up 13.8% from RMB 138,470 thousand in 2023[22] - SaaS and other services revenue decreased to RMB 11,084 thousand in 2024, down 33.3% from RMB 16,592 thousand in 2023[22] Cost and Expenses - The cost of sales increased by 11.4% to RMB 800,328,000, compared to RMB 718,393,000 in the previous year[6] - The gross profit for the year ended December 31, 2024, was RMB 556.6 million, a slight increase of 0.8% from RMB 552.3 million in the previous year, with a gross margin of 41.0% compared to 43.5% in the prior year[74] - The gross profit margin for on-demand office IT solutions decreased to 46.5% from 49.6% in the previous year, attributed to lower revenue per unit and increased depreciation costs[77] - General and administrative expenses decreased by 2.8% to RMB 128.9 million from RMB 132.6 million in the previous year, mainly due to reduced salary and rent expenses[79] - The total financing costs for the year ended December 31, 2024, amounted to RMB 122,604,000, a decrease of 15.1% from RMB 144,409,000 in 2023[34] Assets and Liabilities - Total assets increased to RMB 3,513,815,000, up from RMB 3,311,874,000 in 2023[10] - As of December 31, 2024, total liabilities amounted to RMB 2,278,065,000, an increase of 9.6% from RMB 2,079,887,000 in 2023[11] - Current assets were less than current liabilities by RMB 242,085,000, indicating potential liquidity concerns[19] - Non-current liabilities increased to RMB 897,603,000 in 2024 from RMB 826,785,000 in 2023, reflecting a growth of 8.6%[11] - The company’s total equity amounted to RMB 1,235,750,000, slightly up from RMB 1,231,987,000 in 2023[10] Customer Metrics - As of December 31, 2024, the company has 51,024 active customers, representing a year-over-year growth of 9.1%[44] - The company maintains a high customer retention rate, which has slightly improved compared to the same period last year[44] - Subscription customer count rose to 50,180, compared to 45,757 in the previous year, indicating an increase of 4,423 customers[54] - The number of core customers rose to 27,529, up 15.8% from 23,777 in 2023, with core customer service equipment share increasing from 85.0% in 2023 to 86.6% in 2024[57] Corporate Governance - The company has adhered to all applicable corporate governance code provisions during the reporting period, with exceptions noted[110] - The board of directors did not recommend any final dividend for the year ending December 31, 2024[109] - The company has not been involved in any significant litigation or arbitration as of December 31, 2024[119] - The audit committee, composed of three independent non-executive directors, is responsible for reviewing and supervising the group's financial reporting processes and internal control systems[117] Future Outlook - The company plans to launch the self-developed Deepseek integrated machine in the first half of 2025, enhancing AI capabilities for various industries[60] - The company aims to expand its sales team and implement AI-based business analytics to optimize sales processes and improve customer satisfaction[61] - The company aims to complete the enhancement of remanufacturing capabilities and operational efficiency by the end of 2024[120]

Investment Rating - The report assigns a "Buy" rating to the company [6] Core Insights - The company is a leading provider of office IT integrated solutions in China, focusing on helping enterprises achieve lightweight asset management of office IT equipment through innovative subscription models [3][19] - The company has established strong core barriers through its Nebula system and grid layout, which enhance service capabilities and improve IT equipment efficiency for clients [4][24] - The penetration rate of the pay-per-use model in the office IT service market is low in China, indicating significant market potential as this rate increases [4][33] - The company is actively exploring AI empowerment solutions for small and medium-sized enterprises (SMEs), which is expected to expand its business opportunities [4][47] Summary by Sections Company Overview - The company was founded in 2014 and has become a major player in providing comprehensive office IT solutions, including no-deposit equipment services, IT services, and SaaS software development [3][19] - It operates in over 100 cities across China, servicing more than 1.3 million devices as of 2024 [3][19] Core Barriers and Market Potential - The company leverages its Nebula system and grid layout to create an office cloud that enhances service efficiency and client satisfaction [4][24] - The pay-per-use model's market size in China was only 4.5% of the total office IT service market in 2021, compared to 53% in the US, indicating substantial growth potential [4][33] - The company ranks first in China in terms of revenue, service device count, and remanufacturing capabilities within the pay-per-use office IT sector [4][37] Financial Performance and Valuation - The company is expected to achieve revenue of 1.35 to 1.4 billion yuan in the fiscal year 2024, representing a year-on-year growth of 6.2% to 10.2% [5][66] - The adjusted net profit is projected to be between 75 to 85 million yuan, reflecting a significant increase of 493% to 558.7% year-on-year [5][66] - The company's current price-to-sales (PS) ratio is estimated at 1.2 to 1.24, and the price-to-earnings (PE) ratio is between 19 to 22, indicating a reasonable valuation [5][66] Profit Forecast and Investment Rating - The company is expected to see net profits of 82 million, 114 million, and 149 million yuan for the years 2024, 2025, and 2026, respectively [6][66] - The report maintains a "Buy" rating based on the company's strong market position and anticipated benefits from increasing market penetration and economic recovery [6]

业绩扭亏为盈，估值处于合理水平。（1）业绩扭亏为盈，企稳回暖。2025 年 2 月 19 日，公司发布正面盈利预告，预计 2024 财年实现营业收入 13.5-14 亿 元，同比增长 6.2%-10.2%；预计实现经调整净利润 0.75-0.85 亿元，同比增 长 493.0%-558.7%。（2）估值方面，估值处于合理区间。考虑到公司以提供 办公 IT 综合解决方案为主，因此选取港股联想集团及金蝶国际作为对比公司， 以 2023 年财务数据、2025 年 2 月 19 日收盘数据为基准，联想集团 PS 估值 为 0.35 倍、PE 估值为 16.87 倍；金蝶国际 PS 估值为 9.12 倍、PE 估值不适 用（为负值）。以公司最新业绩预告为基准、2 月 19 日收盘数据为基准，公司 PS 值为 1.2-1.24 倍、PE 估值为 19-22 倍，处于合理估值。 公司盈利预测及投资评级：公司系办公 IT 综合服务龙头企业，凭借办公云+规 模化优势+再制造能力等夯实公司核心壁垒，伴随行业渗透率提升公司有望受 益。我们预计公司 2024-2026 年净利润分别为 0.82、1.14 和 1.49 亿元，对应 E ...