Group 1: Financial Performance - In 2024, the company achieved operating revenue of 783,622.34 thousand yuan, a decline compared to the previous year [4] - The net profit attributable to shareholders was 19,108.42 thousand yuan, also showing a decrease [4] - The net profit after deducting non-recurring gains and losses was 17,603.94 thousand yuan, with operating cash flow increasing compared to the previous year [4] Group 2: Strategic Development - The company will continue to deepen its "one body, two wings" development strategy in 2025, focusing on "trustworthy foundation, data-driven, and intelligent leadership" [5] - The strategy aims to build a solid digital foundation and reliable products, leveraging data for industry solutions and embracing AI for digital transformation [5] Group 3: Research and Innovation - The company is focusing on cloud-native, data elements, and AI in its R&D layout, with plans for significant future initiatives [5] - In AI, the company aims to create an integrated development model combining computing power, models, and applications [6] Group 4: Market and Operational Improvements - The company faced significant operational pressure in the first half of 2024, leading to a temporary loss, but improved performance in the second half through market expansion and project delivery [5] - A dedicated working group for "信创" (Xinchuang) will be established in 2025 to enhance business development in this area, focusing on customer pain points [5] Group 5: Cost Management and Profitability - The company has implemented measures to control overdue accounts and optimize business structure to improve profitability [6] - R&D investment has shifted focus towards domestic databases and AI, resulting in a decrease in overall R&D spending [6]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The company's Q4 performance shows stabilization in revenue and profit, with significant improvement in operational quality. The growth is driven by opportunities in trusted innovation (信创), AI, and data elements, particularly in cloud and data services [1][6]. - The company is positioned as a foundational player in digital China, with advantages in trusted innovation, data elements, and cloud services, projecting a net profit of 316 million, 428 million, and 495 million yuan for 2025 to 2027 respectively [6][10]. Financial Data and Valuation - Total revenue for 2023 is reported at 9,195 million yuan, with a year-on-year decline of 13%. The projected revenue for 2024 is 7,836 million yuan, with a further decline of 15%, followed by a recovery with expected growth of 10% in 2025 [2][10]. - Operating profit for 2023 is 419 million yuan, with a decrease of 4% year-on-year. The forecast for 2024 shows a significant drop to 233 million yuan, but a recovery is expected with 384 million yuan in 2025, representing a 65% increase [2][10]. - The company's net profit attributable to shareholders is 375 million yuan for 2023, down 1% year-on-year, with a forecast of 316 million yuan for 2025, reflecting a 66% increase [2][10]. - The current price-to-earnings (PE) ratio is 41.7, projected to rise to 81.9 in 2024 before decreasing to 49.5 in 2025 [2][11]. Business Performance - In Q4, the company achieved a revenue of 34.99 billion yuan, down 11.95% year-on-year, with a net profit of 2.19 billion yuan, a decrease of 9.82% [6][10]. - The company’s gross margin improved by 0.60 percentage points to 24.08% for the year, with Q4 gross margin increasing by 2.16 percentage points to 18.05% [6][10]. - The cloud and data services, along with trusted innovation business, are key growth drivers, with cloud and data services revenue growing by 12.34% in 2024 [6][10]. Shareholder Information - The major shareholder is China Electric Tai Chi Group Co., Ltd., holding 28.61% of the shares [3].

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [3][13]. Core Views - The company's operating conditions improved in the second half of 2024, with a notable performance from its subsidiary, Electric Science and Technology JinCang [1][8]. - Despite a decline in annual revenue and net profit compared to the previous year, the company is focusing on market expansion and project delivery to enhance its core business [8][9]. - The company is actively participating in digital transformation projects across various sectors, including government and enterprise, which positions it well for future growth [9]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 7.836 billion yuan, a year-on-year decrease of 14.77%, and a net profit attributable to shareholders of 191 million yuan, down 49.08% [3][8]. - The revenue breakdown shows that the cloud and data services segment grew by 12.34% to 1.173 billion yuan, while other segments experienced declines [8][9]. - The company’s profit distribution plan includes a cash dividend of 0.925 yuan per 10 shares [3]. Revenue and Profit Forecast - The forecast for 2025 estimates revenue to rise to 9.831 billion yuan, with a projected net profit of 249 million yuan, reflecting a recovery trend [7][11]. - The expected earnings per share (EPS) for 2025 is 0.40 yuan, with a price-to-earnings (P/E) ratio of 62.2 times based on the closing price on April 2 [9][11]. Business Segments and Market Strategy - The company is enhancing its digital government initiatives and has secured contracts for various projects, including disaster prevention and monitoring systems [9]. - In the digital enterprise sector, the company continues to provide services to major clients and is expanding its customer base by integrating emerging technologies [9]. - The subsidiary, Electric Science and Technology JinCang, reported a revenue increase of 16.02% to 432.59 million yuan, indicating strong performance in the database sector [9][10]. Financial Ratios and Metrics - The company’s gross margin for 2024 was 24.1%, with a net margin of 2.4% [11]. - The return on equity (ROE) is projected to improve from 3.6% in 2024 to 6.3% by 2027, reflecting enhanced profitability [11]. - The asset-liability ratio stands at 65.0%, indicating a stable financial structure [11].

Investment Rating - The investment rating for the company is "Buy" with a target price of 45.32 RMB [7][8] Core Views - The company achieved a revenue of 7.836 billion RMB in 2024, a year-on-year decrease of 14.77%, and a net profit attributable to shareholders of 191 million RMB, down 49.08% year-on-year. The performance was below expectations primarily due to delays in traditional project bidding from downstream clients. The company is focusing on cloud and data services, which are progressing well, and is expected to benefit from AI and data demand, particularly in government and industry cloud services [1][2][4] - The cloud and data business generated 1.173 billion RMB in revenue in 2024, an increase of 12.34% year-on-year, accounting for 14.97% of total revenue. The company is expected to leverage its "Xinchuang" positioning advantage in the market [2][4] - The subsidiary, Kingbase, reported a revenue of 433 million RMB in 2024, a year-on-year increase of 16.02%, benefiting from industry demand for Xinchuang. The database management system has passed national security assessments, maintaining a leading position in the industry [3][4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 7.836 billion RMB and a net profit of 191 million RMB, with significant declines in both metrics compared to the previous year [1][6] - The revenue forecast for 2025 is adjusted to 8.558 billion RMB, with net profit expected to be 408 million RMB, reflecting a recovery trend [4][6] Business Segments - The cloud and data services segment is projected to be the core driver of revenue growth, with a focus on government and industry cloud opportunities [2][4] - The Kingbase database segment is expected to see accelerated revenue growth in 2025 due to ongoing industry demand [3][4] Valuation - The estimated market capitalization is 28.2 billion RMB, with a target price of 45.32 RMB, reflecting a valuation of 15.1x PS for the Kingbase database business and 60.1x PE for other businesses [4][8]

Meeting Information - The annual general meeting of Taiji Computer Co., Ltd. is scheduled for May 15, 2025, at 14:00 [1] - Voting will be conducted both on-site and via online platforms, with specific time slots for internet voting from 9:15 to 15:00 on the same day [1][2] Voting Procedures - Shareholders can choose either on-site voting or online voting, and duplicate votes will be counted based on the first submission [2] - Shareholders must register to attend the meeting, with specific documentation required for different types of shareholders [3][4] Agenda Items - The meeting will review several proposals, including: - Confirmation of 2024 annual related party transactions and estimated transactions for 2025 - Application for comprehensive credit from commercial banks and guarantees for subsidiaries - Application for comprehensive credit from China Electronics Technology Finance Co., Ltd. and related party transactions [2][3] Voting Process - The voting process will allow shareholders to express their opinions on proposals as "agree," "disagree," or "abstain," with specific rules for handling duplicate votes [5][9] - Detailed instructions for participating in online voting are provided, including identity verification requirements [5]

Core Viewpoint - The company has announced a profit distribution plan for the year 2024, proposing a cash dividend of 0.925 yuan per 10 shares, totaling approximately 57.65 million yuan, which aligns with regulatory requirements and aims to benefit all shareholders, particularly minority shareholders [1][2][5]. Group 1: Profit Distribution Plan - The profit distribution plan is based on a total share capital of 623,231,286 shares as of December 31, 2024, with a cash dividend of 0.925 yuan per 10 shares, amounting to a total distribution of 57,648,893.95 yuan [1][2]. - The company will not increase share capital through reserves or issue bonus shares, and any changes in total share capital due to share buybacks will adjust the distribution ratio while keeping the total cash dividend unchanged [1][2]. Group 2: Financial Performance - The company reported a net profit attributable to shareholders of 191,084,177.64 yuan for the year 2024, with a total distributable profit of 1,025,806,709.11 yuan after accounting for legal reserves and previous undistributed profits [2][4]. - The cumulative cash dividends over the last three fiscal years exceeded 30% of the average net profit for the same period, thus not triggering any risk warning under the Shenzhen Stock Exchange listing rules [3][5]. Group 3: Compliance and Justification - The profit distribution plan complies with relevant laws and regulations, including the Company Law and Securities Law, and considers the company's profitability, financial condition, and funding needs while ensuring long-term development [5]. - The cash dividend level is consistent with the average level of listed companies in the same industry, indicating a balanced approach to shareholder returns [5].

证券代码：002368 证券简称：太极股份 公告编号：2025-004 太极计算机股份有限公司 第六届董事会第十九次会议决议公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 一、董事会会议召开情况 太极计算机股份有限公司（以下简称"公司"）第六届董事会第十九次会议通 知于 2025 年 3 月 21 日以直接送达、电话或电子邮件的方式发出，会议于 2025 年 4 月 1 日在北京市朝阳区容达路 7 号院中国电科太极信息产业园 C 座会议中 心以现场结合通讯方式召开。 本次会议应到董事 9 位，实到董事 9 位，公司部分监事、高级管理人员列席 了会议，会议由董事长吕翊先生主持。本次会议的召开符合《公司法》和《公司 章程》的有关规定。 二、董事会会议审议情况 （一）审议通过了《2024年度董事会工作报告》 公司独立董事分别向董事会提交了《2024年度独立董事述职报告》，并将在 公司2024年度股东大会上述职。董事会依据独立董事提交的《独立董事独立性自 查情况表》，出具了《关于独立董事独立性情况的专项意见》。 （四）审议通过了《2024年度财务决算报告》 本议案 ...

2025年4月1日，太极股份（002368）发布了2024年年报。报告显示，公司全年实现营业收入78.36亿 元，同比下降14.77%；归属于上市公司股东的净利润为1.91亿元，同比大幅下降49.08%。尽管公司在数 字化转型和信创业务方面取得了一定进展，但整体业绩表现不佳，暴露出其在市场竞争和业务拓展中的 诸多问题。 营收利润双降，经营压力凸显 太极股份2024年的营收和净利润均出现显著下滑，尤其是净利润同比下降近五成，显示出公司在经营层 面面临较大压力。报告期内，公司毛利率为24.08%，虽然较上年同期有所提升，但未能有效转化为利 润增长。经营性现金流虽然增加了3.47亿元，但这一改善并未能扭转公司整体业绩的下滑趋势。 从业务板块来看，云与数据服务、自主软件产品、行业解决方案和数字基础设施四大核心业务均未能实 现显著增长。尽管公司在数字政府、智慧城市等领域承担了一批重大信息化工程，但这些项目的盈利能 力有限，未能为公司带来足够的利润贡献。此外，公司在市场拓展和项目交付方面也存在一定滞后，导 致部分项目回款不及时，进一步加剧了资金压力。 信创业务增长乏力，市场竞争加剧 得了一定认可，但在市场推广和应用方面仍 ...

太极计算机股份有限公司 审计报告 大华审字[2025]0011003643 号 大华会计师事务所(特殊普通合伙) Da Hua Certified Public Accountants（Special General Partnership） 太极计算机股份有限公司 审计报告及财务报表 （2024 年 1 月 1 日至 2024 年 12 月 31 日止） | | 目 | 录 | 页 次 | | --- | --- | --- | --- | | 一、 | 审计报告 | | 1-7 | | 二、 | 已审财务报表 | | | | | 合并资产负债表 | | 1-2 | | | 合并利润表 | | 3 | | | 合并现金流量表 | | 4 | | | 合并股东权益变动表 | | 5-6 | | | 母公司资产负债表 | | 7-8 | | | 母公司利润表 | | 9 | | | 母公司现金流量表 | | 10 | | | 母公司股东权益变动表 | | 11-12 | | | 财务报表附注 | | 1-133 | 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [10 ...

太极计算机股份有限公司 控股股东及其他关联方资金占用情况的 专项说明 大华核字[2025]0011001616 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) 目 录 页 次 一、 控股股东及其他关联方资金占用情况的专项 说明 1-2 Da Hua Certified Public Accountants（Special General Partnership） 太极计算机股份有限公司 控股股东及其他关联方资金占用情况的专项说明 （截止 2024 年 12 月 31 日） 二、 太极计算机股份有限公司 2024 年度非经营性 资金占用及其他关联资金往来情况汇总表 1-4 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 控 股 股 东 及 其 他 关 联 方 根据中国证券监督管理委员会发布的《上市公司监管指引第 8 号 ——上市公司资金往来、对外担保的监管要求》（证监会公告[2022]26 号）和深圳证券交易所《深圳 ...