[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 迪普科技(300768)公司点评报告 2025 年 04 月 24 日 [Table_Title] 利润实现较快增长，AI 赋能产品创新 ——迪普科技(300768.SZ)2024 年年度报告点评 [Table_Summary] 事件： 公司于 2025 年 4 月 14 日收盘后发布《2024 年年度报告》。 点评： 营业收入实现稳健增长，经营活动产生的现金流量净额显著改善 2024 年，公司积极应对外部环境的变化，持续实施有序扩张战略，并践行 高质量发展策略，公司组织能力、产品及解决方案的核心竞争力等显著提 升。公司全年实现营业收入 11.55 亿元，同比增长 11.68%；销售费用为 4.29 亿元，同比增长 6.46%；研发费用为 2.66 亿元，同比增长 6.05%；实现归 母净利润 1.61 亿元，同比增长 27.26%；实现扣非归母净利润 1.48 亿元， 同比增长 24.06%；经营活动产生的现金流量净额为 3.28 亿元，同比增长 160.69%。 运营商核心网业务方面不断取得新的突破，政府行业有所承压 分产品来看，网络 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4]. Core Insights - The company's Q1 2025 performance exceeded expectations, with revenue reaching 1.136 billion yuan, a year-on-year increase of 22.47%. The net profit attributable to shareholders was 283 million yuan, up 11.82% year-on-year, while the net profit excluding non-recurring items grew by 38.71% to 275 million yuan [2][4]. - The new game "Wanjian Changsheng" has performed exceptionally well, contributing significantly to revenue. It was launched in January 2025 and has surpassed 2 million registered users, achieving a quarterly revenue of 363 million yuan [3][4]. - The company is set to launch two new games in 2025, with a clear schedule for new releases, which is expected to drive further revenue growth [4]. Financial Performance Summary - For Q1 2025, the company's revenue was 1.136 billion yuan, with a year-on-year growth of 22.47%. The net profit attributable to shareholders was 283 million yuan, reflecting an 11.82% increase year-on-year. The net profit excluding non-recurring items was 275 million yuan, marking a 38.71% increase [2]. - The company's expense ratios for Q1 2025 were as follows: sales expense ratio at 31.70%, management expense ratio at 9.74%, and R&D expense ratio at 15.89%, with changes of +0.03%, -0.34%, and -4.14 percentage points year-on-year, respectively [2]. - The company forecasts net profits for 2025-2027 to be 1.1 billion, 1.255 billion, and 1.425 billion yuan, respectively, with corresponding EPS of 15.3, 17.4, and 19.8 yuan, and PE ratios of 14x, 12x, and 11x [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q1 2025 performance exceeded expectations, driven by new game contributions and a significant increase in revenue from item consumption [2][3] - The new game "Wanjian Changsheng" has shown outstanding performance, with over 2 million registered users and a peak ranking of 14th on the App Store game sales chart [3] - The company is set to launch two new products in 2025, which are expected to contribute to revenue growth [3] Financial Performance - In Q1 2025, the company achieved revenue of 1.136 billion yuan, a year-on-year increase of 22.47%, and a net profit attributable to shareholders of 283 million yuan, up 11.82% year-on-year [2] - The company's non-GAAP net profit was 275 million yuan, reflecting a year-on-year growth of 38.71% [2] - The expense ratios for sales, management, and R&D in Q1 2025 were 31.70%, 9.74%, and 15.89%, respectively, showing slight changes compared to the previous year [2] Product Development - The company continues to implement a long-term operational strategy for its games, with classic products maintaining stable operations [3] - The overseas gaming business generated revenue of 117 million yuan in Q1, a decrease of 15.95% year-on-year, primarily due to reduced income from previously launched games [3] - Upcoming titles include "Zhangjian Chuan Shuo" (code M88) and "Jiumu Zhi Ye," with planned launches in 2025 [3] Profit Forecast - The company is expected to achieve net profits of 1.1 billion, 1.255 billion, and 1.425 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 15.3, 17.4, and 19.8 yuan [4] - The projected P/E ratios for 2025, 2026, and 2027 are 14x, 12x, and 11x, respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company reported a significant increase in Q1 2025 performance, with revenue reaching 366 million yuan, a year-on-year growth of 62.51%, and a net profit attributable to shareholders of 169 million yuan, up 66.25% year-on-year [1]. - The company launched a new freeze-dried fiber product aimed at addressing eye area aging, and has received approval for multiple types of gel products, positioning itself as a leader in the industry [2]. - A stock option incentive plan was introduced, targeting 87 employees, which represents 10.57% of the total workforce, to align core talent with the company's long-term goals [3]. Financial Performance Summary - For Q1 2025, the gross margin was 90.11%, with a net profit margin of 45.89%. The company effectively managed its expenses, with a sales expense ratio of 21.33% and a management expense ratio of 8.26% [1]. - The financial forecast estimates revenues of 2.13 billion yuan in 2025, with a projected net profit of 1.07 billion yuan, reflecting a year-on-year growth of 46.40% [6]. - The expected earnings per share (EPS) for 2025 is 12.11 yuan, with corresponding price-to-earnings (P/E) ratios of 33, 25, and 20 for the years 2025, 2026, and 2027 respectively [4][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company reported a significant increase in Q1 2025 performance, with revenue reaching 366 million yuan, a year-on-year growth of 62.51%, and a net profit attributable to shareholders of 169 million yuan, up 66.25% year-on-year [1]. - The company launched a new freeze-dried fiber product aimed at addressing eye area aging, which has already seen over 2 million clinical injections since its launch in June 2021 [2]. - A stock option incentive plan was introduced, targeting 87 employees, which represents 10.57% of the total workforce, to align core talent with the company's long-term goals [3]. Financial Performance Summary - For Q1 2025, the gross margin was 90.11%, with a net profit margin of 45.89%, reflecting effective cost control [1]. - The company is projected to achieve earnings per share (EPS) of 12.11, 16.28, and 20.54 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 33, 25, and 20 [4][6]. - The financial forecast indicates a revenue increase from 780.26 million yuan in 2023 to 3,502.88 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 25.56% [6].

Market Performance - On April 23, 2025, the Shanghai Composite Index fell by 0.10%, while the Shenzhen Component Index rose by 0.67% and the ChiNext Index increased by 1.08%[15] - The total market turnover reached 12,295.81 billion CNY, an increase of 1,397.51 billion CNY compared to the previous trading day[15] - Out of 5,305 stocks, 3,215 rose and 2,090 fell, indicating a generally positive market sentiment[15] Sector and Industry Analysis - The automotive sector led gains with a rise of 3.17%, followed by machinery at 2.25% and telecommunications at 1.47%[20] - Conversely, the retail sector declined by 2.11%, real estate by 1.37%, and agriculture by 1.31%[20] - Notable concept stocks included significant increases in reducer, robot actuators, and integrated die-casting in the automotive sector[20] Capital Flow Insights - On April 23, 2025, the net outflow of main funds was 36.80 billion CNY, with large orders seeing a net outflow of 83.96 billion CNY and small orders experiencing a net inflow of 134.91 billion CNY[24] - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw changes in turnover, with the former decreasing by 3.18 billion CNY and the latter by 5.28 billion CNY[29] Global Market Overview - Major Asia-Pacific indices closed higher, with the Hang Seng Index up 2.37% and the Nikkei 225 Index up 1.89%[33] - European indices also showed positive performance, with the DAX Index rising by 0.41% and the FTSE 100 Index increasing by 0.64%[34] - In the US, the Dow Jones Industrial Average rose by 2.66%, while the S&P 500 and Nasdaq Composite increased by 2.51% and 2.71%, respectively[34]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4]. Core Insights - The company reported a significant revenue growth of 84.92% year-on-year, achieving a total revenue of 1.443 billion yuan in 2024. The net profit reached 732 million yuan, reflecting a 144.27% increase, with a net profit margin of 50.68%, up by 12.39 percentage points [2][4]. - The company has successfully expanded its product offerings, particularly in the medical device sector, with single-material medical devices generating 1.128 billion yuan in revenue, marking a 99.69% increase year-on-year [2]. - The company has received approval for its collagen gel products, enhancing its product portfolio with a full range of formulations, including solutions, gels, and solids. This positions the company favorably in both domestic and international markets [3]. Financial Performance Summary - In 2024, the company achieved a gross margin of 92.02%, an increase of 1.86 percentage points year-on-year, while the sales expense ratio decreased to 17.92% [2]. - The company’s revenue from functional skincare products reached 142 million yuan, growing by 86.83% year-on-year, with a gross margin of 70.41% [2]. - The financial forecast estimates earnings per share (EPS) of 12.30, 16.04, and 19.45 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 33, 25, and 21 [4][6].

Market Performance - On April 22, 2025, the A-share market showed mixed performance with the Shanghai Composite Index up by 0.25%, while the Shenzhen Component Index and the ChiNext Index fell by 0.36% and 0.82% respectively[14] - The total market turnover reached 1,089.83 billion CNY, an increase of 48.65 billion CNY compared to the previous trading day[14] - A total of 2,560 stocks rose, while 2,712 stocks declined across the market[14] Sector and Style Analysis - The top-performing sectors included Comprehensive Finance (up 6.81%), Retail Trade (up 1.80%), and Comprehensive (up 1.36%)[20] - Conversely, the worst-performing sectors were Media (down 1.05%), Computer (down 1.00%), and Communication (down 0.83%)[20] - In terms of investment style, Financials outperformed other styles, while Small-Cap Value stocks led over Large-Cap Value stocks[20] Capital Flow - On April 22, 2025, the net outflow of main funds was 24.83 billion CNY, with large orders contributing to a net outflow of 15.56 billion CNY and super large orders contributing 9.27 billion CNY[23] - Small orders, however, saw a continuous net inflow of 23.88 billion CNY[23] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw their trading volumes decrease, with changes of -0.54 billion CNY and +1.57 billion CNY respectively[28] - The total trading volume for the ETFs listed was 1.66 billion CNY for the Huaxia SSE 50 ETF and 2.92 billion CNY for the Huatai-PB CSI 300 ETF[28] Global Market Overview - On April 22, 2025, the Hang Seng Index rose by 0.78% to close at 21,562.32 points, while the Nikkei 225 Index fell by 0.17% to 34,220.60 points[32] - The US stock market saw declines across major indices, with the Dow Jones Industrial Average down 2.48% and the S&P 500 down 2.36%[32]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved expected performance in its 2024 annual report, with revenue of 12.702 billion yuan, a year-on-year increase of 15.28%, and a net profit attributable to shareholders of 784 million yuan, up 28.00% year-on-year [1]. - The company is progressing well in multiple business lines, particularly in emerging sectors such as digital energy thermal management and embodied intelligence (robotics), with significant advancements and patent acquisitions [2]. - A recent share buyback proposal by the chairman reflects confidence in the company's future development and aims to stabilize stock prices while enhancing investor trust [3]. Financial Performance Summary - In 2024, the company reported a revenue of 12.702 billion yuan, with a year-on-year growth of 15.28%, and a net profit of 784 million yuan, representing a 28.00% increase [1]. - The fourth quarter of 2024 saw revenue of 3.497 billion yuan, a year-on-year increase of 15.57%, while the net profit was 179 million yuan, up 6.40% year-on-year [1]. - The company forecasts revenues of 15.377 billion yuan, 18.286 billion yuan, and 21.599 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.089 billion yuan, 1.352 billion yuan, and 1.671 billion yuan for the same years [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported a robust revenue growth of 4.16% year-on-year in Q1 2025, achieving a total revenue of 706 million yuan. The net profit attributable to shareholders increased significantly by 44.86% year-on-year, reaching 144 million yuan [1]. - The growth in performance is attributed to improved profitability of subsidiaries and changes in the fair value of financial assets held by the company and its subsidiaries, with a fair value change gain of 52.5 million yuan in Q1 [1]. - The company is focusing on a "Cultural + Technology" strategy, enhancing its business capabilities through organic growth and acquisitions, while optimizing its industry structure [2]. Financial Performance Summary - For Q1 2025, the company achieved a gross margin of 57.52%, a decrease of 6.07 percentage points year-on-year. The net profit margin increased by 5.72 percentage points year-on-year to 20.35% [1]. - The company’s operating expenses for sales, management, and R&D were 13.98%, 14.76%, and 12.42% respectively, showing a reduction in sales expenses and a slight increase in R&D expenses compared to the previous year [1]. - The forecast for net profit attributable to shareholders for 2025-2027 is projected to be 645 million, 750 million, and 830 million yuan respectively, with corresponding EPS of 0.51, 0.59, and 0.65 yuan per share [3][5].