Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][11][30]. Core Views - The company has shown significant improvement in net profit, with a year-on-year increase of 90.8% in 2024, despite a slight revenue decline of 1.62% [4][12]. - The cloud service business has been a key driver, achieving a revenue growth of 38.1% and turning a profit of 1.33 billion yuan [5][13]. - The overall financial outlook is positive, with projected revenue growth for 2025-2027 and a favorable price-to-earnings ratio [11][30]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 8.201 billion yuan, a decrease of 1.62% year-on-year, while net profit reached 385 million yuan, an increase of 90.8% [4][12]. - The adjusted net profit after excluding non-recurring items was 427 million yuan, reflecting a substantial growth of 632.47% [4][12]. Cloud Service Business - The cloud service segment generated revenues of 2.761 billion yuan, with a year-on-year growth of 38.1%, and achieved an operating profit of 1.33 billion yuan, recovering from a loss of 560 million yuan in the previous year [5][13]. - The management software and IoT solutions also contributed positively, with revenues of 2.556 billion yuan and 2.883 billion yuan, respectively [5][13]. Market Position and Strategy - The company is enhancing its cloud service offerings, integrating AI capabilities through platforms like the Haiyue model and DeepSeek, which have been successfully implemented in several large enterprises [6][23]. - It is also focusing on the small and medium-sized enterprise market, promoting integrated solutions and expanding its customer base in the financial sector [8][25]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 9.076 billion yuan, 10.022 billion yuan, and 10.996 billion yuan, respectively, with corresponding net profits of 520 million yuan, 695 million yuan, and 893 million yuan [11][30]. - The expected earnings per share (EPS) for the same period are projected to be 0.46 yuan, 0.61 yuan, and 0.78 yuan [11][30].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company's business structure is continuously optimizing, with significant performance improvement noted in the second half of 2024 [4]. - The company achieved a revenue of 7.836 billion yuan in 2024, a year-on-year decrease of 14.77%, while the net profit attributable to shareholders was 191 million yuan, down 49.08% [3][10]. - The gross margin for 2024 was 24.08%, an increase of 0.60 percentage points year-on-year [3][4]. Business Performance Summary - In 2024, the cloud and data services segment generated revenue of 1.173 billion yuan, a year-on-year increase of 12.34%, accounting for 14.97% of total revenue [4]. - The self-developed software products segment reported revenue of 1.931 billion yuan, a decline of 6.25%, representing 24.65% of total revenue [4]. - The industry solutions segment saw revenue of 3.438 billion yuan, down 15.98%, making up 43.87% of total revenue [4]. - The digital infrastructure segment experienced a significant decline in revenue, totaling 1.150 billion yuan, down 37.70%, accounting for 14.68% of total revenue [4]. Growth Drivers - The company is actively participating in digital government projects, contributing to the construction of the Hengqin Guangdong-Macao Deep Cooperation Zone and Hainan Free Trade Port [5]. - The database business, particularly through its subsidiary, achieved revenue of 433 million yuan in 2024, a growth of 16.02% [5]. - The company is enhancing its cloud services capabilities, with its Beijing municipal government cloud platform passing technical capability assessments [8]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 8.957 billion yuan, 9.969 billion yuan, and 10.992 billion yuan, respectively, with corresponding net profits of 284 million yuan, 343 million yuan, and 408 million yuan [10][11]. - The earnings per share (EPS) are forecasted to be 0.46 yuan in 2025, 0.55 yuan in 2026, and 0.65 yuan in 2027 [10][11].

2025 年 04 月 08 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 陈梦竹 S0350521090003 证券分析师： 张娟娟 S0350523110004 zhangjj02@ghzq.com.cn 证券分析师： 罗婉琦 S0350524050002 luowq@ghzq.com.cn chenmz@ghzq.com.cn [Table_Title] 品质直播再升级，关注淘宝直播新阶段 最近一年走势 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 恒生科技指 | -24% | 1.0% | 27.8% | | 数 | | | | | 恒生指数 | -15% | 1.2% | 18.5% | ——海外行业动态研究 相关报告 《海外行业动态研究：汇通达网络 SaaS 平台全面 接入 DeepSeek，针对下沉市场客户发布 AI 助手应 用（推荐）*海外*陈梦竹，张娟娟，罗婉琦》—— 2025-03-05 《2025 年海外互联网&科技策略前瞻——互联网 低位向上，AI 释放新动能（推荐）*海外*陈梦竹， 尹芮，陈重伊，罗婉琦 ...

Group 1: Current Debt Situation - As of FY2024, the total U.S. government debt exceeds $38 trillion, primarily driven by federal government debt[3] - Federal government debt reached $35.5 trillion, while state and local debts are $1 trillion and $2 trillion respectively[3] - From FY2019 to FY2024, federal government debt increased by 56.4%, while state and local debts changed by -11.1% and 2% respectively[3] Group 2: Debt-to-GDP Ratios - By FY2024, the U.S. government debt-to-GDP ratio surpassed 130%, with federal government debt-to-GDP exceeding 120%[4] - The federal debt reached $35.5 trillion, exceeding the FY2024 GDP of $28.8 trillion, resulting in a debt-to-GDP ratio of 123%[4] - The combined government debt-to-GDP ratio is approximately 134%[4] Group 3: Debt Growth Rate - The current growth rate of U.S. government debt is about $2.3 trillion per fiscal year, with projections indicating total debt will exceed $40 trillion in FY2025[5] - Federal debt is expected to surpass $37 trillion by FY2025, following annual increases of $2.5 trillion, $2.2 trillion, and $2.3 trillion in the previous three fiscal years[5] Group 4: Interest Payments and Fiscal Pressure - In FY2024, interest payments on federal debt reached $1.13 trillion, doubling from $0.56 trillion in FY2021[10] - Net interest payments became the third-largest expenditure for the federal government, accounting for approximately 13.1% of total spending in FY2024[11] - The average interest rate on outstanding debt rose to 3.324% by FY2024, significantly increasing the cost of servicing the debt[10] Group 5: Public vs. Internal Debt Holdings - Publicly held debt surged by 116% from FY2015 to FY2024, reaching $28.3 trillion, while internal government-held debt decreased[9] - In FY2024, public debt accounted for 92% of total federal debt, reflecting a significant shift in debt ownership[9] Group 6: External Debt Holdings - Foreign investors held $8.5 trillion of U.S. Treasury securities by the end of FY2024, a decrease from 31.5% of federal debt in 2010 to 23.5%[9] - Major foreign holders include Japan, China, and the UK, with respective holdings of $1.0598 trillion, $0.759 trillion, and $0.7227 trillion[9]

2025 年 04 月 08 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 57 期 观点精粹: 最新报告摘要 比亚迪 3 月新能源车销量同比增长 25%，中国三大运营商攻克跨网能力互通难题--行业周报 电池化学品拖累短期业绩，看好公司氟化工长期成长--新宙邦/电池(300037/216307) 公司动态研究 2024Q4 业绩超市场预期，2024Q4 毛利率创 2020Q2 以来新高--中国重汽/商用车(000951/212806) 公司动 态研究 产品结构优化，短期费用增长压制利润--普源精电/通用设备(688337/216401) 科创板公司动态研究 马斯克提出星舰将于 2026 年携带"擎天柱"前往火星，宇树 G1 机器人首次完成侧空翻——人形机器人行业 2025 年 3 月月报--行业 PPT 报告 特朗普正式宣布全球对等关税政策，多家车企发布 3 月销量--行业周报 北交所出台自律管理规则，本周天工股份完成注册、下周两家企业上会--北交所行业普通报告 硫酸、丙烯酸、合成氨价格上 ...

研究所： 证券分析师： 靳毅 S0350517100001 jiny01@ghzq.com.cn 证券分析师： 刘畅 S0350524090005 liuc06@ghzq.com.cn [Table_Title] 大行注资落地，如何影响债市 债券研究周报 最近一年走势 大行注资落地，如何影响债市 注资的动因是什么？ 截至 2024 年末，国有大行的资本充足率均 满足监管要求，本轮注资更多是为了巩固银行的稳健经营能力，提 升其支持实体经济的能力。以 2024 年末的核心一级资本充足率数据 测算，本轮注资后，若保持核心一级资本充足率不变，则可对应增 加加权风险资产 4.6 万亿元，假设这部分资金全部用于信贷投放， 对应可支撑 4.6-6.1 万亿元的新增贷款，为后续潜在的经济刺激政策 提供了"弹药"。 对债市有何影响？ 注资特别国债带来的供给冲击相对有限，同 时将一定程度上缓解大行资产端配置压力，大行对利率债的需求或 有增长，但具体规模仍需关注信贷投放表现，若经济走势偏弱、信 贷表现一般，则大行增配债券的确定性更高，利率债的下行空间有 望打开。 2025 年 04 月 07 日 债券研究周报 机构资金跟踪 本周（ ...

2025 年 04 月 07 日 北交所行业研究 研究所： 证券分析师： 罗琨 S0350522110003 luok@ghzq.com.cn 联系人 ： 禹露 S0350124070012 yul06@ghzq.com.cn [Table_Title] 北交所出台自律管理规则，本周天工股份完成注 册、下周两家企业上会 ——北交所行业周报 最近一年走势 | 行业相对表现 | | | 2025/04/03 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 北证 | 50 | -2.64% | 24.76% | 49.97% | | 沪深 | 300 | -0.73% | 1.08% | 7.84% | 相关报告 《北交所行业周报：近期北证 50 指数有所回调， 本周开发科技上市（推荐）*中小盘*罗琨》—— 2025-03-31 《商业航天行业报告：商业航天方兴未艾，低轨卫 星星座建设加速（推荐）*中小盘*罗琨》—— 2025-03-26 《北交所行业周报：本周北证 50 指数有所回调， 下周交大铁发上会（推荐）*中小盘*罗琨》—— 20 ...

2025 年 04 月 07 日 行业研究 评级：推荐(维持) | 研究所： | | | --- | --- | | 证券分析师： | 李永磊 S0350521080004 | | | liyl03@ghzq.com.cn | | 证券分析师： | 董伯骏 S0350521080009 | | | dongbj@ghzq.com.cn | | 证券分析师： | 李振方 S0350524080003 | | | lizf@ghzq.com.cn | | 行业相对表现 | | | 2025/04/03 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 0.0% | 8.4% | 1.2% | | 沪深 300 | -0.7% | 2.3% | 8.2% | 相关报告 《基础化工行业周报：天然气、复合肥价格上涨， 铬盐迎来重大机遇（推荐）*基础化工*李永磊，董 伯骏，李振方》——2025-03-09 《基础化工行业周报：丙烯酸甲酯、MDI 价格上涨， 2025 年化工有望迎来补库存周期（推荐）*基础化 工*李永磊，董伯骏，李振方》——2025-0 ...

2025 年 04 月 07 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 56 期 观点精粹: 最新报告摘要 主业营收稳步提升柔性传感器打造第二曲线--福莱新材/塑料(605488/212205) 公司点评 北美市场增长乏力，业绩指引不及预期--露露乐蒙/服装家纺(LULU/213502) 点评报告（港股美股） 主要产品产销量历史新高，进军芳纶赛道打造发展双支点--同益中/化学纤维(688722/212204) 科创板公司动 态研究 厦门国贸(600755)深度报告：周期筑底，攻守兼备--厦门国贸/物流(600755/214208) 公司 PPT 报告 高端新势力茶饮领军者--霸王茶姬/海外(CHA/2180) 公司深度研究（港股美股） 2024 年业绩稳健增长，前瞻拓展机器人相关业务--爱柯迪/汽车零部件(600933/212802) 公司点评 2024 年利润同比提升，积极扩产增厚业绩--龙星科技/橡胶(002442/212206) 公司点评 门店提质为先，成本回落下 H2 净利率同 ...

证券研究报告 2025年04月06日 有色金属 铝行业周报：关税冲击，海外铝价持续下跌，国内去库延续 评级：推荐(维持) 陈晨（证券分析师） 王璇（证券分析师） S0350522110007 S0350523080001 chenc09@ghzq.com.cn wangx15@ghzq.com.cn 最近一年走势 相关报告 -26% -16% -6% 3% 13% 22% 2024/04 2024/07 2024/10 2025/01 2025/04 有色金属 沪深300 《铝行业周报：铝去库表现好，关税压力下铝价震荡（推荐）*有色金属*王璇， 陈晨》——2025-03-31 《铝行业周报：去库表现良好，铝价短期震荡不改旺季逻辑（推荐）*有色金 属*王璇，陈晨》——2025-03-23 《铝行业周报：库存持续去化，关注旺季需求提升（推荐）*有色金属*王璇， 陈晨》——2025-03-16 沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 有色金属 | 3.2% | 10.4% | -2.3% | | 沪深300 | -0.7% | 2.3% ...