ZDDC(600633) 新浪财经·2025-04-29 02:35Core Viewpoint - The company maintains stable core business operations and has moved past the strategic adjustment phase of its social business, with a robust revenue growth in Q1 driven by its gaming and IDC businesses [1][8] Financial Performance - In Q1 2025, the company achieved an operating revenue of 706 million, representing a year-on-year increase of 4.16%, and a net profit attributable to shareholders of 144 million, up 44.86% year-on-year [2][3] - The gross profit margin for Q1 was 57.52%, a decrease of 6.07 percentage points year-on-year, while total expenses decreased by 6.20% year-on-year, primarily due to a 32.37% reduction in sales expenses [3] Investment Income and Tax Efficiency - The significant increase in net profit is attributed to higher investment income, with net gains from fair value changes amounting to 53 million, mainly from stock investments in Century Huatong and Huashu Media, compared to only 6 million in the same period last year [4] - The effective tax rate for Q1 was 11.7%, down 15.1 percentage points year-on-year, with confirmed income tax of 20 million, a decrease of 48.2% [4] Innovation and Data Strategy - The Zhejiang Big Data Trading Center has been actively pursuing strategic initiatives, including a partnership with DingTalk to jointly operate a data circulation center and the simultaneous launch of national and provincial public data resource registration platforms [5][6] - The company is continuously enriching its public data resources on the platform, having launched several local zones since 2025 [6] Debt Issuance - The parent company has successfully completed the issuance of 1.4 billion yuan in convertible bonds, with the exchange target being 200 million shares of Zhejiang Shuju Culture, representing 15.77% of the total share capital [7] Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 575 million, 637 million, and 699 million from 2025 to 2027, with year-on-year growth rates of 12.33%, 10.94%, and 9.66% respectively, maintaining a "buy" rating [1][8]