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星环科技(688031):加强回款管理 大模型相关业务落地

Core Viewpoint - The company has improved cash collection efficiency, stabilized revenue in Q1 2025, and reduced losses, with significant orders in AI-related business [1][4]. Financial Performance - In 2024, the company achieved operating revenue of 371 million yuan, a year-over-year decline of 24.31% [1] - The net profit attributable to shareholders was -343 million yuan, down 19.16% year-over-year [1] - The net profit excluding non-recurring items was -380 million yuan, a decrease of 13.42% year-over-year [1] - Operating cash flow was -327 million yuan, but improved by 10.63% year-over-year [1] - In Q4 2024, the company reported revenue of 162 million yuan, a decline of 39.58% year-over-year [1] - For Q1 2025, revenue was 64 million yuan, showing a year-over-year increase of 2.59% [1] Order Growth and Client Retention - The number of new clients and average order value increased in 2024, particularly for high-value clients over 3 million yuan [2] - Revenue from repeat purchases by existing clients accounted for approximately 78.83% of the company's main business revenue [2] - The company improved cash collection efficiency, with total sales collections of about 460 million yuan in 2024, an increase of approximately 11.56% year-over-year [2] AI Infrastructure and Business Development - Demand for AI infrastructure has surged, with successful implementation of large model-related businesses [3] - The company secured nearly 50 million yuan in orders for large model-related business in 2024 [3] - The company has established several benchmark projects, including platforms for major financial institutions and government entities [3] Investment Rating - The company maintains a "strongly recommended" investment rating, benefiting from its leading market share in big data platforms and private deployment of large models [4] - Projected revenues for 2025-2027 are estimated at 523 million, 693 million, and 918 million yuan respectively [4]