东方通发布年报：业绩回暖，营收止跌回升，价值韧性凸显

Core Viewpoint - Dongfang Tong (300379) has shown significant growth in its 2024 annual report, with total revenue reaching 758 million yuan, a year-on-year increase of 36% [1] Revenue Growth and Business Structure Optimization - The company's revenue from basic software accounted for 48% of total revenue, achieving 363 million yuan, a 31% year-on-year increase, marking a historical best [2] - Revenue from security products and digital transformation businesses grew by 28% and 100%, respectively, highlighting the company's technological advantages and business expansion capabilities [2] - In Q1 2025, the company continued this growth trend, reporting revenue of 134 million yuan, a 77% year-on-year increase, significantly outperforming the average growth rate in the domestic middleware industry [2] Profitability Improvement - Dongfang Tong reported a net loss of 576 million yuan in 2024, a reduction in loss margin by 14.45% year-on-year, with operational losses excluding goodwill impairment narrowing by 44.24% [3] - The subsidiary Taice Technology, involved in emergency services, incurred a loss of 151 million yuan, which, when combined with goodwill impairment of 408 million yuan, accounted for 97% of the total net loss [3] - Excluding these impacts, the company has nearly achieved breakeven in 2024, indicating a significant improvement in profitability [3] Policy Support and Industry Trends - The Xinchuang industry has become a national strategy, entering a rapid development phase, with digital transformation and AI technologies injecting new vitality into the sector [4] - Analysts predict that the middleware market in China will grow to 16 billion yuan by 2025, with accelerated growth driven by the Xinchuang strategy [4] - Dongfang Tong is expected to benefit from policy incentives and further expand its market share [4] Challenges and Resilience - Despite facing challenges, the company has committed to cooperating with regulatory authorities and has initiated internal audits to ensure operational integrity [5] - The management emphasizes maintaining high-quality and sustainable product services for its extensive client base as a priority [5] - The company has demonstrated strong growth potential and resilience, with Q1 2025 revenue growth indicating robust customer loyalty and technological accumulation [5]