SIE(300687) Xin Lang Cai Jing·2025-05-06 02:52Core Insights - The company reported a revenue of 2.395 billion yuan for 2024, representing a year-on-year increase of 6.27%, while the net profit attributable to shareholders decreased by 45.21% to 139 million yuan [1] - In Q1 2025, the company generated a revenue of 490 million yuan, a decline of 9.37% year-on-year, but the net profit attributable to shareholders increased by 20.29% to 25 million yuan [1] Revenue Breakdown - The smart manufacturing segment saw a revenue increase of 19% in 2024, with new orders rising by 27.5% to over 1.38 billion yuan [2] - The company's overall order volume increased by 16.65% in 2024, with the total number of customers surpassing 1,120, a year-on-year growth of 22.87% [2] Business Structure and R&D Investment - The company maintained a high R&D expenditure of 365 million yuan in 2024, accounting for 15.24% of revenue, with a workforce of 2,178 R&D personnel [3] - The company optimized its business structure, resulting in a decrease in sales and management expense ratios, while the R&D expense ratio decreased by 3.29 percentage points [3] AI Integration and Contracts - The company signed a significant AI contract worth approximately 48.47 million yuan in February 2025, focusing on AI applications in smart networking and product design [4] - The integration of generative AI with the company's ERP systems aims to enhance core business processes, creating innovative business scenarios such as intelligent after-sales and recruitment [3][4] Profit Forecast and Investment Rating - Revenue projections for 2025-2027 are estimated at 2.739 billion yuan, 3.201 billion yuan, and 3.790 billion yuan, respectively, with net profits expected to reach 217 million yuan, 275 million yuan, and 351 million yuan [4] - The company is rated as a "buy" based on the growth in its smart manufacturing orders and the rapid development of AI technology [4]