太极股份：卡位信创及数据要素核心，有望超预期

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company is positioned as a leader in the information technology sector and a key player in the network information business under China Electronics Technology Group Corporation (CETC) [2][21]. - Government debt relief measures are expected to drive rapid development in the trusted computing and data element sectors, enhancing the company's growth prospects [3][21]. - The company is strategically positioned in core areas of trusted computing and data elements, with potential for exceeding expectations in growth [3][21]. Financial Summary - The company’s projected earnings per share (EPS) for 2024-2026 are estimated at 0.61, 0.96, and 1.40 yuan, with growth rates of 1.3%, 57.8%, and 45.6% respectively [3][14]. - Revenue forecasts for 2024-2026 are 8.71 billion, 11.00 billion, and 13.77 billion yuan, with corresponding net profits of 380 million, 600 million, and 873 million yuan [4][14]. - The company’s revenue in 2023 was 9.19 billion yuan, reflecting a decline of 13.3% from 2022 [4]. Business Segments - Cloud and Data Services: Revenue for this segment in 2023 was 1.04 billion yuan, with a growth rate of 37.12%. Expected growth rates for 2024-2026 are 10%, 15%, and 15% [12][15]. - Self-developed Software Products: This segment achieved revenue of 2.06 billion yuan in 2023, growing by 13.06%. Forecasted growth rates for 2024-2026 are 12%, 18%, and 18% [12][15]. - Industry Solutions: Revenue in 2023 was 4.09 billion yuan, down 36.02%. Expected growth rates for 2024-2026 are -10%, 40%, and 35% [13][15]. - Digital Infrastructure: This segment generated 1.85 billion yuan in 2023, with a growth of 25.70%. Forecasted growth rates for 2024-2026 are -15%, 15%, and 15% [13][15]. Valuation - The report employs both PE and PS valuation methods, concluding a target price of 39.71 yuan based on a PE ratio of 41.25 for 2025 [17][19][20].