Focus Tech.(002315) 华安证券·2025-02-27 02:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a 2024 revenue of 1.661 billion yuan, representing a year-on-year increase of 9.31%. The net profit attributable to the parent company reached 451 million yuan, up 19.09% year-on-year. The AI business revenue surged to 24.48 million yuan, marking a significant growth of 287.20% [4][5] - The company has seen stable growth in its MIC membership, with the number of annual members increasing to 27,415, an increase of 2,829 members compared to the previous year. The AI product, AI Mai Ke, has accumulated over 9,000 paying users, generating cash income exceeding 45 million yuan [5] - The AI Mai Ke product has evolved to handle complete foreign trade workflows, significantly enhancing operational efficiency and customer service capabilities. The company anticipates further growth in its AI product offerings, particularly in the sourcing AI sector [6] Financial Performance Summary - For 2024, the company reported a revenue of 1.661 billion yuan, with a year-on-year growth of 9.3%. The net profit attributable to the parent company was 451 million yuan, reflecting a 19.1% increase. The projected revenues for 2025, 2026, and 2027 are 1.935 billion yuan, 2.227 billion yuan, and 2.509 billion yuan, respectively, with expected year-on-year growth rates of 16.5%, 15.1%, and 12.6% [7][9] - The projected net profit for the same years is 555 million yuan, 667 million yuan, and 778 million yuan, with anticipated growth rates of 23.0%, 20.2%, and 16.5% [7][9] - The earnings per share (EPS) are expected to increase from 1.42 yuan in 2024 to 2.45 yuan by 2027 [9][12]