Sugon(603019) 国盛证券·2025-02-28 15:15Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's 2024 performance report shows total revenue of 13.166 billion yuan, a year-on-year decrease of 8.27%, while net profit attributable to shareholders increased by 4.26% to 1.914 billion yuan, aligning with market expectations [1]. - The company is focusing on optimizing its product structure and providing diverse, high-quality solutions to enhance operational efficiency and maintain profitability amid intense domestic competition [1]. - The company is positioned to benefit from the national strategy for computing power infrastructure, with plans to exceed 300 EFLOPS by 2025, and is actively participating in the construction of computing service platforms across various cities [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a net profit of 1.144 billion yuan, a year-on-year growth of 5.34%, with a net profit excluding non-recurring items of 930 million yuan, up 7.1% year-on-year [1]. - For 2024, the company expects revenues of 13.173 billion yuan, with net profits projected at 1.909 billion yuan, reflecting a growth rate of 4.0% [5]. Asset Valuation - The company holds several high-quality assets, including Haiguang Information, which reported a revenue of 9.162 billion yuan in 2024, a 52.40% increase year-on-year, and a net profit of 1.929 billion yuan, up 52.73% [2]. - The company benefits from its affiliation with the Chinese Academy of Sciences, leveraging its technological advantages for collaborative innovation and industrial application [2]. Market Positioning - The company is strategically positioned within the national computing power internet platform, which is expected to enhance its long-term profitability [3]. - The company is actively involved in the development of intelligent computing centers and aims to provide solutions for a nationwide integrated computing system [3].