Sugon(603019) 开源证券·2025-03-03 17:05Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is a leader in domestic AI infrastructure with strong operational resilience. Despite a projected decline in revenue for 2024, the net profit is expected to grow, indicating effective cost management and product optimization [5][6] - The company has launched the domestically produced DeepSeek integrated machine, enhancing its capabilities in private cloud deployment for government and enterprise clients [6] - The introduction of the DeepAI intelligent engine aims to empower AI applications across various industries, showcasing the company's commitment to innovation and market leadership [7] Financial Summary - The company expects to achieve a revenue of 131.66 billion yuan in 2024, a year-on-year decrease of 8.27%, while the net profit is projected to be 19.14 billion yuan, a year-on-year increase of 4.26% [5] - The revised net profit forecasts for 2024-2026 are 19.14 billion, 23.76 billion, and 28.72 billion yuan respectively, with corresponding EPS of 1.31, 1.62, and 1.96 yuan per share [4] - The current stock price corresponds to a PE ratio of 54.8, 44.2, and 36.5 for the years 2024-2026 [4] Market Position - The company has established a strong presence in over 50 cities and has gained the trust of more than 2000 government and enterprise clients, indicating a robust market position [6] - The company is focused on creating a comprehensive AI computing ecosystem, which is expected to enhance its competitive edge in the industry [4][5]