Sugon(603019) 开源证券·2025-03-05 07:40Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][17] Core Views - The company is positioned as a leader in domestic AI infrastructure, with significant improvements in operational efficiency and resilience [4][5] - The forecasted net profit for 2025-2026 is projected at 2.376 billion and 2.872 billion yuan, respectively, with an additional forecast for 2027 at 3.460 billion yuan [4][5] - The current stock price corresponds to a PE ratio of 43.8, 36.3, and 30.1 for the years 2025-2027, indicating a favorable valuation given its leadership in AI infrastructure [4][5] Financial Performance Summary - In 2024, the company achieved operating revenue of 13.148 billion yuan, a year-on-year decrease of 8.40%, while the net profit attributable to the parent company was 1.911 billion yuan, an increase of 4.10% [5][9] - The gross profit margin for the year was 29.16%, up by 2.9 percentage points, attributed to optimized production and sales management [5][9] - The company maintained stable expense ratios, with sales, management, and R&D expense ratios at 5.88%, 2.68%, and 9.83%, respectively [5][9] Product Development and Market Position - The company 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, featuring a comprehensive suite for model development and deployment [7] Financial Projections - The projected operating revenue for 2025 is 13.882 billion yuan, with a year-on-year growth of 5.6% [9][13] - The expected net profit for 2025 is 2.376 billion yuan, reflecting a growth rate of 24.3% compared to 2024 [9][13] - The company's gross margin is anticipated to improve to 31.7% in 2025, with a net margin of 17.1% [9][13]