Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company achieved a revenue of 402 million yuan in 2024, a decrease of 4.49% year-on-year, while the net profit attributable to the parent company was 26 million yuan, an increase of 3.47% year-on-year. The decline in revenue is attributed to reduced government budgets and delays in existing 5G renovation project approvals. The profit forecasts for 2024-2026 have been adjusted downwards, with expected net profits of 26 million, 47 million, and 63 million yuan respectively [4] - The company is actively expanding its capabilities in domestic computing power services, benefiting from national AI computing power policies and increasing market demand. As of February 2025, the company has secured several significant projects, including GPU cluster computing systems and AI teaching service platforms [5] - The high-speed rail information technology business is expected to encounter significant opportunities due to the expansion of high-speed rail network coverage and ongoing 5G renovations. The company has developed products for intelligent video control and is participating in the construction of 5G-A networks [6] Financial Summary and Valuation Indicators - In 2024, the company is projected to have a revenue of 402 million yuan, with a year-on-year change of -4.5%. The net profit is expected to be 26 million yuan, with a year-on-year change of 3.5%. The gross margin is projected to be 22.2%, and the net margin is expected to be 6.5% [11] - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 147.6, 82.3, and 61.0 respectively, indicating a significant decrease in valuation multiples over the forecast period [11]
广脉科技：北交所信息更新：算力相关业务合同金额超4亿元，2024年归母净利润+3.47%-20250310