Sugon(603019) 中国银河·2025-03-10 07:09Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company demonstrates resilient profitability while accelerating the construction of a domestic computing power ecosystem [1][3] - Despite a short-term revenue decline due to international circumstances and intensified industry competition, the company's overall profitability has improved through product repositioning and strategic marketing adjustments [3] - The company has launched the DeepSeek hyper-converged integrated machine, which is expected to see rapid growth in 2025, catering to high-security clients such as state-owned enterprises and financial institutions [3] Financial Performance Summary - For the fiscal year 2024, the company reported revenue of 131.48 billion yuan, a year-on-year decrease of 8.40%, while net profit attributable to shareholders was 19.11 billion yuan, an increase of 4.1% [3][4] - The company achieved a gross margin of 29.16% for the full year 2024, up by 2.9 percentage points year-on-year, with IT equipment gross margin at 27.34%, an increase of 5.48 percentage points [3] - The projected net profit for 2025 is estimated at 22.65 billion yuan, reflecting a growth rate of 18.52% [4][6] Business Strategy and Outlook - The company is leveraging its technological and product advantages to extend its layout into the computing ecosystem, launching products in storage, cybersecurity, big data, and cloud computing [3] - Investments in high-quality assets such as Haiguang Information and Dawn Data Creation are expected to enhance synergy with the company's core business [3] - The company anticipates stable growth in performance driven by its full industry chain collaboration advantages [3][4]