Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company reported 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][5] - 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 high-speed network equipment [5] - The high-speed rail information technology business is expected to encounter significant opportunities, with the company planning to participate in the construction of 5G-A networks and expand its service offerings in this area [6] Financial Summary and Valuation Indicators - The company’s financial performance shows a revenue forecast of 402 million yuan for 2024, with a projected increase to 553 million yuan in 2025 and 738 million yuan in 2026. The net profit is expected to grow from 26 million yuan in 2024 to 63 million yuan in 2026 [11] - The company's P/E ratios are projected to decrease from 147.6 in 2024 to 61.0 in 2026, indicating a potential improvement in valuation as earnings grow [11][12] - The gross margin is expected to stabilize around 24.0% in 2025 and 24.5% in 2026, while the net profit margin is projected to increase to 8.5% in 2025 and 8.6% in 2026 [11][12]
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%-20250311