Sugon(603019) 银河证券·2025-03-10 06:29Investment 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 a revenue of 13.148 billion yuan, a year-on-year decrease of 8.40%, while the net profit attributable to shareholders was 1.911 billion yuan, an increase of 4.10% [3][4]. - The gross profit margin for 2024 was 29.16%, up by 2.9 percentage points year-on-year, with a quarterly gross margin of 32.86% in Q4 2024, reflecting a 6.15 percentage point increase from the previous year [3]. - The company forecasts net profits of 2.265 billion yuan, 2.720 billion yuan, and 3.276 billion yuan for 2025, 2026, and 2027, respectively, with expected growth rates of 18.52%, 20.06%, and 20.48% [3][4][6]. Financial Metrics Forecast - Projected revenue growth rates for 2025, 2026, and 2027 are 8.01%, 10.30%, and 13.82%, respectively [4][6]. - The estimated diluted EPS for 2025, 2026, and 2027 are 1.55 yuan, 1.86 yuan, and 2.24 yuan, with corresponding P/E ratios of 46.56, 38.78, and 32.19 [4][6]. - The company is expected to maintain a gross margin of 30.67% in 2025, increasing to 32.03% by 2027 [4][6].