Sugon(603019) 西部证券·2025-03-12 11:08Investment Rating - The report upgrades the investment rating of the company to "Buy" [2][4] Core Views - The company is actively extending its layout in the computing ecosystem by launching products and solutions in storage, cybersecurity, big data, and cloud computing, achieving a full industry chain layout [2] - The company has invested in several quality assets, forming comprehensive coverage of the computing power industry chain, from upstream chips and server hardware to downstream cloud service providers [2] - With the expansion of capital expenditure by downstream customers and continuous optimization of products for generative AI scenarios, the company is expected to enhance its competitive advantage and accelerate the commercialization of new-generation products [2] Financial Performance Summary - In 2024, the company achieved operating revenue of 13.148 billion yuan, a year-on-year decrease of 8%, and a net profit attributable to shareholders of 1.911 billion yuan, a year-on-year increase of 4% [1][4] - For Q4 2024, the company reported operating revenue of 5.106 billion yuan, a year-on-year decrease of 23%, and a net profit attributable to shareholders of 1.142 billion yuan, a year-on-year increase of 5% [1][4] - The direct sales model generated revenue of 12.191 billion yuan, down 12% year-on-year, with a gross margin of 29.60%, up 0.93 percentage points from 2023 [1] - The distribution model generated revenue of 910 million yuan, down 16% year-on-year, with a gross margin of 22.25%, up 0.07 percentage points from 2023 [1] - The company effectively controlled accounts receivable, which amounted to 2.268 billion yuan at the end of 2024, a year-on-year decrease of 10% [1] Future Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 2.805 billion yuan, 3.489 billion yuan, and 3.996 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 46.8%, 24.4%, and 14.5% [2][3]