Sugon(603019) 山西证券·2025-03-12 01:39Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company's profitability has significantly improved, and its AI ecosystem layout is accelerating [1][4] - In 2024, the company achieved a revenue of 131.48 billion yuan, a year-on-year decrease of 8.40%, while the net profit attributable to shareholders was 19.11 billion yuan, a year-on-year increase of 4.10% [2][3] - The company is focusing on high-value-added products and services, which has led to an increase in gross margin to 29.16%, up by 2.90 percentage points from the previous year [3][4] Financial Performance - In Q4 2024, the company reported a revenue of 51.06 billion yuan, a year-on-year decrease of 22.57%, but the net profit attributable to shareholders was 11.42 billion yuan, a year-on-year increase of 5.16% [2][3] - The company's IT equipment business generated revenue of 117.06 billion yuan in 2024, down 8.40% year-on-year, while software development and system integration services brought in 13.95 billion yuan, down 10.94% [3] - The net profit margin improved from 13.08% in 2023 to 15.16% in 2024 due to strategic transformation and management optimization [3] Future Projections - The company expects EPS for 2025, 2026, and 2027 to be 1.53, 1.81, and 2.04 respectively, with corresponding PE ratios of 46.52, 39.23, and 34.78 [6][7] - Revenue projections for 2025, 2026, and 2027 are 146.46 billion yuan, 164.99 billion yuan, and 182.99 billion yuan, respectively, indicating a recovery and growth trajectory [7][10]