Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [3][14]. Core Insights - The company's revenue for 2024 is projected at 6.646 billion RMB, a decline of 15.8% year-on-year, primarily due to the slowdown in the telecommunications industry and cost-cutting measures by operator clients [1]. - Traditional business revenue, particularly from BSS, is under pressure, with a forecasted revenue of 4.046 billion RMB for 2024, down 18.9% year-on-year [1]. - New business segments (OSS, vertical industries, and smart operations) generated 2.599 billion RMB in revenue, a decrease of 10.3%, but their contribution to total revenue increased by 2.4 percentage points to 39.1% [1]. - The company is focusing on expanding its AI model delivery business, which is expected to grow significantly, with projected revenues of 200-300 million RMB in 2025 [2]. - The company plans to replicate its domestic BSS and OSS experiences in overseas markets, engaging with operators in Hong Kong and the Philippines [1]. Summary by Sections Financial Performance - In 2024, the company reported a gross profit of 2.484 billion RMB, a decrease of 16.5%, resulting in a gross margin of 37.4% [1]. - Net profit for 2024 is expected to be 516 million RMB, corresponding to a net profit margin of 7.8% [1]. - The company anticipates a recovery in net profit to 636 million RMB in 2025, reflecting a growth rate of 16.8% [3]. Revenue Forecast - Revenue is projected to increase to 7.191 billion RMB in 2025, representing an 8.2% growth from 2024 [4]. - The company expects a gradual recovery in traditional business segments, with BSS revenue potentially stabilizing in 2025 [1][3]. Dividend Policy - The company has announced a total dividend of 0.412 HKD per share for 2024, reflecting its commitment to shareholder returns [2].
亚信科技（01675）：2024年度业绩点评：2024年运营商业务承压，AI大模型交付业务增长潜力可期