AtHub(603881) 天风证券·2025-03-23 13:11Investment Rating - The report maintains a "Buy" rating for the company, with a target price set for the next six months [5]. Core Insights - The company achieved a revenue of 1.721 billion yuan in 2024, representing a year-on-year growth of 11.57%. The net profit attributable to the parent company was 132 million yuan, up 7.49% year-on-year, with a non-recurring profit growth of 27.81% [1]. - In Q4 2024, the company reported a revenue of 538 million yuan, marking a year-on-year increase of 26.02% and a quarter-on-quarter increase of 33.08%. The net profit for the quarter was 27 million yuan, up 27.02% year-on-year [1]. - The company plans to distribute a cash dividend of 26 million yuan (before tax), which, along with the interim dividend, totals 40 million yuan for the year, accounting for 30.34% of the net profit attributable to the parent company [1]. IDC Service Performance - The IDC service revenue reached 1.710 billion yuan in 2024, growing by 12.12% year-on-year, with a gross margin of 32.12%. The first half of 2024 saw revenue of 770 million yuan with a gross margin of 27.27%, while the second half achieved 940 million yuan, a quarter-on-quarter growth of 22.2%, and a gross margin of 36.10% [2]. - The company has successfully energized its data center cabinets, contributing to steady revenue growth. The Langfang project has secured orders from internet clients, with the external power supply portion completed by December 2024 [2]. Operational Quality Improvement - Sales expenses increased to 4 million yuan in 2024, a rise of 68.55% due to business expansion and increased sales channel development. Management expenses reached 75 million yuan, up 8.60%, with a decrease in management expense ratio compared to 2023. Financial expenses decreased by 25.07% to 99 million yuan [3]. - Asset impairment losses amounted to 81 million yuan, an increase of 132.91% year-on-year, primarily due to fixed asset and goodwill impairment provisions [3]. Investment Recommendations and Profit Forecast - In the short term, the company is expected to maintain stable revenue growth following a rapid expansion phase in fixed assets during 2021 and 2022. The increase in cabinet utilization rates and overall operational quality improvement supports short-term profitability [4]. - For the medium to long term, the company emphasizes R&D investment and has ample cash reserves, indicating positive future prospects. The projected net profits for 2025, 2026, and 2027 are 154 million yuan, 178 million yuan, and 203 million yuan, respectively, maintaining the "Buy" rating [4].