Focus Tech.(002315) 中泰证券·2025-03-27 06:44Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a total revenue of 1.669 billion yuan in 2024, representing a year-on-year growth of 9.32%. The net profit attributable to shareholders was 451 million yuan, with a year-on-year increase of 19.09% [4] - The AI application business showed remarkable growth, with revenue reaching 24 million yuan, a year-on-year increase of 287.20%. The number of paid members for the AI product exceeded 9,000, generating cash income of over 45 million yuan in 2024 [4] - The company has effectively controlled costs, leading to significant improvements in profitability metrics, with a gross margin increase from 79.45% in 2023 to 80.29% in 2024 [4] Financial Performance Summary - For 2024, the company reported total revenue of 1.669 billion yuan, with a growth rate of 9% year-on-year. The projected revenues for 2025, 2026, and 2027 are 1.914 billion yuan, 2.198 billion yuan, and 2.518 billion yuan, respectively, all showing a consistent growth rate of 15% [2][4] - The net profit attributable to shareholders is forecasted to be 532 million yuan in 2025, 635 million yuan in 2026, and 754 million yuan in 2027, with growth rates of 18% and 19% for the subsequent years [2][4] - The company's earnings per share (EPS) is expected to increase from 1.42 yuan in 2025 to 2.38 yuan in 2027 [2][4] Cost Control and Profitability - The company has successfully reduced its sales expense ratio to 36.03% from 37.05% year-on-year, and the management expense ratio decreased to 9.73% from 10.27% [4] - The net profit margin improved from 25.17% in 2023 to 27.38% in 2024, indicating enhanced profitability [4] AI Product Development - The company is focusing on the continuous iteration of its AI products, with plans to increase R&D investment in the Sourcing AI sector in 2025, which is expected to drive further revenue growth [4]