INESA-it(600602) 国盛证券·2025-03-28 10:48Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 5.623 billion yuan for 2024, a year-on-year increase of 6.82%, and a net profit attributable to shareholders of 202 million yuan, up 4.92% year-on-year. The non-recurring net profit attributable to shareholders was 171 million yuan, reflecting a significant year-on-year growth of 39.84%, slightly exceeding market expectations [1] - The cloud computing and big data business achieved a revenue of 2.998 billion yuan, growing 17.89% year-on-year, indicating a robust growth trend in intelligent computing and cloud services [2] - The company has successfully completed the delivery and acceptance of the Shanghai Big Data Center's 2023 data operation service project and has been awarded the 2024-2025 data operation service project, marking the sixth consecutive year of service [2] - The industry solutions segment generated a revenue of 2.381 billion yuan, with an 8.03% year-on-year increase, demonstrating stable development and effective cost control [3] - The company is positioned as a key player in the digital economy, with significant contributions to Shanghai's digital transformation, particularly in data elements and intelligent cloud services [4] Financial Summary - For 2025-2027, the company is projected to achieve revenues of approximately 6.601 billion yuan, 7.813 billion yuan, and 9.296 billion yuan, respectively, with net profits of about 253 million yuan, 321 million yuan, and 408 million yuan [5] - The company's gross margin for 2024 was 19.29%, an increase of 1.3 percentage points compared to the previous year, indicating improved profitability [3] - The report outlines a steady increase in earnings per share (EPS), projected to reach 0.18 yuan in 2025 and 0.30 yuan in 2027 [7]