大华股份（002236）：年报收入维持平稳，持续布局AI智能物联

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company reported a stable revenue of 32.181 billion yuan in 2024, a slight decrease of 0.12% year-on-year, with a net profit attributable to the parent company of 2.347 billion yuan, down 20.74% year-on-year [1] - The company's To G and To B businesses faced pressure due to macroeconomic factors, with To G business declining approximately 6.37% and To B business down 4.15% year-on-year in 2024 [1] - The overseas business provided a stable growth driver, with a year-on-year increase of 6.3% in 2024, supported by strong demand from emerging economies and the acceleration of Chinese enterprises going global [1] - The gross profit margin was under pressure, reaching 38.84% in 2024, a decrease of 2.8 percentage points compared to 2023, reflecting overall uncertainty in the operating environment and intensified competition [1] - The company is strategically positioning itself in the AI smart IoT sector, leveraging advancements in AI technologies to enhance its competitive edge and capitalize on emerging industry trends [2] Financial Summary - In 2024, the company achieved a revenue of 32.181 billion yuan, with projected revenues of 33.641 billion yuan, 36.367 billion yuan, and 39.791 billion yuan for 2025, 2026, and 2027 respectively, indicating a growth rate of 4.5%, 8.1%, and 9.4% year-on-year [3][8] - The net profit attributable to the parent company is expected to recover to 3.113 billion yuan in 2025, with further increases to 3.406 billion yuan in 2026 and 3.761 billion yuan in 2027, reflecting growth rates of 7.1%, 9.4%, and 10.4% respectively [3][8] - The latest diluted EPS is projected to be 0.94 yuan in 2025, increasing to 1.03 yuan in 2026 and 1.14 yuan in 2027 [3][8] - The company’s P/E ratio is expected to decrease from 19.4 in 2024 to 15.0 by 2027, indicating a more attractive valuation over time [3][8]