Star-net(002396) 光大证券·2025-04-07 08:20Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [6]. Core Insights - The company achieved a total revenue of 16.758 billion yuan in 2024, reflecting a year-on-year growth of 5.35%. However, the net profit attributable to shareholders decreased by 4.76% to 405 million yuan [1]. - In Q4 2024, the company reported revenue of 4.872 billion yuan, a slight increase of 0.34% year-on-year, with a net profit of 142 million yuan, marking a significant growth of 16.22% compared to the previous year. The gross margin improved to 38.13%, up by 6.29 percentage points quarter-on-quarter [1][2]. - The company has made significant advancements in network infrastructure products, particularly in the data center sector, with the successful launch of innovative solutions such as the AI-FlexiForce intelligent computing center network solution and various high-performance switches [2][3]. Summary by Sections Financial Performance - The company reported a total revenue of 16.758 billion yuan for 2024, with a growth rate of 5.35%. The net profit attributable to shareholders was 405 million yuan, down 4.76% from the previous year [5]. - The Q4 2024 results showed revenue of 4.872 billion yuan, a year-on-year increase of 0.34%, and a net profit of 142 million yuan, which is a 16.22% increase year-on-year. The gross margin for this quarter was 38.13%, reflecting a quarter-on-quarter increase of 6.29 percentage points [1][3]. Product Development and Market Expansion - The company has achieved breakthroughs in network infrastructure products, particularly in the data center field, enhancing its innovation capabilities and driving the development of data center infrastructure [2]. - The AI-FlexiForce intelligent computing center network solution was delivered on a large scale and received the "Annual Impact Solution Award." The company also collaborated with China Mobile to release a new standard for AIGC intelligent network technology [2]. - The company is actively expanding its AI applications in various fields, including trusted computing, visual internet, and vehicle networking, with significant projects in healthcare and finance [3]. Profitability and Valuation - The report adjusts the profit forecasts for 2025 and 2026, lowering the net profit estimates from 836 million yuan and 1.072 billion yuan to 510 million yuan and 622 million yuan, respectively, reflecting a reduction of 39% and 42% [3]. - The new net profit forecast for 2027 is set at 728 million yuan, with corresponding price-to-earnings ratios of 23X, 19X, and 16X for the respective years [3].