浙数文化（600633）：核心主业稳健，AI应用加速落地

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][18] Core Views - The company's core business remains stable, with a projected 13% year-on-year increase in net profit after deducting non-recurring items for 2024. Revenue is expected to reach 3.1 billion yuan, a 0.6% increase year-on-year, with specific revenue growth in online gaming, technical information, and digital marketing [1][10] - The company is accelerating the application of AI, enhancing its digital economy industry layout, and has made significant investments in various sectors, including AI tourism and sports services [3][17] Financial Performance Summary - For 2024, the company anticipates a revenue of 3.1 billion yuan, with online gaming revenue increasing by 1.8%, while online social revenue is expected to decline by 65.2%. The net profit attributable to shareholders is projected to be 510 million yuan, a decrease of 22.8% due to reduced investment income, but the net profit after deducting non-recurring items is expected to grow by 12.8% to 410 million yuan [1][10] - The company's gross margin is expected to decline by 10.2 percentage points to 58.1% due to business structure adjustments, with specific margins for online gaming, online social, technical information, and digital marketing at 91.0%, 42.7%, 45.7%, and 18.8% respectively [2][11] - The overall expense ratio is projected to decrease by 4.8 percentage points to 38.1%, with sales, management, financial, and R&D expense ratios at 13.9%, 14.1%, -0.5%, and 10.7% respectively [2][11] AI Application and Industry Investment - The company is actively promoting AI applications in various sectors, including tourism and sports, and has launched several AI models that have been registered with the relevant authorities [3][17] - The digital technology segment, particularly the IDC business, is expected to maintain stable revenue, while the company has made strategic investments in firms that are advancing AI chip technology [3][17]