协创数据（300857）：全年业绩保持高增，算力业务驱动未来增长

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a strong expected performance relative to the benchmark index [1][7]. Core Insights - The company achieved a revenue of 7.41 billion yuan in 2024, representing a year-on-year growth of 59.08%. The net profit attributable to shareholders reached 692 million yuan, a significant increase of 140.80% year-on-year [3][9]. - The company's data storage business saw a revenue of 4.46 billion yuan, growing by 54.98%, while the AIoT terminal business generated 2.26 billion yuan, up by 60.82% [4]. - The gross margin improved to 17.36%, an increase of 3.79 percentage points from the previous year, driven by a higher proportion of high-margin businesses and cost management [4]. Financial Performance - The company is projected to achieve earnings per share (EPS) of 4.43, 5.80, and 7.47 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 20.52, 15.68, and 12.17 [7][9]. - The net profit margin for 2024 was 9.27%, an increase of 3.13 percentage points compared to the previous year [4][9]. - The company plans to invest up to 3 billion yuan in server procurement to enhance its computing power rental services, with a global network of 25 supercomputing centers established [5][9]. Business Segments - The data storage segment is expanding due to investments in self-developed storage chips and server storage for computing power [4]. - The AIoT terminal segment is growing rapidly, with significant contributions from cloud video platforms and overseas smart security [4]. - The server remanufacturing business is also gaining traction, with increasing sales and production capacity [4]. Future Outlook - The company is positioned to benefit from the growing demand for intelligent computing centers and computing power leasing, with partnerships established with leading enterprises in various sectors [5][6]. - The overall revenue forecast for the company is expected to reach 10.19 billion yuan in 2025, with a year-on-year growth rate of 37.5% [9].