协创数据：全年业绩保持高增，算力业务驱动未来增长-20250409

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a strong potential for price appreciation in the coming months [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%, and a net profit of 692 million yuan, which is a significant increase of 140.80% compared to the previous year [3][9]. - The company's business segments, including data storage, AIoT terminals, server remanufacturing, and computing cloud services, are all experiencing rapid growth, contributing to an overall improvement in profitability [4][5]. - The gross margin for 2024 reached 17.36%, an increase of 3.79 percentage points from the previous year, driven by a higher proportion of high-margin businesses and improved supply chain management [4]. Financial Performance - The company reported a basic earnings per share (EPS) of 2.83 yuan for 2024, with projections for EPS of 4.43, 5.80, and 7.47 yuan for 2025, 2026, and 2027 respectively [2][7]. - The net profit margin for 2024 was 9.27%, up by 3.13 percentage points from the previous year, indicating enhanced operational efficiency [4][9]. - The company is expected to continue its growth trajectory, with projected revenues of 10.19 billion yuan in 2025, 13.18 billion yuan in 2026, and 16.76 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 37.5% from 2024 to 2025 [9][11]. Business Segments - The data storage segment generated 4.46 billion yuan in revenue in 2024, a year-on-year increase of 54.98%, supported by investments in self-developed storage chips and server storage [4]. - The AIoT terminal segment saw revenues of 2.26 billion yuan, growing by 60.82%, with notable contributions from cloud video platforms and overseas smart security [4]. - The server remanufacturing business is expanding its production capacity, while the computing cloud services are establishing partnerships with leading companies in various sectors [5][6].