MEIYA PICO INC.(300188) 浙商证券·2025-04-09 13:42Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a decline in revenue for 2024, with total revenue of 1.769 billion yuan, down 10.82% year-on-year, and a net loss attributable to shareholders of 415 million yuan [1] - The company's digital government and enterprise digitalization businesses are experiencing rapid growth, with a revenue increase of 31.07% in this segment [2] - The introduction of the enterprise-level AI model integrated machine is expected to enhance collaboration and drive growth in related businesses in 2025 [2] - The company plans to fully embrace AI technology in 2025, integrating it across various operational aspects to improve efficiency and service capabilities [3] - Revenue forecasts for 2025-2027 are adjusted to 2.016 billion, 2.307 billion, and 2.610 billion yuan, with a projected net profit of -100 million, 2 million, and 75 million yuan respectively [4] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 872 million yuan, a decrease of 29.31% year-on-year, and a net loss of 173 million yuan [1] - The revenue breakdown shows public safety big data at 672 million yuan, electronic data forensics at 711 million yuan, digital government and enterprise digitalization at 278 million yuan, and new network space security at 107 million yuan, with respective year-on-year changes [2] Business Development - The launch of the AI model integrated machine aims to meet the demand for private deployment of large models in government and enterprise sectors, enhancing the company's digital solutions [2] - The company is focusing on integrating AI technology into research, marketing, and customer service to drive efficiency and cost reduction [3] Future Outlook - The company anticipates a gradual recovery in downstream demand, with long-term growth potential from new business segments and synergies with Guotou Group [4]