太极股份（002368）：经营向好，云与数据景气，电科金仓稳健

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 7.836 billion yuan in 2024, a year-over-year decrease of 14.77%, and a net profit attributable to shareholders of 191 million yuan, down 49.08% year-over-year [4] - The fourth quarter of 2024 saw a revenue of 3.5 billion yuan, a year-over-year decline of 12%, with a net profit of 220 million yuan, down 9.8% year-over-year [4] - The company is undergoing a business structure optimization, leading to an increase in overall gross margin, which reached 24.08% in 2024, up 0.6 percentage points year-over-year [6] - The cloud and data services segment performed well, achieving a revenue of 1.173 billion yuan in 2024, a year-over-year increase of 12.34%, with a gross margin of 42.81% [6] - The subsidiary, Electric Science JinCang, reported a revenue of 430 million yuan in 2024, a year-over-year increase of 16.02% [6] - The company is expected to benefit from the domestic software autonomy and data element industry dividends, with projected revenues of 8.152 billion yuan, 9.158 billion yuan, and 10.646 billion yuan for 2025, 2026, and 2027 respectively [6] Financial Data and Profit Forecast - The company’s total revenue for 2023 was 9.195 billion yuan, with a projected revenue of 8.152 billion yuan for 2025, reflecting a year-over-year growth rate of 4% [5] - The net profit attributable to shareholders is projected to be 235 million yuan in 2025, representing a year-over-year growth of 22.9% [5] - The earnings per share are expected to increase from 0.31 yuan in 2024 to 0.38 yuan in 2025 [5] - The company’s price-to-earnings ratio is projected to be 66x in 2025, decreasing to 33x by 2027 [6]