Sugon(603019) 平安证券·2025-04-10 00:25Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company has shown good performance in profit margins, with a significant increase in net profit and a strong revenue growth forecast for the upcoming years [4][11] - The company is well-positioned to capitalize on the growth opportunities in the computing power industry, supported by its comprehensive infrastructure layout [8][11] - The launch of the DeepSeek AI integrated machine is a strategic move to seize opportunities in the large model industry, enhancing the company's competitive edge [9][11] Financial Performance Summary - In Q1 2025, the company achieved a revenue of 2.586 billion yuan, a year-on-year increase of 4.34%, and a net profit of 185 million yuan, up 29.53% year-on-year [4][8] - The projected net profits for 2025-2027 are 2.439 billion yuan, 2.835 billion yuan, and 3.362 billion yuan respectively, with corresponding EPS of 1.67 yuan, 1.94 yuan, and 2.30 yuan [11][12] - The company’s gross margin is expected to remain stable, with a slight increase from 29.2% in 2024 to 29.9% in 2027 [13] Industry Outlook - The computing power industry is anticipated to grow significantly, with the Ministry of Industry and Information Technology aiming for a computing power scale exceeding 300 EFlops by 2025, and intelligent computing power accounting for 35% of the total [8] - The company has established a complete industrial chain layout in computing power infrastructure, which will support its long-term sustainable development [8][11]