Investment Rating - The report maintains an "Accumulate" investment rating for the company [3] Core Views - The company has experienced significant profit growth, with both 2024 and Q1 2025 profits showing high increases due to the recovery of its main business and the release of AI computing demand [1][7] - The company is well-positioned for long-term growth in the AI computing sector, having established a subsidiary focused on providing high-performance infrastructure products for AI applications [7] Financial Data and Valuation - Total revenue is projected to grow from 30.33 billion in 2022 to 58.09 billion by 2026, with a compound annual growth rate (CAGR) of approximately 20% [2][11] - The net profit attributable to the parent company is expected to increase from 1.19 billion in 2022 to 3.33 billion in 2026, reflecting a significant recovery and growth trajectory [2][11] - The company's earnings per share (EPS) is forecasted to rise from 0.48 in 2022 to 1.33 in 2026, indicating strong profitability improvements [2][11] - The price-to-earnings (PE) ratio is expected to decrease from 86.7 in 2022 to 31.0 in 2026, suggesting a more attractive valuation as earnings grow [2][11] Business Performance - The company reported a revenue of 40.34 billion for 2024, a year-on-year increase of 10.06%, and a net profit of 1.25 billion, up 280.73% from the previous year [7] - In Q4 2024, the company achieved a revenue of 12.53 billion, reflecting a year-on-year growth of 41.41% [7] - The company has seen a significant increase in orders for its AI computing services, indicating strong demand and a positive outlook for future revenue recognition [7] Strategic Initiatives - The company has invested in establishing a subsidiary, Tengyun Zhikuan, to enhance its capabilities in providing comprehensive AI computing services [7] - The launch of new products that integrate with the DeepSeek model has positioned the company to capitalize on the growing AI market [7]
智微智能（001339）：利润高增，AI算力业务进入收获期