太极股份（002368）：2024年报点评：业绩短期承压，数智转型逐步深化

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [3][17]. Core Views - The company reported a total revenue of 7.836 billion yuan in 2024, a decrease of 14.77% year-on-year, and a net profit attributable to shareholders of 191 million yuan, down 49.08% year-on-year. The fourth quarter of 2024 saw a revenue of 3.499 billion yuan, a decline of 11.95% year-on-year, with a net profit of 219 million yuan, down 9.82% year-on-year [2][3]. - Despite short-term revenue pressure, the company is focusing on market expansion and project delivery, leading to improved operational conditions and a return to profitability in the second half of the year. The gross margin for the year was 24.08%, an increase of 0.6 percentage points year-on-year [2][6]. - The company is enhancing its digital transformation and focusing on the digital government and key industry informationization sectors, solidifying its leading position in these areas. It is also expanding its client base and integrating emerging technologies like AI and big data [6][7]. - The company is building a comprehensive ecosystem for its self-developed products in the "信创" (Xinchuang) sector, with a 16.02% year-on-year revenue growth in its database business [6][7]. - The report forecasts net profits for 2025-2027 to be 377 million yuan, 471 million yuan, and 589 million yuan, respectively, with year-on-year growth rates of 97.2%, 24.9%, and 25.2% [2][6]. Financial Summary - The company’s total revenue is projected to grow from 7.836 billion yuan in 2024 to 12.203 billion yuan in 2027, with corresponding growth rates of -14.8%, 9.8%, 16.7%, and 21.5% for the years 2024 to 2027 [2][7]. - The net profit is expected to increase significantly from 191 million yuan in 2024 to 589 million yuan in 2027, with growth rates of -49.1%, 97.2%, 24.9%, and 25.2% [2][7]. - The report indicates a projected price-to-earnings (P/E) ratio of 50 for 2025, leading to a target price of approximately 30 yuan [6][7].