DPtech(SZ:300768) Guoxin Securities·2025-04-16 13:45Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company is expected to achieve stable revenue growth with a projected operating revenue of 1.155 billion yuan in 2024, representing an increase of 11.68%. The net profit attributable to the parent company is forecasted to be 161 million yuan, up 27.26% [1][8]. - The company has launched an employee stock ownership plan, indicating confidence in its growth potential across various industries, particularly in telecommunications and energy sectors [3][4]. - The company is experiencing a gradual recovery in profit margins, with a gross margin of 67.28% expected in 2024, despite a slight decline [2][14]. Revenue and Profitability - The company's revenue for Q4 2024 is projected to be 335 million yuan, reflecting a year-on-year increase of 6.89%. The net profit for the same period is expected to be 69 million yuan, up 15.47% [1][8]. - For Q1 2025, the company anticipates revenue of 279 million yuan, a 9.57% increase, but a decline in net profit by 16.60% to 31 million yuan [1][8]. Financial Performance - The company has shown significant improvement in cash flow, with operating cash flow reaching 328 million yuan, a 160.69% increase [2][17]. - The sales and research expenses as a percentage of revenue have decreased, indicating improved cost management [2][14]. Future Projections - Revenue projections for 2025-2027 are set at 1.302 billion yuan, 1.490 billion yuan, and 1.738 billion yuan, respectively, with net profits expected to be 211 million yuan, 286 million yuan, and 383 million yuan [4][5]. - The company’s price-to-earnings ratio (PE) is projected to decrease from 48 in 2025 to 27 in 2027, suggesting an improving valuation over time [4][5].