ECC(SH:600850) Minsheng Securities·2025-04-17 00:19Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company achieved a revenue of 10.706 billion yuan in 2024, representing a year-on-year increase of 7.05%, and a net profit attributable to shareholders of 551 million yuan, up 10.77% from the previous year [1]. - The digital product business continues to thrive, with revenue reaching 791 million yuan in 2024, a growth of 10.98% year-on-year [2]. - The industry digitalization business segment generated revenue of 9.172 billion yuan, reflecting a year-on-year increase of 7.93% [3]. - The company is expected to achieve revenues of 12.052 billion, 13.302 billion, and 14.895 billion yuan in 2025, 2026, and 2027 respectively, with net profits projected at 626 million, 690 million, and 794 million yuan for the same years [4][5]. Summary by Sections Digital Product Business - The low-altitude digital field has seen advancements, including the development of a real-time signal processing platform and mass production of low-altitude radar signal processing machines, enhancing meteorological monitoring capabilities [2]. - The company has developed an edge intelligent inference platform utilizing domestic AI and CPU chips, improving data precision in various applications such as security monitoring and intelligent transportation [2]. - In the electronic equipment sector, the company is expanding into motion control and environmental control applications, establishing comprehensive control capabilities [2]. Industry Digitalization Business - The company is enhancing its digital financial capabilities, developing governance products for financial open-source software, which have been applied in major financial institutions [3]. - In the public service sector, the company is focusing on digital transformation needs, particularly in traffic digitalization, and has implemented solutions in Jiangxi [3]. - The company has secured qualifications for data center construction, reinforcing its technical strength and market expansion capabilities [3]. Financial Projections - The company forecasts a revenue growth rate of 12.6% in 2025, followed by 10.4% in 2026 and 12.0% in 2027 [5]. - The projected earnings per share (EPS) are 0.91, 1.01, and 1.16 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 26, 23, and 20 [4][5].