aisidi(002416) 民生证券·2025-04-23 11:31Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company is experiencing short-term performance pressure, with a significant decline in revenue and net profit for 2024 and Q1 2025, primarily due to decreased demand in the consumer electronics sector [1][2]. - Despite the short-term challenges, the company is improving operational efficiency, with a reduction in accounts receivable by 5.63 billion yuan (32.30% year-on-year) and a decrease in total liabilities by 10.45% [2]. - The company is expanding its domestic and international presence while enhancing its digital capabilities, with a focus on AI and automation technologies to improve operational efficiency [3]. - A partnership with Shanghai Xiaoyi to establish a smart computing technology company is expected to facilitate entry into the AI computing service sector, potentially creating new revenue streams [4]. Financial Summary - For 2024, the company reported total revenue of 658.21 billion yuan, a decrease of 28.58% year-on-year, and a net profit of 5.81 billion yuan, down 11.26% [1][5]. - The forecast for 2025-2027 indicates a recovery in net profit, projected at 7.19 billion yuan, 8.84 billion yuan, and 10.08 billion yuan respectively, with corresponding PE ratios of 20X, 17X, and 15X [4][5]. - Revenue is expected to grow from 740.38 billion yuan in 2025 to 973.64 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 11.9% [5][9].