MONTNETS TECHNOLOGY(002123) 天风证券·2025-04-24 13:42Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company has turned a profit in 2024, achieving a net profit of 38.17 million yuan, compared to a loss in the previous year, despite a 15.87% decline in revenue to 4.40 billion yuan [1][5]. - The international business has shown rapid growth, with a 48.74% increase in revenue, now accounting for 20.45% of total revenue, and a significant improvement in gross margin [2][5]. - The acquisition of Bicheng Digital is expected to enhance the company's overall profitability and create synergies in marketing and e-commerce [3][5]. - The integration of AI capabilities through the Tianhui Zhihui Platform 2.0 aims to upgrade the company's business intelligence and operational efficiency [4][5]. Financial Summary - In 2024, the company reported a gross margin of 10.11%, an increase of 3.83% year-on-year, with gross profit rising by 35.51% [2][5]. - The company has streamlined operations, reducing expenses by 15.47% year-on-year, amounting to a decrease of 68.41 million yuan [2][5]. - Revenue projections for 2025 to 2027 are estimated at 4.75 billion yuan, 5.59 billion yuan, and 6.41 billion yuan, respectively, indicating a recovery trend [10][11]. Business Outlook - The company is positioned to benefit from the ongoing rollout of 5G services and the recovery of the domestic information market, with expectations for continued growth in international markets [5][10]. - The projected net profits for 2025, 2026, and 2027 are 152.87 million yuan, 262.37 million yuan, and 421.80 million yuan, respectively, reflecting a positive growth trajectory [5][10].