aisidi(002416) 申万宏源证券·2025-04-25 05:48Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported lower-than-expected performance for 2024 and Q1 2025, with total revenue for 2024 at 65.82 billion yuan, a year-on-year decline of 28.58%, and a net profit attributable to shareholders of 581 million yuan, down 11.26% [7] - The company is focusing on core business operations while exploring new growth avenues through AI technology and digital transformation, aiming to enhance its service network and profitability [7] - The introduction of AI technology is expected to improve efficiency and quality, with the establishment of a joint venture in the intelligent computing service sector, which is anticipated to become a new growth driver within 3-5 years [7] Financial Data Summary - Total revenue projections for 2025 are estimated at 73.70 billion yuan, with a year-on-year growth rate of 12.0% [6] - The net profit attributable to shareholders is projected to be 708 million yuan for 2025, reflecting a year-on-year increase of 21.8% [6] - The company’s gross margin improved to 4.40% in 2024, an increase of 1.15 percentage points year-on-year [7] - The operating cash flow for the company remains healthy, with a net cash flow from operating activities of 1.56 billion yuan [7]