ZMD(SH:688636) Soochow Securities·2025-04-27 10:33Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company experienced a significant decline in revenue and net profit in 2024, with total revenue of 438 million yuan, down 33.95% year-on-year, and a net profit attributable to shareholders of 19.45 million yuan, down 79.79% year-on-year [1][8] - The decline in performance is attributed to several factors, including a slowdown in market demand, project delays from clients, rising raw material costs, and increased R&D expenses [8] - The company continues to invest in product development and technological innovation, achieving multiple breakthroughs and expanding its product offerings [8] - Future growth is expected to be driven by advancements in embedded computer technology, ongoing national defense information construction, and increased investment in key areas by the government [8] Financial Summary - The company forecasts a net profit of 111.17 million yuan in 2025 and 141.79 million yuan in 2026, with an additional projection of 164.57 million yuan for 2027, corresponding to P/E ratios of 40, 31, and 27 respectively [1][8] - The projected revenue for 2025 is 682.44 million yuan, with a growth rate of 55.83%, followed by 913.23 million yuan in 2026 and 1,203.33 million yuan in 2027 [1][8] - The company plans to enhance its R&D capabilities and expand its market share in the embedded computer application sector [8]