aisidi(002416) ZHESHANG SECURITIES·2025-04-27 11:02Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company is undergoing a structural adjustment in its business, leading to a short-term revenue decline, with 2024 revenue at 65.82 billion yuan, down 29% year-on-year, and a net profit of 580 million yuan, down 11% [2][3] - The company is focusing on high-quality development, resulting in significant improvements in gross margin and net margin, with 2024 gross margin at 4.3% (up 1.2 percentage points) and net margin at 0.99% (up 0.2 percentage points) [3] - The company is enhancing its distribution and retail capabilities, with a notable expansion in instant retail, achieving over 50% growth in online instant retail sales in 2024 [3][4] - The establishment of a joint venture to focus on AI computing and collaboration with local governments to set up an industrial fund indicates a strategic shift towards emerging technologies [5] - Revenue projections for 2025-2027 are estimated at 67.17 billion yuan, 68.26 billion yuan, and 69.47 billion yuan, with corresponding net profits of 625 million yuan, 654 million yuan, and 690 million yuan, reflecting a growth rate of 7%, 5%, and 6% respectively [5][10]