INESA-it(SH:600602) Soochow Securities·2025-04-28 05:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.623 billion yuan in 2024, representing a year-on-year growth of 6.82%, and a net profit attributable to shareholders of 202.39 million yuan, up 4.92% year-on-year [1] - In Q1 2025, the company reported a revenue of 1.41 billion yuan, a decrease of 2.07% year-on-year, and a net profit of 42 million yuan, down 29.03% year-on-year, which met market expectations [1] - The report highlights the acceleration of computing power construction in Shanghai, with the company positioned as a leader in this sector [8] Financial Summary - For 2023A, total revenue is projected at 5.264 billion yuan, with a net profit of 192.91 million yuan, and an EPS of 0.14 yuan per share [1] - The forecast for 2024A includes total revenue of 5.623 billion yuan and a net profit of 202.39 million yuan, with an EPS of 0.15 yuan [1] - The company expects to achieve a total revenue of 6.380 billion yuan in 2025E, with a net profit of 222.17 million yuan, and an EPS of 0.16 yuan [1] - The projected P/E ratio for 2025E is 140.11 [1] - The company’s gross margin for the cloud computing and big data business is 18.55%, showing a slight increase [8]