AtHub(SH:603881) Minsheng Securities·2025-04-29 07:51Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][12]. Core Insights - The company reported a revenue of 1.721 billion yuan for 2024, representing a year-on-year growth of 11.57%. The net profit attributable to shareholders was 132 million yuan, up 7.49% year-on-year, while the non-recurring net profit increased by 27.81% to 128 million yuan [1][4]. - For Q1 2025, the company achieved a revenue of 395 million yuan, a year-on-year increase of 3.57%, with a net profit of 44 million yuan, reflecting a 23.22% increase compared to the same period last year [1][4]. - The gross margin improved steadily, with a gross margin of 31.00% for 2024 and 29.19% for Q1 2025, up 2.02 percentage points and 1.99 percentage points respectively, driven by increased demand in the AI application sector and improved cabinet utilization rates [2][4]. Financial Performance Summary - The company’s sales, management, and R&D expense ratios for 2024 were 0.25%, 4.34%, and 5.09%, showing a slight increase in sales expenses due to business expansion [1][2]. - The financial expense ratio significantly improved in Q1 2025, attributed to optimized debt structure and expanded financing channels [2][3]. - The company is expected to achieve revenues of 1.89 billion yuan, 2.07 billion yuan, and 2.26 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 147 million yuan, 162 million yuan, and 177 million yuan [4][5]. Business Focus and Risk Management - The company continues to focus on its core business areas, including IDC services, IDC solutions, and cloud service sales, while enhancing its risk management framework [3][4]. - As of December 31, 2024, the company operated 35 data centers with a total power capacity of 371 MW, indicating robust infrastructure development [3][4].