紫光股份：AI深度融合，聚焦“算力+联接”-20250430

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 79.02 billion yuan in 2024, a year-on-year increase of 2.22%, while the total profit decreased by 40.78% to 2.23 billion yuan [2] - In Q1 2025, the company reported a total revenue of 20.79 billion yuan, reflecting a year-on-year growth of 22.25%, but the total profit decreased by 45.34% [2] - The subsidiary, Xinhua San, generated revenue of 55.07 billion yuan in 2024, a growth of 6.04%, with domestic government business revenue increasing by 10.96% [3] - The company is focusing on AI applications and has launched various products to enhance its capabilities in AI computing and connectivity [6][7] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 79.02 billion yuan, with a net profit of 1.57 billion yuan, down 25.23% year-on-year [2][10] - The gross margin for 2024 was 17.39%, a decrease of 2.21 percentage points, attributed to changes in product mix [4] - The company expects revenues for 2025 to be adjusted to 81.65 billion yuan, with net profits projected at 1.76 billion yuan [8][10] Business Segments - Xinhua San's revenue from domestic government business reached 44.24 billion yuan in 2024, with a significant increase in AI-driven projects [3][4] - The international business segment saw a revenue increase of 32.44%, reaching 2.92 billion yuan [3] Strategic Initiatives - The company is enhancing its AI capabilities with the launch of the Lingxi Cube all-in-one machine and various AI solutions [6] - The focus on "computing power + connectivity" is expected to drive future growth, with the company planning to deepen its global strategy and expand overseas operations [5][8] Investment Recommendations - The company is positioned as a leader in digital solutions, with expected revenue growth driven by AI applications [8] - The adjusted earnings per share for 2025 is projected at 0.62 yuan, with a price-to-earnings ratio of 39.67 based on the closing price of 24.43 yuan [8][10]