LONGSHINE(SZ:300682) HUAXI Securities·2025-04-30 07:10Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a total operating revenue of 4.479 billion yuan in 2024, a decrease of 5.25% year-on-year, and a net profit attributable to shareholders of -250 million yuan, down 141.44% year-on-year [2] - The core business restructuring is showing effectiveness, with energy internet driving growth resilience despite a significant decline in net profit [3] - The energy internet business has achieved breakthroughs in three areas: market-based electricity trading, charging service ecosystem, and virtual power plant [4] - The energy digitalization business faced pressure but has long-term potential driven by policy and demand [5] - The company is transitioning from traditional project-based software services to a platform-based energy operation model, focusing on AI and energy integration [6] Financial Summary - The company adjusted its revenue forecast for 2025 from 8.948 billion yuan to 5.118 billion yuan, with net profit forecasted at 542 million yuan for 2025 [8] - The projected earnings per share (EPS) for 2025 is adjusted to 0.50 yuan, with corresponding price-to-earnings ratios (PE) of 28.25, 23.24, and 19.56 for 2025, 2026, and 2027 respectively [8][10] - The company expects a recovery in net profit with a forecast of 316.5% growth in 2026 and 21.6% in 2027 [10]