ZKTECO CO.(SZ:301330) Tai Ping Yang Zheng Quan·2025-04-30 12:42Investment Rating - The investment rating for the company is "Buy/Maintain" with a target price based on the last closing price of 27.30 [1]. Core Insights - The company focuses on AI applications as the core driver for future development, with significant advancements in AI technology and solutions [5][11]. - The company reported a revenue of 1.991 billion in 2024, representing a year-on-year growth of 1.07%, and a net profit of 183 million, with a growth of 3.26% [4][7]. - For Q1 2025, the company achieved a revenue of 414 million, showing a year-on-year increase of 3.50%, and a net profit of 29 million, which is an 11.88% increase [4]. Financial Performance - The company's gross margin for 2024 was 49.37%, an increase of 0.17 percentage points compared to the previous year, while the net profit margin was 10.07%, up by 0.08 percentage points [4]. - The overseas revenue proportion reached 70.92% in 2024, an increase of 8.44 percentage points from 2022 [4]. - The earnings per share (EPS) projections for 2025-2027 are 1.09, 1.25, and 1.41 respectively, with a maintained buy rating [5][9]. Revenue and Profit Forecast - The projected revenues for 2025, 2026, and 2027 are 2.200 billion, 2.450 billion, and 2.700 billion respectively, with growth rates of 10.49%, 11.36%, and 10.20% [7][13]. - The projected net profits for the same years are 213 million, 245 million, and 276 million, with growth rates of 16.58%, 14.74%, and 12.84% [7][13]. Stock Data - The total share capital is 1.96 billion shares, with a market capitalization of 53.59 billion and a circulating market value of 20.91 billion [3]. - The stock price has fluctuated between a high of 33.64 and a low of 19.46 over the past 12 months [3].