SIE(300687) 太平洋证券·2025-04-30 13:13Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company has shown a recovery in profit growth in Q1 2025, with breakthroughs in AI applications [1][6] - The company's revenue for 2024 was CNY 2.395 billion, a year-on-year increase of 6.27%, while the net profit attributable to shareholders was CNY 139 million, a decline of 45.21% [3][9] - In Q1 2025, the company reported revenue of CNY 490 million, a year-on-year decrease of 9.37%, but the net profit attributable to shareholders increased by 20.29% to CNY 24.52 million [3][9] Revenue and Profit Analysis - The intelligent manufacturing segment achieved revenue of CNY 990 million in 2024, a year-on-year increase of 19.33%, with new orders growing by 27.5% [4] - The ERP segment saw a revenue decline of 5.67% to CNY 1.15 billion, affected by changes in the digital construction cycle of key clients [4] - The overall order growth was 16.65%, with the total number of clients exceeding 1,120, a 22.87% increase [4] Margin and Cost Control - The company's gross margin for 2024 was 30.46%, down 5.1 percentage points year-on-year, while Q1 2025 gross margin was 30.21%, up 2.63 percentage points year-on-year [5] - The company has effectively controlled costs, with sales, management, and R&D expense ratios showing slight changes [5] AI Development and Market Position - The company has established a comprehensive AI capability, with significant contracts in AI applications, including a CNY 48.47 million contract for AI services [6] - The company has developed customized industry models for sectors like PCB and home appliances, with notable orders exceeding CNY 13 million [6] - Collaboration with Huawei in industrial AI has led to successful commercialization of products [6] Financial Forecast - Revenue projections for 2025-2027 are CNY 2.605 billion, CNY 2.957 billion, and CNY 3.409 billion respectively, with net profits expected to be CNY 226 million, CNY 299 million, and CNY 384 million [9][10]