Investment Rating - The report maintains an "Accumulate" rating for the company [1][6] Core Views - In 2024, the company achieved significant revenue growth of 78.13%, reaching RMB 31.316 billion, while the net profit attributable to shareholders decreased by 66.21% to RMB 180 million. The long-term growth drivers are expected to come from the HarmonyOS and robotics sectors [1][6][9] - The company is positioned to benefit from the expanding market for AI PCs and humanoid robots, with a forecasted revenue growth of 11.4% in 2025 and 14.2% in 2026 [6][9] Summary by Sections Financial Performance - In 2024, the company reported a revenue of RMB 31.316 billion, a year-on-year increase of 78.13%. However, the net profit attributable to shareholders was RMB 180 million, down 66.21% from the previous year [1][9] - The company's gross margin for 2024 was 12.46%, a decrease of 6.80 percentage points year-on-year, and the net profit margin was 0.58%, down 2.46 percentage points [9] Revenue Projections - Revenue projections for 2025-2027 are RMB 34.882 billion, RMB 39.847 billion, and RMB 45.771 billion, respectively, with corresponding net profits of RMB 393 million, RMB 570 million, and RMB 703 million [6][8] Market Position and Growth Opportunities - The company is expected to gain from the transition to AI PCs, with a projected 40% of global PC shipments being AI PCs by 2025. The company's PC shipments are expected to grow by 106% in 2024, increasing its market share to 9% [9] - The humanoid robot market in China is projected to reach RMB 750 billion by 2029, with the company actively developing related products and partnerships [9]
软通动力（301236）：营收高增长，鸿蒙+机器人贡献长期成长动力