SIE(300687) Guohai Securities·2025-05-04 15:08Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][10][11]. Core Insights - The company's smart manufacturing business has seen a significant year-on-year increase in orders, with a notable integration of AI contracts [1][10]. - In 2024, the company reported a revenue of 2.395 billion yuan, a year-on-year increase of 6.27%, while the net profit attributable to shareholders was 139 million yuan, a decrease of 45.21% [4][10]. - The company has successfully integrated generative AI with its ERP systems, enhancing its core business processes and creating innovative business scenarios [8][10]. Summary by Sections Recent Performance - The company's stock performance over the past year shows an increase of 87.4%, significantly outperforming the Shanghai and Shenzhen 300 index, which only increased by 4.6% [3]. - As of April 30, 2025, the company's market capitalization is approximately 13.21 billion yuan, with a current stock price of 32.20 yuan [3]. Financial Highlights - In Q1 2025, the company reported a revenue of 490 million yuan, a year-on-year decrease of 9.37%, but the net profit increased by 20.29% to 25 million yuan [4][10]. - The company’s smart manufacturing revenue grew by 19% in 2024, with new orders increasing by 27.5% [5][10]. Business Development - The company has optimized its business structure, maintaining high R&D investment, which reached 365 million yuan in 2024, accounting for 15.24% of revenue [6][10]. - The company has signed significant AI contracts, including a project worth approximately 48.47 million yuan focused on AI applications in smart networking and product design [8][10]. Future Projections - Revenue projections for 2025-2027 are estimated at 2.739 billion yuan, 3.201 billion yuan, and 3.790 billion yuan, respectively, with corresponding net profits of 217 million yuan, 275 million yuan, and 351 million yuan [9][10]. - The report anticipates an EPS of 0.53 yuan for 2025, with a PE ratio of 60.96 [10][11].