SIE(300687) 甬兴证券·2025-05-06 11:03Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is transitioning between old and new growth drivers, with the intelligent manufacturing sector showing strong performance. The ERP segment generated revenue of 1.15 billion yuan, down 5.67% year-on-year, primarily due to changes in the digital construction cycle of some core clients. In contrast, the intelligent manufacturing and industrial IoT segments achieved revenue of 990 million yuan, up 19.33% year-on-year, driven by increased market expansion efforts, enhanced product capabilities, and support from domestic policies [2][3] - The company provides comprehensive AI services, addressing the challenges of data fragmentation and complex business logic in industrial scenarios. It connects model vendors to clients, offering high-value products and services. The company has developed an enterprise-level AI platform, "Shanmo GPT," facilitating rapid deployment and effective implementation of AI applications [2] - The company has successfully established a commercial closed loop in the PCB industry, leveraging self-developed AI models to significantly enhance operational efficiency for clients. Orders from PCB industry clients increased by 35% year-on-year, with AI model orders exceeding 13 million yuan [3] Financial Summary - For 2024, the company achieved revenue of 2.395 billion yuan, a year-on-year increase of 6.27%, and a net profit attributable to shareholders of 139 million yuan, down 45.21%. In Q1 2025, revenue was 490 million yuan, down 9.37%, with a net profit of 25 million yuan, up 20.29% [1][6] - Revenue projections for 2025-2027 are 2.727 billion yuan, 3.187 billion yuan, and 3.781 billion yuan, representing year-on-year growth rates of 13.9%, 16.8%, and 18.6%, respectively. EPS for the same period is expected to be 0.54 yuan, 0.68 yuan, and 0.77 yuan [4][6]