同享科技（920167）：2024年报及2025一季报点评：2024年盈利承压，25Q1亏损有所收窄

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [8] Core Views - The company is expected to face profit pressure in 2024, with a projected net profit of 0.42 billion yuan, a decrease of 65% year-on-year [8] - The first quarter of 2025 shows a slight recovery in losses, with a net profit of -0.03 billion yuan, indicating a 110% decrease quarter-on-quarter but an 88% increase year-on-year [8] - The company’s revenue for 2024 is forecasted to be 2.67 billion yuan, representing a year-on-year growth of 23% [8] Financial Forecasts - Total revenue projections for the company are as follows: - 2023: 2.175 billion yuan - 2024: 2.673 billion yuan - 2025: 2.828 billion yuan - 2026: 3.250 billion yuan - 2027: 3.736 billion yuan - Year-on-year growth rates for total revenue are projected at 74.39% for 2023, 22.91% for 2024, 5.81% for 2025, 14.92% for 2026, and 14.93% for 2027 [8][9] - The net profit forecast for the company is as follows: - 2024: 0.4229 billion yuan - 2025: 0.3290 billion yuan - 2026: 0.5212 billion yuan - 2027: 0.6842 billion yuan - Year-on-year changes in net profit are projected at 139.99% for 2023, -64.90% for 2024, -22.19% for 2025, 58.41% for 2026, and 31.27% for 2027 [8][9] Market Data - The closing price of the company's stock is 19.36 yuan, with a market capitalization of 2.12391 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to be 47.97 for 2024, 61.65 for 2025, 38.92 for 2026, and 29.65 for 2027 [8][9]