Transwarp(SH:688031) Xinda Securities·2025-05-08 10:23Investment Rating - The investment rating for the company is not explicitly stated in the provided documents [1]. Core Insights - The company reported a revenue of 371 million yuan in 2024, a year-on-year decrease of 24.31%, primarily due to macroeconomic impacts and delays in client bidding and acceptance processes [2][3]. - In Q1 2025, the company achieved a revenue of 64 million yuan, reflecting a year-on-year growth of 2.59% [1]. - The company’s net profit attributable to shareholders for 2024 was -343 million yuan, with a worsening loss compared to the previous year [1][4]. - The financial sector's revenue contribution increased from 32.17% in 2023 to 40.46% in 2024, indicating a shift in the company's client base [2]. - The company has seen an increase in both the number of new orders and the average order value, particularly among high-value clients [2]. Financial Performance Summary - In 2024, the company’s total revenue was 371 million yuan, with a gross margin of 50.7% [4]. - The company’s R&D expenses increased by 7.21% in 2024, attributed to rising server depreciation and IDC room costs [2]. - The company’s EPS (Earnings Per Share) for 2025 is projected to be -2.35 yuan, improving to -1.47 yuan by 2027 [5][4]. - The company’s total assets decreased from 1,793 million yuan in 2023 to 1,396 million yuan in 2024 [6]. Product and Market Development - The company is focusing on integrating data and AI infrastructure, with continuous upgrades across three major product lines [2]. - The launch of the TDH9.4 version of the big data platform and the introduction of new capabilities in distributed databases highlight the company's commitment to innovation [2]. - The company’s AI products have gained significant recognition across various industries, securing nearly 50 million yuan in orders [3].