减值影响业绩，数据中心产品呈现快速增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's performance is under short-term pressure due to declining gross margins and impairment provisions, with a revenue of 7.757 billion yuan in 2024, down 4.71% year-over-year, and a net profit of 315 million yuan, down 37.90% year-over-year [1] - The data center business is experiencing rapid growth, with revenue of 3.152 billion yuan in 2024, up 14.07% year-over-year, contributing 40.63% to total revenue [3] - The company is actively innovating in data center products and solutions, with a significant increase in orders in 2025, particularly in AI computing scenarios [4] - The smart energy business has shown a significant improvement in profitability, with a gross margin increase of 6.82 percentage points year-over-year [6] - The renewable energy sector is steadily developing, with a revenue of 3.608 billion yuan in 2024, despite a year-over-year decline of 15.98% [7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 7.757 billion yuan, with a year-over-year decrease of 4.71%, and a net profit of 315 million yuan, down 37.90% year-over-year [1] - For Q1 2025, the company achieved a revenue of 1.216 billion yuan, up 2.73% year-over-year, and a net profit of 69 million yuan, down 6.26% year-over-year [2] Data Center Business - The data center business generated revenue of 3.152 billion yuan in 2024, with a year-over-year increase of 14.07%, and accounted for 40.63% of total revenue [3] - The company has introduced innovative products for AI computing scenarios and has seen a rapid increase in orders in 2025 [4] Smart Energy Business - The smart energy segment reported revenue of 922 million yuan in 2024, down 9.01% year-over-year, but with a gross margin of 41.06%, up 6.82 percentage points year-over-year [6] Renewable Energy Business - The renewable energy segment generated revenue of 3.608 billion yuan in 2024, down 15.98% year-over-year, with a gross margin of 16.78%, down 3.94 percentage points year-over-year [7] Profit Forecast and Valuation - The company is expected to see net profits of 654 million yuan, 814 million yuan, and 988 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 35, 28, and 23 [13]