Investment Rating - The investment rating for the company is "Buy" [3][12] Core Views - The company achieved a revenue of 31.316 billion yuan in 2024, representing a year-on-year growth of 78.13%, while the net profit attributable to shareholders was 180 million yuan, down 66.21% [1] - In Q1 2025, the company reported a revenue of 7.011 billion yuan, an increase of 28.65%, with a net profit of -198 million yuan, reflecting a 28.76% improvement [1] - The company is focusing on becoming a leading provider of full-stack intelligent products and services in China, with strategic emphasis on emerging industries such as AI and digital energy [2] Revenue Structure Summary - Traditional software and digital technology services generated revenue of 18.121 billion yuan, accounting for 57.86% of total revenue, with a growth of 3.08% [2] - Computing products and intelligent electronics achieved revenue of 12.920 billion yuan, making up 41.26% of total revenue, with a remarkable growth of 106% in PC shipments, doubling its market share to 9% [2] - New digital energy and intelligent computing services generated revenue of 259 million yuan, indicating the early stages of business development [2] - Overseas business revenue surged to 2.208 billion yuan, a staggering increase of 651.37%, driven by partnerships and collaborations in international markets [2] Financial Forecast - The company is expected to generate revenues of 35.299 billion yuan, 40.366 billion yuan, and 46.746 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 450 million yuan, 643 million yuan, and 848 million yuan [8][10] - The projected PE ratios for 2025, 2026, and 2027 are 128X, 89X, and 68X respectively [8] Product Development - The company launched several new products, including an AI operating system for smart cars and various intelligent computing platforms, emphasizing a self-controlled and AI-driven strategy [7] - The new products feature a comprehensive self-developed technology system and are designed to enhance user experience through multi-modal interactions and cloud integration [7] Strategic Positioning - The company is positioning itself as a full-stack ecosystem provider, focusing on "soft and hard collaboration + self-control + All in AI" to enhance its market competitiveness [8] - The strategic partnerships with leading enterprises in various sectors are expected to drive future growth and innovation [2]
软通动力：2024年报点评：“自主可控+All in AI”方向发力，计算产品与海外市场表现亮眼-20250512