ZHI-TECH(SZ:300785) Orient Securities·2025-05-14 05:31Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.40 CNY per share, based on a 60x PE ratio for 2025 [2][4]. Core Insights - The company's main business remains stable, with potential growth driven by AI empowerment and overseas expansion. The financial performance shows a gradual recovery, with a focus on AIGC applications [1][7]. - The company achieved a revenue of 1.52 billion CNY in 2024, reflecting a year-on-year growth of 4.55%, and a net profit of 75 million CNY, up 0.62% year-on-year [7]. - The "What Worth Buying" app's monthly active users (MAU) reached 3967.8 million in 2024, a 1.0% increase year-on-year, with significant growth in AIGC content generation [7]. Financial Summary - Revenue projections for 2025-2027 are 1.704 billion CNY, 1.925 billion CNY, and 2.322 billion CNY, respectively, with year-on-year growth rates of 12.3%, 13.0%, and 20.6% [3][10]. - The company's net profit is forecasted to be 127 million CNY in 2025, 145 million CNY in 2026, and 181 million CNY in 2027, with growth rates of 68.4%, 14.7%, and 24.8% respectively [3][10]. - The gross margin is expected to be around 46.9% in 2025, with a net margin of 7.4% [3][10]. Business Development - The company is expanding its new business segments, with operational service revenue projected to reach 327 million CNY in 2024, a 17.29% increase year-on-year [7]. - The overseas revenue for 2024 is expected to be 4.807 million CNY, showing a year-on-year growth of 19.9% [7].