Investment Rating - The report gives a "Buy" rating for the company [5] Core Views - The company is positioned as a rising star in the domestic digital infrastructure sector through the acquisition of Baode Computer, a leader in the domestic server market [2][41] - The company has shown strong revenue growth, with a projected revenue of 1.743 billion yuan in 2024, representing a year-on-year increase of 28% [3][4] - The management team has confidence in the company's growth trajectory, focusing on financial technology and leveraging high-quality customer resources [3][30] Summary by Sections Company Overview - Founded in 2009, the company provides software outsourcing and terminal testing services, initially focusing on the telecommunications sector and later expanding into internet, finance, and automotive industries [1][10] - The company has established strong partnerships with major clients in the TMT sector, including ByteDance, Alibaba, and Xiaomi, and in the financial sector with institutions like China Bank and Zhejiang Merchants Bank [1][2] Acquisition of Baode Computer - The company announced plans to acquire Baode Computer to enhance its capabilities in the domestic computing power sector, with Baode being a top player in the domestic ARM server market [2][41] - The acquisition aims to leverage Baode's strengths in AI server solutions and its partnerships with major tech firms like Huawei [2][48] Financial Performance and Projections - The company has experienced rapid revenue growth, with a projected revenue of 2.251 billion yuan in 2025, reflecting a 29% increase from the previous year [4][72] - The net profit attributable to shareholders is expected to grow from 106 million yuan in 2025 to 188 million yuan in 2027, with corresponding PE ratios decreasing from 111 to 62 [3][4] - The company has maintained a stable gross margin of around 24% since 2021, despite some fluctuations due to low-margin projects [30][73] Strategic Focus - The company is strategically focusing on the financial IT sector, with significant growth in revenue from this segment, projected to increase by 50% annually from 2025 to 2027 [71][72] - The company has a robust customer ecosystem across various industries, which is expected to drive future growth [24][25]
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