Bingo Software (SH:688227) Huachuang Securities·2025-05-19 09:22Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 10%-20% over the next six months [18]. Core Views - The company is experiencing a bottoming out of its performance, with its cloud computing business deepening its penetration into the market. In 2024, the company achieved a revenue of 520 million yuan, a year-on-year decrease of 4.81%, and a net profit attributable to shareholders of -64 million yuan, with losses widening. However, in the first quarter of 2025, revenue increased by 49.69% year-on-year to 87 million yuan, and the net loss narrowed to -16 million yuan, a reduction of 24.07% year-on-year [2][8]. - The cloud computing business has become the core growth engine, contributing approximately 415 million yuan in revenue in 2024, accounting for 79.74% of the main revenue. The company is focusing on the integration of "industry + cloud" and expanding its presence in key sectors such as government, public security, military, finance, and rail transit [8]. - The company is accelerating the deployment of its intelligent computing platform, which is expected to drive new growth in its AI business. The launch of the BingoAIInfra platform enhances the efficiency of computing resource allocation, aligning with the rapid demand for intelligent computing in downstream industries [8]. Financial Summary - In 2024, total revenue is projected to be 520 million yuan, with a year-on-year growth rate of -4.8%. The net profit attributable to shareholders is expected to be -64 million yuan, with a year-on-year growth rate of -499.7%. For 2025, the revenue is estimated to increase to 564 million yuan, with a growth rate of 8.4%, and the net profit is projected to narrow to -48 million yuan, reflecting a 25.4% year-on-year improvement [4][9]. - The company’s earnings per share (EPS) is expected to improve from -0.57 yuan in 2024 to -0.42 yuan in 2025, indicating a gradual recovery in profitability [4][9].