Bingo Software (SH:688227) Huachuang Securities·2025-05-19 10:40Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 10%-20% in the next six months [2][8][18]. Core Views - The company is experiencing a bottoming out of its performance, with its cloud computing business deepening penetration. 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 net losses narrowed to -16 million yuan, a reduction of 24.07% year-on-year [2][4][8]. Financial Performance Summary - 2024 Financials: Total revenue was 520 million yuan, with a year-on-year growth rate of -4.8%. The net profit attributable to shareholders was -64 million yuan, with a year-on-year growth rate of -499.7%. The earnings per share (EPS) was -0.57 yuan [4][5]. - 2025 Projections: Expected total revenue is 564 million yuan, with a year-on-year growth rate of 8.4%. The net profit is projected to be -48 million yuan, with a year-on-year growth rate of 25.4%. The EPS is expected to be -0.42 yuan [4][5]. - 2026 and 2027 Projections: Revenue is expected to grow to 623 million yuan and 702 million yuan, respectively, with corresponding growth rates of 10.6% and 12.7%. Net profits are projected to narrow to -36 million yuan and -29 million yuan, with growth rates of 23.9% and 20.8% [4][5]. Business Development Summary - The company is focusing on cloud computing, with its cloud business generating approximately 415 million yuan in 2024, accounting for 79.74% of its main revenue. This segment is seen as the core growth engine, with ongoing development in container cloud and edge cloud technologies [8]. - The company is also accelerating the deployment of its intelligent computing platform, BingoAIInfra, which enhances overall computing efficiency and is expected to drive growth in AI and intelligent computing businesses [8].