3onedata(SH:688618) Shanxi Securities·2025-05-21 05:35Investment Rating - The report maintains an "Add-A" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [3][8]. Core Views - The company experienced a decline in revenue and net profit in 2024, with revenue at 357 million yuan, down 18.79% year-on-year, and net profit at 33 million yuan, down 69.98% year-on-year. However, Q1 2025 showed a revenue increase of 7.01% year-on-year [3][4]. - The company is transitioning from a single communication equipment provider to a customized solution provider, with significant investments in R&D and market expansion [5][6]. - Despite short-term pressures in various sectors, the company is expected to benefit from long-term growth opportunities in smart energy, smart cities, and intelligent manufacturing [7][8]. Financial Performance Summary - In 2024, the company reported a revenue of 357 million yuan, with a year-on-year decline of 18.8%. The net profit was 33 million yuan, reflecting a significant drop of 70.0% [9]. - The projected revenue for 2025 is 411 million yuan, with an expected growth of 15.2% year-on-year, and net profit is forecasted to rise to 44 million yuan, a growth of 35.3% [9]. - The company's gross margin is expected to be 58.0% in 2025, with a net margin of 10.8% [9]. Market Position and Strategy - The company maintains a leading position in the smart energy sector, benefiting from digitalization initiatives in the power grid and various demonstration projects [6][7]. - The company is focusing on high-end markets and aims to leverage opportunities in AI, robotics, and low-altitude industries to drive growth [7][8]. - The report highlights the company's commitment to R&D, with significant investments aimed at developing cutting-edge technologies such as TSN, edge computing, and AI [5][6].