BEYONDSOFT(SZ:002649) KAIYUAN SECURITIES·2025-06-05 07:55Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is a leading provider of consulting, industry solutions, and digital technology services, with a strong focus on AI and new business opportunities [4][5]. - The company has established long-term partnerships with major players like Alibaba and Microsoft, enhancing its capabilities in AI applications across various industries [5][6]. - Financial projections indicate a steady growth in revenue and net profit from 2025 to 2027, with a corresponding decrease in P/E ratios, suggesting an attractive valuation compared to peers [4][63][68]. Summary by Sections Company Overview - The company has extensive experience in consulting and technology services, having served numerous Fortune 500 and Chinese 500 companies across various sectors including finance, high-tech, and agriculture [14][17]. Financial Performance - In 2024, the company achieved a revenue of 68.99 billion yuan, a year-on-year increase of 4.5%, while net profit decreased by 42.8% to 1.24 billion yuan due to increased investments in new businesses [18][21]. - Revenue sources are primarily from products and solutions, research and development engineering, and IT operations maintenance [19][22]. Business Strategy - The company is focusing on new industries and clients to create a second growth curve, with significant contracts signed in digital agriculture and smart energy sectors [24][29]. - It aims to optimize its business types and cultivate high-value, high-margin services, particularly in consulting and integrated software solutions [33][34]. AI and Technology Partnerships - The company collaborates with Alibaba and Microsoft to accelerate the implementation of AI solutions in various sectors, particularly in finance [5][42]. - It has developed an "AI Agent platform" to facilitate the integration of AI into existing business systems, enhancing delivery speed and flexibility [39][40]. Financial Projections - The company forecasts revenue growth from 73.31 billion yuan in 2025 to 86.64 billion yuan in 2027, with a gradual increase in gross margin [63][68]. - Expected net profits for 2025, 2026, and 2027 are projected at 2.52 billion, 3.19 billion, and 3.72 billion yuan respectively [68].