Sugon(SH:603019) Western Securities·2025-09-02 13:20Investment Rating - The investment rating for the company is "Buy" [6][11] Core Views - The company is actively promoting the construction of a domestic computing power ecosystem by enhancing self-control, deepening industrial collaboration, and empowering industry applications. This strategy has led to good investment returns from quality assets such as Haiguang Information, Zhongke Xingtong, and Dawn Data Creation [2] - The company has effectively controlled accounts receivable and inventory, with accounts receivable at 2.908 billion and inventory at 3.323 billion, showing year-on-year decreases of 1.6% and 7% respectively [1][2] - The company is expected to see continued growth in computing infrastructure demand as downstream customers expand capital expenditures, which may enhance the competitive advantage of its products and accelerate the commercialization of new-generation products [2] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 5.850 billion (YoY +2%) and a net profit attributable to shareholders of 729 million (YoY +29%). In Q2 2025 alone, the operating revenue was 3.264 billion (YoY +1%) with a net profit of 542 million (YoY +29%) [1][6] - R&D expenses for the first half of 2025 were 629 million (YoY +0.7%), while sales expenses were 328 million (YoY -5%) and management expenses were 170 million (YoY +13%) [1] Future Projections - The projected net profit attributable to shareholders for 2025-2027 is 2.712 billion, 3.355 billion, and 3.762 billion, representing year-on-year growth rates of 41.9%, 23.7%, and 12.2% respectively [2][4] - The company is expected to maintain a steady growth trajectory with operating revenue projected to reach 15.145 billion in 2025, 17.307 billion in 2026, and 19.703 billion in 2027, with respective growth rates of 15.2%, 14.3%, and 13.8% [4][10]