Sugon(603019) 民生证券·2024-04-28 00:00Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Viewpoints - The company is positioned as a leader in AI foundational ecosystem construction, with a solid foothold in computing power [1] - In 2023, the company achieved operating revenue of 14.353 billion yuan, a year-on-year increase of 10.34%, and a net profit attributable to shareholders of 1.836 billion yuan, up 18.88% year-on-year [1] - The company is actively embracing the AI market, launching software products such as DAS and AI model repository, and is expected to experience rapid growth in the AI trend [1] Financial Performance Summary - For 2023, the company reported operating revenue of 14.353 billion yuan, with a growth rate of 10.34% [2] - The net profit attributable to shareholders for 2023 was 1.836 billion yuan, reflecting an 18.88% increase [2] - The company forecasts operating revenue of 16.556 billion yuan for 2024, with a growth rate of 15.4% [2] - The projected net profit attributable to shareholders for 2024 is 2.316 billion yuan, indicating a growth rate of 26.1% [2] - The earnings per share (EPS) for 2024 is expected to be 1.58 yuan, with a price-to-earnings (PE) ratio of 29 [2] Business Strategy and Market Position - The company is focusing on a three-pronged approach to build a software and hardware ecosystem for AI, including the DAS software stack, an AI model repository, and a nationwide integrated computing power service platform [1] - The company leads the liquid cooling data center solution market with an average market share of 58.8% from 2021 to the first half of 2023 [1] - The company has successfully deployed the first integrated liquid cooling data center in the industry at South China University of Technology [1]