Core Viewpoint - The company reported strong financial performance for 2024, with revenue of 4.034 billion yuan (yoy +10.06%) and net profit attributable to shareholders of 125 million yuan (yoy +280.73%), driven by the growth of its intelligent computing business [1] Financial Performance - In Q4 2024, the company achieved revenue of 1.253 billion yuan (yoy +41.41%, qoq +14.67%) and net profit of 42.72 million yuan, a significant increase from 1.48 million yuan in Q3 2023 (qoq +66.10%) [1] - For Q1 2025, the company reported revenue of 852 million yuan (yoy +19.35%) and net profit of 42.12 million yuan (yoy +226.89%), with a non-recurring net profit of 36.07 million yuan (yoy +354.16%) [2] Business Growth Drivers - The rapid growth in net profit for 2024 is attributed to the significant increase in orders for the intelligent computing business, which is expected to continue driving profit growth in 2025 [2][3] - The company established a subsidiary, Tengyun Intelligent Computing, to focus on AI computing power planning, design, equipment delivery, operation optimization, and computing power scheduling, thereby expanding its market presence [2] Industry Expansion - The company's industrial IoT business revenue reached 151 million yuan in 2024, a year-on-year increase of 47.88%, driven by the expansion of its customer base, including partnerships with industry leaders like BYD and Hikvision [3] - The company’s terminal business revenue for 2024 was 2.597 billion yuan (yoy +3.65%), while ICT infrastructure revenue was 631 million yuan (yoy -7.73%) [3] Product Development - The company has adapted over 20 products to the OpenHarmony ecosystem, which includes modules for smart education, commercial display, new retail, industrial automation, and home applications, indicating a strategic move towards building a self-controlled growth point [4] Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025-2026, expecting net profits of 244 million yuan and 301 million yuan, respectively, with an estimated EPS of 0.98 and 1.20 yuan [5] - The target price has been raised to 54.90 yuan, reflecting a price-to-earnings ratio of 56.0x for 2025, based on the anticipated rapid growth in profits from the intelligent computing business [5]

Group 1 - The company reported a revenue of 549 million yuan for Q1 2025, representing a year-on-year decrease of 24.67% [1] - The net profit attributable to shareholders was 18.82 million yuan, down 59.49% year-on-year [1] - The decline in revenue was primarily due to a 27.53% decrease in income from 5G infrastructure business, the new energy battery production line being in the ramp-up phase, and an increase in financial expenses by over 22 million yuan [1] Group 2 - The company's intelligent computing business achieved a revenue of 135 million yuan, showing a significant year-on-year growth of 972.79% [1]