Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][11]. Core Insights - The company has shown significant improvement in profit management, with a 116.2% year-on-year increase in net profit for 2024, reaching 250 million yuan, despite a 4.93% decline in total revenue [7][11]. - The company is focusing on cost control and efficiency improvements, resulting in a 5.97% reduction in sales, management, and R&D expenses [7]. - The introduction of an AI-driven solution for the construction industry is expected to enhance the company's competitive edge and drive future growth [11]. Financial Performance Summary - For 2024, the company reported total revenue of 6,240 million yuan, a decrease of 4.93% year-on-year, while the net profit was 250 million yuan, reflecting a 116.2% increase [6][7]. - The projected revenue for 2025 is 6,324 million yuan, with a net profit forecast of 502 million yuan, indicating a growth of 100.6% [6][11]. - The company's gross margin is expected to improve slightly from 84.3% in 2024 to 85.1% by 2027 [6][12]. Business Segment Analysis - The digital cost business is projected to generate revenue of 4,986 million yuan in 2024, with a gross margin of 93.42% [12]. - The digital construction segment is expected to see a revenue of 786.87 million yuan in 2024, with a gross margin of 35.87% [12]. - The overseas business is anticipated to grow, with revenue reaching 203.45 million yuan in 2024, reflecting a year-on-year increase of 5.08% [12]. Valuation and Market Position - The estimated market value range for the company is between 307.48 billion yuan and 338.46 billion yuan, with a reasonable value per share estimated between 18.61 yuan and 20.49 yuan [11]. - The company is positioned to benefit from the upcoming market reforms in construction pricing, which will enhance data service capabilities and accelerate AI integration [11].