Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company is expected to face profit pressure in 2024 due to mergers and acquisitions, but the software business shows signs of stabilization and improvement. The company is well-positioned to capitalize on opportunities in AI and domestic production [1][7]. - The company achieved a total revenue of 31.316 billion yuan in 2024, reflecting a year-on-year growth of 78.13%, while the net profit attributable to shareholders was 180 million yuan, down 66.21% year-on-year [7]. - The report emphasizes the company's strategy of integrating hardware and software, which is expected to enhance profitability in the future [7]. Financial Data and Valuation - Total revenue projections for the company are as follows: 17.581 billion yuan in 2023, 31.316 billion yuan in 2024, and expected growth to 32.906 billion yuan in 2025 [2][13]. - The net profit attributable to shareholders is projected to recover from 180 million yuan in 2024 to 370 million yuan in 2025, with a growth rate of 105% [2][14]. - The company's price-to-earnings (PE) ratio is projected to decrease from 306.9 in 2024 to 149.5 in 2025, indicating a potential improvement in valuation [2][14]. Business Performance - In 2024, the company's software and digital technology services generated revenue of 18.121 billion yuan, while the computer products and intelligent electronics business contributed 12.920 billion yuan [7]. - The company has launched several AI products and established strategic partnerships to enhance its offerings in various industries, including insurance, retail, and healthcare [7]. - The company is focusing on domestic production, with its PC terminal business leading in the government and education sectors [7].