Investment Rating - The report maintains a rating of "Accumulate" for the company [2][10]. Core Views - The company is experiencing rapid growth in its industrial internet platform and is successfully implementing its "going out" strategy, with AI application scenarios accelerating [3][10]. - The projected revenue for the company is expected to grow from 13.51 billion yuan in 2024 to 22.68 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.5% [4][10]. - The net profit attributable to shareholders is forecasted to increase from 927.43 million yuan in 2024 to 2.13 billion yuan in 2027, with a significant growth rate of 28.4% in 2027 [4][10]. - The company has successfully expanded its market presence, with over 120 mature AI application scenarios developed and contracts worth 256 million yuan signed in 2024 [10]. Financial Summary - Revenue projections: 1,141 million yuan (2023), 1,351 million yuan (2024), 1,642 million yuan (2025), 1,947 million yuan (2026), and 2,268 million yuan (2027) [4][11]. - Net profit (attributable to shareholders): 62 million yuan (2023), 93 million yuan (2024), 126 million yuan (2025), 166 million yuan (2026), and 213 million yuan (2027) [4][11]. - Earnings per share (EPS) forecast: 0.09 yuan (2023), 0.14 yuan (2024), 0.19 yuan (2025), 0.24 yuan (2026), and 0.31 yuan (2027) [4][11]. Market Data - The company's stock price has ranged between 7.01 yuan and 16.02 yuan over the past 52 weeks, with a total market capitalization of 7,749 million yuan [5][10]. - The company has a total share capital of 678 million shares, with 423 million shares in circulation [5][10]. Valuation Metrics - The report assigns a target price of 13.96 yuan based on a dynamic price-to-earnings (PE) ratio of 75 times for 2025 [10][12]. - The current price-to-earnings ratio is projected to decrease from 125.43 in 2023 to 36.41 in 2027 [4][11].

Group 1: Financial Performance - The company's revenue growth in 2024 is attributed to the completion of large projects, including the safety production technology comprehensive control platform and the AI training center project [1] - The company's Q1 2025 performance declined due to project acceptance cycles, with a significant drop in revenue from two large projects completed in Q1 2024 compared to Q1 2025 [1] - The expected amount for daily related transactions in 2025 is 1.458 billion CNY, with anticipated revenue from these transactions at 1.326 billion CNY [4] Group 2: Market Expansion Strategies - The company is accelerating its marketing strategy by establishing an integrated marketing center and regional marketing systems to enhance market development and customer management [2] - Plans to expand into international markets include the completion of the ETT Mongolia coal washing and selection plant project, marking the first overseas smart washing solution [2] - The company aims to strengthen its marketing team and create benchmark demonstration projects in the AI field to enhance product visibility [2] Group 3: Competitive Advantages - The company holds a leading position in the energy technology sector, consistently ranking among the top 20 IT companies in China's coal industry for three consecutive years [3] - It leverages its unique position as the only IT service provider for the Shandong Energy Group, utilizing diverse application scenarios to offer comprehensive solutions [3] - The workforce includes over 960 experts, representing 79% of the total staff, combining energy industry and IT expertise to deliver customized intelligent solutions [3]

Group 1: Yunding Technology (云鼎科技) - In 2024, Yunding Technology is expected to achieve revenue of 1.351 billion yuan, a year-on-year increase of 18.35%, and a net profit of 92.7435 million yuan, a year-on-year increase of 50.11% [1] - Revenue growth in the industrial internet platform products is attributed to the completion and acceptance of large projects and the promotion of artificial intelligence business [1] - The company has successfully incubated over 110 mature AI application scenarios across multiple industries, with signed business contracts amounting to 256 million yuan [1] - Future plans include vertical exploration of coal mining industry application scenarios and horizontal expansion into other industries, aiming to develop a large model for the chemical industry [1] - The company will focus on internal growth and external mergers and acquisitions, seeking quality assets to enhance its industrial layout [1] - Cost reduction and efficiency improvement measures include strengthening project cost control, managing procurement costs, shortening project durations, optimizing capital turnover efficiency, and leveraging policy dividends [1] Group 2: Lutai A (鲁泰A) - Lutai A is currently in the capacity ramp-up phase for its "Overseas High-end Fabric Product Line Project (Phase I)" and is concentrating resources to achieve production efficiency [2] - Management expenses in 2024 are expected to decrease compared to the previous year, primarily due to the reduction of startup costs and restricted stock incentive expenses [2] - The direct export revenue to the U.S. accounts for approximately 3.6% of total revenue, with limited immediate impact from U.S. tariffs, although downstream customer impacts remain uncertain [2] - The company is closely monitoring the evolution of reciprocal tariff policies and is actively seeking strategies to mitigate potential impacts from tariffs [2] - An increase in shirt orders at the end of the period has led to a rise in short-term inventory levels [2] Group 3: Tongtai Fund (同泰基金) - Tongtai Fund was established in 2018, with a total asset management scale of 8.058 billion yuan, ranking 151 out of 210 [3] - The fund's scale for non-monetary public funds is also 8.058 billion yuan, ranking 130 out of 210 [3] - The fund manages 48 public funds, ranking 104 out of 210, with 6 public fund managers, ranking 137 out of 210 [3] - The best-performing public fund product in the past year is Tongtai Industrial Upgrade Mixed A, with a latest net value of 1.55 and a growth of 108.12% over the past year [3]

机构简介： 北京成泉资本管理有限公司（简称"成泉资本"）于2015年7月在北京注册成立，注册资本5000万元。 成 泉资本由资产管理行业名将、原中信证券执行总经理胡继光先生创立。胡继光先生历史投资业绩优秀， 具有28年证券、期货投资经验，经历了中国股市所有的牛熊市转换，见证了新中国资本市场的诞生与成 长。公司投研团队核心成员均来自国内最知名的大型证券公司和国内最具有影响力的研究机构，投资及 研究经验丰富、投资风格稳健、市场敏锐度极高、风险控制能力出色。团队核心成员共事多年、配合默 契，具有成熟的投资理念、共同的企业文化和强大的团队凝聚力。半数投研成员为公司创始合伙人，愿 景目标一致。 成泉资本拥有专业精深的投资研究能力、开放协作的企业文化、合作共赢的利益机制以 及完善的风险控制和基础设施，坚持以客户为中心，以客户资产保值增值为己任，致力于实现客户、员 工、股东多方共赢，成为国内资本市场上有重要影响力、受人尊敬的一流专业投资机构。 成泉资本， 成就您的财富梦想！ 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及4月10 ...

Financial Performance - In 2024, the company achieved a revenue of 1.351 billion CNY, representing an 18.35% year-on-year increase [1] - The net profit attributable to shareholders reached 92.74 million CNY, marking a 50.11% growth compared to the previous year [1] - Key factors for profit growth include expansion in industrial model applications, acquisition of controlling stake in Beidou Tiandi, and policy subsidies [2] Industrial Internet Platform - Significant revenue growth in 2024 was driven by the completion of major projects, including a comprehensive safety production control platform [2] - The company has successfully replicated AI business results across various sectors, enhancing overall performance [2] Cash Flow Management - Improved cash flow performance attributed to enhanced collection efforts and increased use of bank acceptance bills [2] AI Application Progress - The company has incubated over 110 mature scenarios in industries such as coal, chemicals, and power, with AI contracts totaling 256 million CNY in 2024 [2] - Future plans include focusing on core business needs and expanding AI solutions into chemical and power sectors [3] Marketing Strategy - The company aims to accelerate its marketing strategy by establishing an integrated marketing center and enhancing its sales team [3] - Plans to create benchmark projects in AI and expand into new industry scenarios [3] Workforce Planning - As of the end of 2024, the company had 1,213 employees, with plans to increase this to approximately 1,360 by 2025, focusing on high-demand technical and sales talent [3] Capital Operations - The company will pursue both organic growth and strategic acquisitions to enhance its market position and technological capabilities [3] Cost Control Measures - Plans to strengthen project cost management and reduce procurement costs by over 5% through centralized purchasing strategies [3]