Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 52.93 yuan [1][7]. Core Views - The company reported a revenue of 64.36 million yuan in Q1 2025, a year-on-year increase of 2.59%, while the net profit attributable to shareholders was -83.58 million yuan [1]. - The company experienced a significant decline in revenue in 2024, with a total of 371 million yuan, down 24.31% year-on-year, and a net profit of -343 million yuan [1][7]. - The report highlights improvements in operational efficiency and cash flow, with a notable 47% year-on-year improvement in net cash flow from operating activities in Q1 2025 [7]. - The company is in a phase of technological investment and market expansion, with initial breakthroughs in its large model business, securing nearly 50 million yuan in orders across various sectors [7]. Financial Summary - For 2024, the total revenue is projected at 371 million yuan, with a year-on-year growth rate of -24.3%. The expected revenue for 2025 is 427 million yuan, reflecting a growth rate of 15% [3]. - The net profit attributable to shareholders is forecasted to improve from -343 million yuan in 2024 to -238 million yuan in 2025, indicating a reduction in losses by 30.7% [3]. - The earnings per share (EPS) is expected to improve from -2.84 yuan in 2024 to -1.96 yuan in 2025 [3].

Core Viewpoint - The company has improved cash collection efficiency, stabilized revenue in Q1 2025, and reduced losses, with significant orders in AI-related business [1][4]. Financial Performance - In 2024, the company achieved operating revenue of 371 million yuan, a year-over-year decline of 24.31% [1] - The net profit attributable to shareholders was -343 million yuan, down 19.16% year-over-year [1] - The net profit excluding non-recurring items was -380 million yuan, a decrease of 13.42% year-over-year [1] - Operating cash flow was -327 million yuan, but improved by 10.63% year-over-year [1] - In Q4 2024, the company reported revenue of 162 million yuan, a decline of 39.58% year-over-year [1] - For Q1 2025, revenue was 64 million yuan, showing a year-over-year increase of 2.59% [1] Order Growth and Client Retention - The number of new clients and average order value increased in 2024, particularly for high-value clients over 3 million yuan [2] - Revenue from repeat purchases by existing clients accounted for approximately 78.83% of the company's main business revenue [2] - The company improved cash collection efficiency, with total sales collections of about 460 million yuan in 2024, an increase of approximately 11.56% year-over-year [2] AI Infrastructure and Business Development - Demand for AI infrastructure has surged, with successful implementation of large model-related businesses [3] - The company secured nearly 50 million yuan in orders for large model-related business in 2024 [3] - The company has established several benchmark projects, including platforms for major financial institutions and government entities [3] Investment Rating - The company maintains a "strongly recommended" investment rating, benefiting from its leading market share in big data platforms and private deployment of large models [4] - Projected revenues for 2025-2027 are estimated at 523 million, 693 million, and 918 million yuan respectively [4]