Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance meets expectations, with a total revenue of 31.316 billion yuan in 2024, reflecting a year-on-year growth of 78.1%. However, the net profit attributable to the parent company decreased by 66.2% to 180 million yuan due to various pressures from strategic acquisitions and integration costs [6][5] - The company is redefining itself as a full-stack intelligent product and service provider, with a robust growth in software and digital technology services, and significant contributions from hardware computing products and intelligent electronics [6][5] - The company is positioned as a core partner of Huawei, which is expected to drive future growth and profitability [6] Financial Data and Profit Forecast - Total revenue projections for 2025, 2026, and 2027 are 34.615 billion yuan, 38.788 billion yuan, and 43.865 billion yuan respectively, with expected growth rates of 10.5%, 12.1%, and 13.1% [5][12] - The net profit attributable to the parent company is forecasted to be 369 million yuan in 2025, 483 million yuan in 2026, and 646 million yuan in 2027, indicating a recovery from the previous year's losses [5][12] - The gross margin is expected to improve slightly from 12.9% in 2025 to 13.1% in 2027 [5] Business Segments - The software and digital technology services segment achieved a revenue of 181.2 billion yuan in 2024, with a year-on-year growth of 3.1%, supported by significant contributions from Huawei [6] - The hardware computing products and intelligent electronics segment contributed 129 billion yuan in revenue, with a gross margin of 5.5%, and notable growth in PC shipments [6] - Emerging business segments, including digital energy and intelligent computing services, generated 2.59 billion yuan in revenue, indicating potential for future growth [6] Adjustments in Profit Forecast - Adjustments were made to the revenue growth rates and gross margins for software technology services and digital infrastructure services, reflecting a more conservative outlook for the latter [7]