Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 41.35 CNY [6][12]. Core Insights - The company is a leading provider of digital products and solutions, focusing on intelligent computing hardware and software, and is well-positioned in the digital transformation and new infrastructure sectors [3][27]. - The core subsidiary, Baifei Electronics, is a leader in domestic embedded computing, experiencing rapid order growth due to the rising demand in specialized electronic equipment [3][41]. - The future growth potential is significant, driven by AI and domestic innovation initiatives [3][27]. Financial Summary - Total revenue is projected to grow from 10,001 million CNY in 2023 to 13,990 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.4% [5][20]. - Net profit attributable to the parent company is expected to increase from 497 million CNY in 2023 to 726 million CNY in 2027, with a notable growth rate of 16.2% in 2027 [5][20]. - Earnings per share (EPS) is forecasted to rise from 0.73 CNY in 2023 to 1.07 CNY in 2027 [5][20]. Revenue Breakdown - The industry digitalization business is expected to achieve revenues of 9,721.91 million CNY in 2025, with a growth rate of 10% [19]. - The digital new infrastructure business is projected to generate revenues of 965.56 million CNY in 2025, with a growth rate of 20% [19]. - The digital products business is anticipated to reach revenues of 800 million CNY in 2024, with a growth rate of 1.19% [19]. Business Segments - The company operates in three main business segments: digital products, industry digitalization, and digital new infrastructure, with the digitalization segment contributing the highest revenue [33][34]. - The digital products segment includes intelligent computing hardware and software, while the industry digitalization segment focuses on enhancing digital infrastructure solutions [33][34]. - The digital new infrastructure segment provides comprehensive services throughout the lifecycle of digital infrastructure projects [33][34]. Internationalization and AI Initiatives - The company has successfully expanded its international business, generating 5.98 million CNY in revenue in 2024, with a focus on financial and telecommunications sectors [37]. - AI-related orders have surpassed 100, indicating a strong demand for intelligent computing solutions [36][37].