Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's performance is under short-term pressure due to a decline in gross margin and impairment provisions, with a revenue of 7.757 billion yuan in 2024, down 4.71% year-over-year, and a net profit of 315 million yuan, down 37.90% year-over-year [1] - The data center business is experiencing rapid growth, with revenue of 3.152 billion yuan in 2024, up 14.07% year-over-year, contributing 40.63% to total revenue [3] - The company is actively innovating in data center products and solutions, with a significant increase in orders in 2025, particularly in AI computing scenarios [4] - The smart energy business has shown a significant improvement in profitability, with a gross margin increase of 6.82 percentage points [6] - The renewable energy sector is steadily developing, with a revenue of 3.608 billion yuan in 2024, despite a year-over-year decline of 15.98% [7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 7.757 billion yuan and a net profit of 315 million yuan, with a gross margin of 25.20% [1] - For Q1 2025, the company achieved a revenue of 1.216 billion yuan, up 2.73% year-over-year, and a net profit of 69 million yuan, down 6.26% year-over-year [2] Data Center Business - The data center business generated revenue of 3.152 billion yuan in 2024, with IDC services and data center products contributing 1.231 billion yuan and 1.921 billion yuan, respectively [3] - The company has introduced innovative products for AI computing and has secured numerous orders from major internet companies [4][5] Smart Energy Business - The smart energy segment reported revenue of 922 million yuan in 2024, with a gross margin of 41.06%, reflecting a significant improvement in profitability [6] Renewable Energy Business - The renewable energy segment generated revenue of 3.608 billion yuan in 2024, with a gross margin of 16.78% [7] - The company has launched several innovative products and completed significant projects in the renewable energy sector [12] Profit Forecast and Valuation - The company is expected to see a rebound in net profit, with forecasts of 654 million yuan in 2025, 814 million yuan in 2026, and 988 million yuan in 2027 [13]

Group 1: ZTE Information - ZTE Information has approximately 7,000 active users for SnapDevelop and plans to release a paid commercial version in the future [1] - EazyDevelop, which focuses on rapid development using AI technology, will support MCP calls and is set to launch a free trial version [1] - Baidao Software has made breakthroughs in RISC-V firmware and is collaborating with major companies like Huawei and Lenovo [1] Group 2: Boji Pharmaceutical - Boji Pharmaceutical's new orders for 2024 are projected to be 1.515 billion yuan, a year-on-year increase of 30.07% [2] - The company aims for a revenue target of 682 million yuan for 2025, with a focus on clinical business and technology transfer services [2] - The company is exploring AI applications in clinical trial processes and has seen a 20% growth in traditional Chinese medicine CRO orders [2] Group 3: Kehua Data - Kehua Data's revenue for 2024 is expected to be 7.757 billion yuan, a decrease of 4.71% year-on-year, with a net profit of 315 million yuan [3] - The intelligent computing center business has seen a revenue increase of 14.07%, while the new energy business revenue has decreased by 15.98% [3] - The company plans to enhance its intelligent computing center business and has completed a convertible bond project for future funding [3] Group 4: Tongyu Communication - Tongyu Communication's growth in the first quarter is attributed to increased overseas revenue and contributions from satellite communication [4] - The company is focusing on R&D in satellite communication and 5G integrated antennas, achieving significant results [4] - Future plans include targeting high-end markets and leveraging overseas advantages to assist domestic satellite manufacturers [4]

Financial Performance - In 2024, the company's total revenue was CNY 7.757 billion, a decrease of 4.71% year-on-year [3] - Data center revenue reached CNY 3.152 billion, an increase of 14.07% year-on-year, with a gross margin of 28.77% [3] - Smart energy revenue was CNY 922 million, down 9.01% year-on-year, with a gross margin of 41.06% [3] - New energy revenue was CNY 3.608 billion, a decline of 15.98% year-on-year, with a gross margin of 16.78% [3] - The net profit attributable to shareholders was CNY 315 million, impacted by credit and asset impairment losses totaling CNY 258 million [3] Business Development - The smart computing center business generated approximately CNY 3.152 billion in revenue, growing 14.07% year-on-year [4] - The company is actively engaging in AI, computing power, and autonomous driving markets, establishing a robust heterogeneous computing power platform [4] - The company has secured numerous product orders from major clients in the internet, telecommunications, and finance sectors, with significant growth expected in 2025 [5] Technological Advancements - The company has been recognized as a top 10 service provider in the third-party computing power center sector, ranking 8th in comprehensive development and 4th in technical capability [6] - In the smart energy sector, the company has launched innovative products such as the 1500V 5MW liquid-cooled photovoltaic inverter, enhancing its market position [8] - The company has achieved the highest shipment volume of energy storage PCS among Chinese enterprises globally, maintaining a strong presence in the renewable energy sector [9] Future Outlook - The company plans to intensify its focus on the smart computing center business, leveraging its core technology in power electronics for new product development [10] - A strategic customer department has been established to deepen collaborations with major internet companies and expand into various sectors [10] - The company is considering future financing plans based on strategic goals and market conditions, following the successful completion of a convertible bond project [11]