Core Viewpoint - The company reported a significant increase in revenue for 2024, but faced a substantial decline in net profit due to strategic investments and market conditions [1][2]. Financial Performance - In 2024, the company achieved a total revenue of 1.092 billion yuan, representing a year-on-year growth of 20.83% [1][2]. - The net profit attributable to the parent company was -18 million yuan, a decrease of 124.53% year-on-year [1][2]. - For Q1 2025, the company reported revenue of 406 million yuan, a year-on-year increase of 79.82%, and a net profit of 32 million yuan, up 207.17% year-on-year [1]. Revenue Drivers - The revenue growth in 2024 was primarily driven by advancements in the server product sector and successful customer expansion [2]. - The company increased its investment in research and development, leading to higher expenses that impacted short-term profit [2]. - The defense sector saw a decline in revenue from system interconnection products, down 34.73% year-on-year, while the communications sector experienced a significant increase, with component product revenue rising by 129.59% [2]. Market Position and Opportunities - The company is positioned as a core supplier in the domestic computing power chain, benefiting from high demand for computing power [3]. - The company has a strong partnership with Huawei, which accounts for over 35% of its business, and holds a market share of 20%-30% in high-speed backplane products for Huawei [3]. - In 2024, the company invested 147 million yuan in building high-speed module production lines, with ongoing capacity expansion [3]. Industry Trends - The demand for intelligent and integrated defense products is increasing, with the company being a key supplier to major defense enterprises [5]. - The government has emphasized accelerating the development of national defense information technology, which aligns with the company's ongoing projects in defense applications [5]. Future Projections - Revenue projections for 2025-2027 are estimated at 2.48 billion yuan, 3.13 billion yuan, and 3.95 billion yuan, respectively, with net profits expected to be 259 million yuan, 327 million yuan, and 409 million yuan [6]. - The company is anticipated to experience high growth potential in both defense and computing power-related products [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a revenue of 1.092 billion yuan in 2024, representing a year-on-year growth of 20.83%, but a net profit attributable to the parent company of -0.18 billion yuan, a decline of 124.53% year-on-year. In Q1 2025, revenue reached 406 million yuan, up 79.82%, with a net profit of 32 million yuan, a growth of 207.17% year-on-year [4][5] - The revenue growth in 2024 was primarily driven by breakthroughs in the server product layout and customer expansion, despite increased R&D and human resource investments impacting short-term profit performance [4][5] - The company is positioned as a core supplier in the domestic computing power chain and is expected to benefit from high demand for computing power, particularly through its deep partnership with Huawei, which accounts for over 35% of its business [4][5] Summary by Sections Market Performance - The company's stock performance has shown significant fluctuations, with a comparative analysis against the CSI 300 index indicating varying absolute and relative growth rates over different time frames [3][4] Financial Performance - In 2024, the company achieved a total revenue of 1.092 billion yuan, with a year-on-year growth of 20.83%. The net profit was -0.18 billion yuan, reflecting a significant decline. Projections for 2025 estimate revenues of 2.48 billion yuan, with a net profit of 259 million yuan, indicating a substantial recovery and growth trajectory [5][7] R&D and Product Development - The company has a R&D expense ratio of 10.45% and is actively working on multiple projects that are expected to convert into long-term growth drivers. The focus on high-speed products and the establishment of brand advantages in the server market are key strategies [4][5] Industry Outlook - The defense sector is experiencing a shift towards smart and integrated solutions, with the company being a major supplier for leading defense enterprises. The increasing demand for intelligent defense equipment is expected to enhance the company's performance in the coming years [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a revenue of 1.092 billion yuan for 2024, representing a year-on-year growth of 20.83%, but a net profit attributable to the parent company of -0.18 billion yuan, a decline of 124.53% [4][5] - In Q1 2025, the company achieved a revenue of 406 million yuan, a year-on-year increase of 79.82%, and a net profit of 32 million yuan, up 207.17% year-on-year [4][5] - The company is positioned as a core supplier in the domestic computing power chain and is expected to benefit from the high demand for computing power [4][5] - The defense sector's demand for intelligent and integrated products is increasing, and the company continues to invest in R&D, which is likely to enhance performance [4][5] Summary by Sections Market Performance - The company's stock has shown significant fluctuations compared to the CSI 300 index, with absolute growth rates of 13.34% over 1 month, -23.02% over 2 months, and 47.99% over 3 months [3][4] Financial Data and Forecast - The company forecasts total revenues of 2.48 billion yuan, 3.13 billion yuan, and 3.95 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 259 million yuan, 327 million yuan, and 409 million yuan for the same years [5][7] - The projected P/E ratios for 2025, 2026, and 2027 are 101.35, 80.24, and 64.10 respectively [5][7] Investment Insights - The company has made significant investments in R&D, with a research expense ratio of 10.45% in 2024, indicating a commitment to innovation [4][5] - The company is expected to maintain high growth potential due to its involvement in the defense and computing power sectors, which are anticipated to drive revenue growth [5][6]