Financial Performance - In 2024, the company achieved an operating revenue of 783,622.34 million yuan and a net profit attributable to shareholders of 19,108.42 million yuan, with a net profit excluding non-recurring gains and losses of 17,603.94 million yuan [2] - The company plans to disclose its Q1 2025 report on April 30, 2025 [3] Share Buyback and Stake Increase - The controlling shareholder, Zhongdian Taiji, and its concerted party, Dian Ke Investment, plan to increase their stake in the company starting from October 19, 2024, for a period of six months, through various trading methods allowed by the Shenzhen Stock Exchange [2] - As of now, Zhongdian Taiji and Dian Ke Investment have cumulatively increased their stake by 1.14% of the total share capital, with a total investment amounting to 7,111,512.65 yuan [3] Future Growth Strategies - The company will continue to deepen its "one body, two wings" development strategy in 2025, focusing on "trustworthy foundation, data-driven, and intelligent future" as key drivers for strategic transformation [3] - The strategy includes building a solid and reliable digital foundation, leveraging data for industry solutions, and embracing artificial intelligence for digital transformation [3] Mergers and Acquisitions - The company emphasizes the importance of internal and external mergers and acquisitions for business development and market value management, and will continue to explore opportunities in upstream and downstream industries and new technology fields [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company's business structure is continuously optimizing, with significant performance improvement noted in the second half of 2024 [4]. - The company achieved a revenue of 7.836 billion yuan in 2024, a year-on-year decrease of 14.77%, while the net profit attributable to shareholders was 191 million yuan, down 49.08% [3][10]. - The gross margin for 2024 was 24.08%, an increase of 0.60 percentage points year-on-year [3][4]. Business Performance Summary - In 2024, the cloud and data services segment generated revenue of 1.173 billion yuan, a year-on-year increase of 12.34%, accounting for 14.97% of total revenue [4]. - The self-developed software products segment reported revenue of 1.931 billion yuan, a decline of 6.25%, representing 24.65% of total revenue [4]. - The industry solutions segment saw revenue of 3.438 billion yuan, down 15.98%, making up 43.87% of total revenue [4]. - The digital infrastructure segment experienced a significant decline in revenue, totaling 1.150 billion yuan, down 37.70%, accounting for 14.68% of total revenue [4]. Growth Drivers - The company is actively participating in digital government projects, contributing to the construction of the Hengqin Guangdong-Macao Deep Cooperation Zone and Hainan Free Trade Port [5]. - The database business, particularly through its subsidiary, achieved revenue of 433 million yuan in 2024, a growth of 16.02% [5]. - The company is enhancing its cloud services capabilities, with its Beijing municipal government cloud platform passing technical capability assessments [8]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 8.957 billion yuan, 9.969 billion yuan, and 10.992 billion yuan, respectively, with corresponding net profits of 284 million yuan, 343 million yuan, and 408 million yuan [10][11]. - The earnings per share (EPS) are forecasted to be 0.46 yuan in 2025, 0.55 yuan in 2026, and 0.65 yuan in 2027 [10][11].

证券代码：002368 证券简称：太极股份 公告编号：2025-014 太极计算机股份有限公司 关于控股股东及一致行动人增持计划实施进展的公告 中电太极（集团）有限公司、中电科投资控股有限公司保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、太极计算机股份有限公司（以下简称"公司"）于 2024 年 10 月 19 日披露 了《关于控股股东及一致行动人增持公司股份计划的公告》（公告编号：2024-029）， 基于对公司未来持续稳定发展的信心和长期投资价值的认可，为增强投资者信 心，中电太极（集团）有限公司（以下简称"中电太极"）及一致行动人中电科投 资控股有限公司（以下简称"电科投资"）拟自 2024 年 10 月 19 日起 6 个月内以 不限于集中竞价交易、大宗交易等深圳证券交易所允许的方式增持公司股份， 增持金额分别为不低于人民币1亿元且不超过2亿元和不低于人民币5000万元， 双方合计增持股份数量不超过公司总股本的 2%。 2、截至本公告日，中电太极及一致行动人电科投资以集中竞价的方式 ...

Summary of Taiji Co., Ltd. Conference Call Company Overview - **Company**: Taiji Co., Ltd. - **Industry**: Digital Solutions and Services Key Financial Metrics - **2024 Revenue**: 7.836 billion CNY, a decrease of 14.77% year-on-year [3] - **Net Profit**: 191 million CNY, a decrease of 49% year-on-year [3] - **Net Profit (Excluding Non-Recurring Items)**: Decreased by 48.53% [3] - **Operating Cash Flow**: Negative 207 million CNY, improved by 62.64% from negative 555 million CNY in the previous year [3] - **Fourth Quarter Performance**: Revenue and profit doubled compared to previous quarters [3] Business Segments and Performance - **Cloud Services**: Grew by 11.36% year-on-year [3] - **Self-developed Software Products**: Revenue exceeded 400 million CNY, with a net profit of 80 million CNY [3] - **Gross Margin**: Increased to 24.8% [4] Strategic Development Plans - **Three-Year Strategy**: "One Body, Two Wings, Three Engines" focusing on industry digitalization, product industrialization, and service platformization [5] - **Key Engines**: Trustworthy, Data, and Intelligence aimed at building a digital foundation for China [5] Market Strategy - **National Party and Government Market**: Implementing the "Front Store, Back Field, Full Sky" strategy, focusing on regional platforms [3][8] - **Beijing Center**: Focused on high-end customer solutions [8] - **Xi'an New Park**: Main R&D and delivery hub expected to be completed in 2025 [8] Technological Innovations - **AI Development**: Focus on integrated development of data, computing power, and model applications [10][14] - **Core Products**: Development of key products in the trusted computing field, including terminal and backend solutions [12] Organizational Adjustments - **Restructuring**: Major organizational changes in 2024, forming two new business groups to enhance focus on data elements and regional expansion [11] - **Five Major Segments**: Digital solutions, cloud and data services, self-developed products, digital infrastructure, and regional markets [11] Financial Management - **Cost Control**: Emphasis on optimizing cash flow management and controlling expenses to enhance profitability [15] - **R&D Expenses**: Decreased by 31% due to strategic adjustments and reduced government subsidies [17] Market Outlook - **2025 Market Demand**: Expected to be stable, with a focus on regional markets and gradual project initiation [21] - **AI and Cloud Solutions**: Anticipated increase in demand for integrated AI solutions post-2025 [20] Challenges and Risk Management - **External Environment**: Maintaining a robust order reserve of 10.8 billion CNY to ensure revenue stability [15] - **Debt Management**: Plans to enhance accounts receivable management to mitigate impairment losses [17] Conclusion - **Future Vision**: Taiji Co., Ltd. aims to become a leading digital service provider in China, focusing on innovation, market expansion, and enhancing profitability through strategic initiatives and technological advancements [8][27]

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 783,622.34 thousand yuan, a decline compared to the previous year [4] - The net profit attributable to shareholders was 19,108.42 thousand yuan, also showing a decrease [4] - The net profit after deducting non-recurring gains and losses was 17,603.94 thousand yuan, with operating cash flow increasing compared to the previous year [4] Group 2: Strategic Development - The company will continue to deepen its "one body, two wings" development strategy in 2025, focusing on "trustworthy foundation, data-driven, and intelligent leadership" [5] - The strategy aims to build a solid digital foundation and reliable products, leveraging data for industry solutions and embracing AI for digital transformation [5] Group 3: Research and Innovation - The company is focusing on cloud-native, data elements, and AI in its R&D layout, with plans for significant future initiatives [5] - In AI, the company aims to create an integrated development model combining computing power, models, and applications [6] Group 4: Market and Operational Improvements - The company faced significant operational pressure in the first half of 2024, leading to a temporary loss, but improved performance in the second half through market expansion and project delivery [5] - A dedicated working group for "信创" (Xinchuang) will be established in 2025 to enhance business development in this area, focusing on customer pain points [5] Group 5: Cost Management and Profitability - The company has implemented measures to control overdue accounts and optimize business structure to improve profitability [6] - R&D investment has shifted focus towards domestic databases and AI, resulting in a decrease in overall R&D spending [6]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The company's Q4 performance shows stabilization in revenue and profit, with significant improvement in operational quality. The growth is driven by opportunities in trusted innovation (信创), AI, and data elements, particularly in cloud and data services [1][6]. - The company is positioned as a foundational player in digital China, with advantages in trusted innovation, data elements, and cloud services, projecting a net profit of 316 million, 428 million, and 495 million yuan for 2025 to 2027 respectively [6][10]. Financial Data and Valuation - Total revenue for 2023 is reported at 9,195 million yuan, with a year-on-year decline of 13%. The projected revenue for 2024 is 7,836 million yuan, with a further decline of 15%, followed by a recovery with expected growth of 10% in 2025 [2][10]. - Operating profit for 2023 is 419 million yuan, with a decrease of 4% year-on-year. The forecast for 2024 shows a significant drop to 233 million yuan, but a recovery is expected with 384 million yuan in 2025, representing a 65% increase [2][10]. - The company's net profit attributable to shareholders is 375 million yuan for 2023, down 1% year-on-year, with a forecast of 316 million yuan for 2025, reflecting a 66% increase [2][10]. - The current price-to-earnings (PE) ratio is 41.7, projected to rise to 81.9 in 2024 before decreasing to 49.5 in 2025 [2][11]. Business Performance - In Q4, the company achieved a revenue of 34.99 billion yuan, down 11.95% year-on-year, with a net profit of 2.19 billion yuan, a decrease of 9.82% [6][10]. - The company’s gross margin improved by 0.60 percentage points to 24.08% for the year, with Q4 gross margin increasing by 2.16 percentage points to 18.05% [6][10]. - The cloud and data services, along with trusted innovation business, are key growth drivers, with cloud and data services revenue growing by 12.34% in 2024 [6][10]. Shareholder Information - The major shareholder is China Electric Tai Chi Group Co., Ltd., holding 28.61% of the shares [3].

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [3][13]. Core Views - The company's operating conditions improved in the second half of 2024, with a notable performance from its subsidiary, Electric Science and Technology JinCang [1][8]. - Despite a decline in annual revenue and net profit compared to the previous year, the company is focusing on market expansion and project delivery to enhance its core business [8][9]. - The company is actively participating in digital transformation projects across various sectors, including government and enterprise, which positions it well for future growth [9]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 7.836 billion yuan, a year-on-year decrease of 14.77%, and a net profit attributable to shareholders of 191 million yuan, down 49.08% [3][8]. - The revenue breakdown shows that the cloud and data services segment grew by 12.34% to 1.173 billion yuan, while other segments experienced declines [8][9]. - The company’s profit distribution plan includes a cash dividend of 0.925 yuan per 10 shares [3]. Revenue and Profit Forecast - The forecast for 2025 estimates revenue to rise to 9.831 billion yuan, with a projected net profit of 249 million yuan, reflecting a recovery trend [7][11]. - The expected earnings per share (EPS) for 2025 is 0.40 yuan, with a price-to-earnings (P/E) ratio of 62.2 times based on the closing price on April 2 [9][11]. Business Segments and Market Strategy - The company is enhancing its digital government initiatives and has secured contracts for various projects, including disaster prevention and monitoring systems [9]. - In the digital enterprise sector, the company continues to provide services to major clients and is expanding its customer base by integrating emerging technologies [9]. - The subsidiary, Electric Science and Technology JinCang, reported a revenue increase of 16.02% to 432.59 million yuan, indicating strong performance in the database sector [9][10]. Financial Ratios and Metrics - The company’s gross margin for 2024 was 24.1%, with a net margin of 2.4% [11]. - The return on equity (ROE) is projected to improve from 3.6% in 2024 to 6.3% by 2027, reflecting enhanced profitability [11]. - The asset-liability ratio stands at 65.0%, indicating a stable financial structure [11].

Investment Rating - The investment rating for the company is "Buy" with a target price of 45.32 RMB [7][8] Core Views - The company achieved a revenue of 7.836 billion RMB in 2024, a year-on-year decrease of 14.77%, and a net profit attributable to shareholders of 191 million RMB, down 49.08% year-on-year. The performance was below expectations primarily due to delays in traditional project bidding from downstream clients. The company is focusing on cloud and data services, which are progressing well, and is expected to benefit from AI and data demand, particularly in government and industry cloud services [1][2][4] - The cloud and data business generated 1.173 billion RMB in revenue in 2024, an increase of 12.34% year-on-year, accounting for 14.97% of total revenue. The company is expected to leverage its "Xinchuang" positioning advantage in the market [2][4] - The subsidiary, Kingbase, reported a revenue of 433 million RMB in 2024, a year-on-year increase of 16.02%, benefiting from industry demand for Xinchuang. The database management system has passed national security assessments, maintaining a leading position in the industry [3][4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 7.836 billion RMB and a net profit of 191 million RMB, with significant declines in both metrics compared to the previous year [1][6] - The revenue forecast for 2025 is adjusted to 8.558 billion RMB, with net profit expected to be 408 million RMB, reflecting a recovery trend [4][6] Business Segments - The cloud and data services segment is projected to be the core driver of revenue growth, with a focus on government and industry cloud opportunities [2][4] - The Kingbase database segment is expected to see accelerated revenue growth in 2025 due to ongoing industry demand [3][4] Valuation - The estimated market capitalization is 28.2 billion RMB, with a target price of 45.32 RMB, reflecting a valuation of 15.1x PS for the Kingbase database business and 60.1x PE for other businesses [4][8]

Meeting Information - The annual general meeting of Taiji Computer Co., Ltd. is scheduled for May 15, 2025, at 14:00 [1] - Voting will be conducted both on-site and via online platforms, with specific time slots for internet voting from 9:15 to 15:00 on the same day [1][2] Voting Procedures - Shareholders can choose either on-site voting or online voting, and duplicate votes will be counted based on the first submission [2] - Shareholders must register to attend the meeting, with specific documentation required for different types of shareholders [3][4] Agenda Items - The meeting will review several proposals, including: - Confirmation of 2024 annual related party transactions and estimated transactions for 2025 - Application for comprehensive credit from commercial banks and guarantees for subsidiaries - Application for comprehensive credit from China Electronics Technology Finance Co., Ltd. and related party transactions [2][3] Voting Process - The voting process will allow shareholders to express their opinions on proposals as "agree," "disagree," or "abstain," with specific rules for handling duplicate votes [5][9] - Detailed instructions for participating in online voting are provided, including identity verification requirements [5]

Core Viewpoint - The company has announced a profit distribution plan for the year 2024, proposing a cash dividend of 0.925 yuan per 10 shares, totaling approximately 57.65 million yuan, which aligns with regulatory requirements and aims to benefit all shareholders, particularly minority shareholders [1][2][5]. Group 1: Profit Distribution Plan - The profit distribution plan is based on a total share capital of 623,231,286 shares as of December 31, 2024, with a cash dividend of 0.925 yuan per 10 shares, amounting to a total distribution of 57,648,893.95 yuan [1][2]. - The company will not increase share capital through reserves or issue bonus shares, and any changes in total share capital due to share buybacks will adjust the distribution ratio while keeping the total cash dividend unchanged [1][2]. Group 2: Financial Performance - The company reported a net profit attributable to shareholders of 191,084,177.64 yuan for the year 2024, with a total distributable profit of 1,025,806,709.11 yuan after accounting for legal reserves and previous undistributed profits [2][4]. - The cumulative cash dividends over the last three fiscal years exceeded 30% of the average net profit for the same period, thus not triggering any risk warning under the Shenzhen Stock Exchange listing rules [3][5]. Group 3: Compliance and Justification - The profit distribution plan complies with relevant laws and regulations, including the Company Law and Securities Law, and considers the company's profitability, financial condition, and funding needs while ensuring long-term development [5]. - The cash dividend level is consistent with the average level of listed companies in the same industry, indicating a balanced approach to shareholder returns [5].