润和软件(300339)：营收稳中有增 AI布局清晰

Financial Performance - The company reported a total revenue of 3.399 billion yuan for the year, representing a year-on-year growth of 9.43% [1] - The net profit attributable to shareholders was 161 million yuan, showing a decline of 1.64% compared to the previous year [1] - The gross margin for the year was 23.68%, which is a slight decrease from the previous year [1] - Operating cash flow for the year was 36 million yuan, indicating a certain decline year-on-year [1] Business Segment Performance - The financial technology segment generated revenue of 1.827 billion yuan, with a year-on-year growth of 7.09% and a gross margin of 23.01% [1] - The smart IoT segment achieved revenue of 1.066 billion yuan, reflecting a growth of 17.13% year-on-year and a gross margin of 24.44% [1] - The smart energy information segment reported revenue of 387 million yuan, with a year-on-year increase of 12.80% and a gross margin of 24.31% [1] Quarterly Performance - In Q4, the company achieved revenue of 990 million yuan, which is a year-on-year increase of 4.87% [2] - The net profit attributable to shareholders for Q4 was 50 million yuan, down 23.16% year-on-year [2] - The gross margin for Q4 was 18.50% [2] - Operating cash flow for Q4 was 358 million yuan, showing a slight decline year-on-year [2] AI Strategy - The company is fully committed to AI, developing a comprehensive technology system that includes AI chips, servers, operating systems, and a full-stack AI platform [3] - The AI strategy aims to provide end-to-end large model solutions for industries such as finance, energy, and retail, facilitating rapid deployment of intelligent scenarios [3] - The company has established a cloud-edge-end intelligent ecosystem, focusing on high-density and high-compatibility computing support for model training and inference [3] - A product matrix centered around a three-dimensional collaborative framework has been developed, including various AI engines to support enterprise-level AI capabilities [3] Revenue Forecast and Valuation - The company is projected to achieve revenues of 3.832 billion yuan, 4.416 billion yuan, and 5.141 billion yuan for the years 2025, 2026, and 2027, with year-on-year growth rates of 12.73%, 15.23%, and 16.42% respectively [4] - The estimated net profit attributable to shareholders for 2025 is 187 million yuan, corresponding to a PE ratio of 207 times [4] - The company's position within the Huawei supply chain and its advantages in AI and existing customer channels are expected to support continued performance improvement [4]