MONTNETS TECHNOLOGY(002123) 天风证券·2025-02-05 13:20Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 46 million to 55 million yuan in 2024, marking a turnaround from losses [1]. - The company is focusing on its core business, with improvements in the 5G messaging service and international business growth, leading to a gradual recovery in the industry [2]. - The acquisition of Bicheng Digital is anticipated to enhance the company's profitability and create synergies in marketing and e-commerce services [3]. - The integration of AI capabilities is expected to drive business intelligence upgrades and operational efficiency [4]. Summary by Sections Financial Performance - In 2022, the company reported a revenue of 4,157.44 million yuan, which increased to 5,234.38 million yuan in 2023, with a projected revenue of 5,016.55 million yuan for 2024, reflecting a growth rate of -4.16% [10]. - The net profit attributable to shareholders was a loss of 722.07 million yuan in 2022, a loss of 1,822.49 million yuan in 2023, and is expected to turn positive with a profit of 54.16 million yuan in 2024 [10]. Business Development - The company is experiencing a recovery in the national SMS business, with a positive growth trend expected to continue into 2024 [2]. - The acquisition of Bicheng Digital, which generated revenues of 1.278 billion yuan and 1.591 billion yuan in 2022 and 2023 respectively, is expected to strengthen the company's market position [3]. - The company is enhancing its AI capabilities through the Tianhui Zhihui platform, integrating various AI models to improve service offerings [4]. Market Outlook - The report indicates that the domestic information market is gradually recovering, with opportunities in the international market continuing to expand [4]. - The company is expected to leverage its strong technical and service capabilities to capitalize on market opportunities in the medium to long term [4].