Sugon(603019) 国盛证券·2025-02-28 08:16Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company's performance report for 2024 shows total revenue of 13.166 billion yuan, a year-on-year decrease of 8.27%, while net profit attributable to shareholders increased by 4.26% to 1.914 billion yuan, aligning with market expectations [1] - The company's strategic focus on optimizing product structure and providing diverse, high-quality solutions has enhanced operational efficiency and maintained core business profitability [1] - The company is positioned to benefit from the national push for high-quality development in computing infrastructure, with plans to exceed 300 EFLOPS in computing power by 2025 [3] Financial Performance Summary - For 2024, the company expects revenues of 13.173 billion yuan, with a projected net profit of 1.909 billion yuan, reflecting a growth rate of 4.0% [5] - The company reported a net profit of 1.144 billion yuan in Q4 2024, a year-on-year increase of 5.34% [1] - The financial metrics indicate a projected EPS of 1.30 yuan for 2024, with a P/E ratio of 58.5 [5][6] Asset Valuation and Growth Potential - The company holds several high-quality assets, including Haiguang Information, which reported a revenue increase of 52.40% to 9.162 billion yuan in 2024 [2] - The company benefits from its affiliation with the Chinese Academy of Sciences, which supports ongoing technological incubation and collaboration [2] - The report highlights the potential for asset revaluation and continued growth through strategic partnerships and innovation [2]