Sugon(603019) 开源证券·2025-03-03 06:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leader in domestic AI infrastructure with strong operational resilience. Despite a projected decline in revenue for 2024, the net profit is expected to grow, indicating a stable performance [5][6] - The company has adjusted its net profit forecasts for 2024-2026 to 1.914 billion, 2.376 billion, and 2.872 billion yuan respectively, reflecting a decrease from previous estimates due to changes in downstream demand [4][5] Financial Summary - The company is expected to achieve a revenue of 131.66 billion yuan in 2024, a year-on-year decrease of 8.27%, while the net profit is projected to be 19.14 billion yuan, a year-on-year increase of 4.26% [5] - The earnings per share (EPS) for 2024-2026 are forecasted to be 1.31, 1.62, and 1.96 yuan per share, with corresponding price-to-earnings (P/E) ratios of 54.8, 44.2, and 36.5 times [4][8] - The company has maintained a gross margin of approximately 26.4% for 2024, with expectations to increase to 28.0% and 28.7% in 2025 and 2026 respectively [8] Product Development - The company has launched the domestically produced DeepSeek integrated machine, enhancing its capabilities in private cloud deployment for government and enterprise clients [6] - The introduction of the DeepAI intelligent engine aims to facilitate AI application development across various industries, embedding a comprehensive AI acceleration suite [7]