INESA-it(600602) 海通证券·2025-03-30 12:42Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has shown strong performance in Q1, driven by dual engines of computing power and data elements, positioning itself as a key player in Shanghai's computing power and big data services [3][6] - The company achieved a revenue of 5.623 billion yuan in 2024, representing a year-on-year growth of 6.82%, with a net profit of 202 million yuan, up 4.92% year-on-year [6] - The company is actively expanding its intelligent computing business and has initiated the second phase of the Songjiang Big Data Technology Center, which is a significant project for Shanghai's computing power infrastructure [6][7] Financial Data and Forecast - Key financial data and forecasts are as follows: - Revenue (million yuan): 2023: 5264, 2024: 5623, 2025E: 6417, 2026E: 7474, 2027E: 8858 - Year-on-year growth rates: 2024: 6.8%, 2025E: 14.1%, 2026E: 16.5%, 2027E: 18.5% [5][10] - Net profit (million yuan): 2023: 193, 2024: 202, 2025E: 243, 2026E: 297, 2027E: 371 - Year-on-year growth rates: 2024: 4.9%, 2025E: 20.0%, 2026E: 22.1%, 2027E: 25.2% [5][10] - Fully diluted EPS (yuan): 2024: 0.15, 2025E: 0.18, 2026E: 0.22, 2027E: 0.27 [5][10] Business Performance - The company's cloud computing and big data business generated revenue of 2.998 billion yuan in 2024, a year-on-year increase of 17.89%, while the intelligent products business saw a decline of 33.98% [6] - The company has become a major player in Shanghai's big data services, winning contracts for data operation services for the city’s big data center for six consecutive years [6][7] Strategic Initiatives - The company is focusing on enhancing its core business structure and optimizing its operations, including the transfer of equity in Shanghai Broadcasting Communication Technology Co., Ltd. [6] - The company is actively participating in the development of AI applications, particularly in government vertical models, and has been recognized as a leading unit in the Shanghai Computing Power Network Association [7] Valuation and Investment Recommendations - The company is expected to achieve steady revenue growth in 2024, with significant improvements in non-recurring profits, indicating enhanced operational efficiency [7] - Revenue projections for 2025, 2026, and 2027 are 6.417 billion yuan, 7.474 billion yuan, and 8.858 billion yuan respectively, with net profits of 243 million yuan, 297 million yuan, and 371 million yuan [7][10] - The report suggests a reasonable valuation range of 26.64 to 32.84 yuan based on PE and PS methods, maintaining the "Outperform the Market" rating [7][10]