INESA-it(600602) 中银国际·2025-03-31 04:06Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 22.80 and a sector rating of "Outperform" [1][7]. Core Insights - In 2024, the company achieved a slight revenue growth of 6.8%, reaching RMB 5.623 billion, while the net profit increased by 4.9% to RMB 202 million. The non-recurring net profit saw a significant rise of 39.84% [5][9]. - The company's intelligent computing and big data businesses are steadily developing, supporting the "Buy" rating [5][7]. - The company is actively expanding its intelligent computing business, with significant projects like the second phase of the Songjiang Big Data Computing Center, which is part of Shanghai's major engineering list for 2024 [10]. Financial Performance Summary - The company forecasts revenues of RMB 71.1 billion, RMB 83.9 billion, and RMB 96.4 billion for 2025, 2026, and 2027 respectively. The net profit is expected to be RMB 2.8 billion, RMB 3.3 billion, and RMB 3.9 billion for the same years [7][9]. - The earnings per share (EPS) are projected to be RMB 0.20, RMB 0.24, and RMB 0.28 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 113.3, 93.5, and 80.5 [7][9]. - The company reported a gross margin of 19.29% for 2024, a slight increase of 1.30 percentage points year-on-year [10]. Market Position and Strategy - The company is positioned as a digital transformation expert in various sectors, focusing on comprehensive service capabilities and industry-specific solutions [10]. - The demand for smart computing and data solutions is increasing due to the rapid growth of digital infrastructure in smart city initiatives, benefiting the company's business expansion [10]. - The company has successfully completed multiple digital information system upgrades for government agencies, establishing a foundation for future projects [10].