Taiji Corp,Ltd(002368) 华泰证券·2025-04-02 07:26Investment Rating - The investment rating for the company is "Buy" with a target price of 45.32 RMB [7][8] Core Views - The company achieved a revenue of 7.836 billion RMB in 2024, a year-on-year decrease of 14.77%, and a net profit attributable to shareholders of 191 million RMB, down 49.08% year-on-year. The performance was below expectations primarily due to delays in traditional project bidding from downstream clients. The company is focusing on cloud and data services, which are progressing well, and is expected to benefit from AI and data demand, particularly in government and industry cloud services [1][2][4] - The cloud and data business generated 1.173 billion RMB in revenue in 2024, an increase of 12.34% year-on-year, accounting for 14.97% of total revenue. The company is expected to leverage its "Xinchuang" positioning advantage in the market [2][4] - The subsidiary, Kingbase, reported a revenue of 433 million RMB in 2024, a year-on-year increase of 16.02%, benefiting from industry demand for Xinchuang. The database management system has passed national security assessments, maintaining a leading position in the industry [3][4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 7.836 billion RMB and a net profit of 191 million RMB, with significant declines in both metrics compared to the previous year [1][6] - The revenue forecast for 2025 is adjusted to 8.558 billion RMB, with net profit expected to be 408 million RMB, reflecting a recovery trend [4][6] Business Segments - The cloud and data services segment is projected to be the core driver of revenue growth, with a focus on government and industry cloud opportunities [2][4] - The Kingbase database segment is expected to see accelerated revenue growth in 2025 due to ongoing industry demand [3][4] Valuation - The estimated market capitalization is 28.2 billion RMB, with a target price of 45.32 RMB, reflecting a valuation of 15.1x PS for the Kingbase database business and 60.1x PE for other businesses [4][8]