Digital China(000034) 申万宏源证券·2025-04-06 12:43Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates overall operational resilience, with stable performance in its proprietary brand business [1] - The company's revenue for 2024 was 128.166 billion yuan, reflecting a year-on-year growth of 7.14%, while the net profit attributable to the parent company was 753 million yuan, a decrease of 35.77% year-on-year [6] - The company has optimized its operational quality, achieving a gross margin of 4.21%, an increase of 0.22 percentage points year-on-year [6] - The proprietary brand product business has shown continuous breakthroughs, with revenue reaching 4.581 billion yuan, a year-on-year increase of 20.25% [6] - The AI-enabled cloud services and software segment achieved revenue of 2.965 billion yuan, growing by 18.75% year-on-year [6] - The company has improved its cash flow management, with a net cash inflow from operating activities of 2.5 billion yuan [6] - The report suggests an upward revision of revenue forecasts for 2025-2026, with expected revenues of 134.986 billion yuan and 142.524 billion yuan respectively [6] Financial Data and Profit Forecast - Total revenue forecast for 2023 is 119.624 billion yuan, with a year-on-year growth rate of 3.2% [5] - The forecasted net profit attributable to the parent company for 2025 is 788 million yuan, with a year-on-year growth rate of 4.8% [5] - The forecasted earnings per share for 2025 is 1.18 yuan [5] - The company's return on equity (ROE) for 2025 is projected to be 8.0% [5] - The price-to-earnings (PE) ratio for 2025 is estimated at 36x [5]