DPtech(300768) 山西证券·2025-04-18 05:23Investment Rating - The report maintains a "Buy-A" rating for the company [1][8] Core Insights - The company has demonstrated steady revenue growth, achieving a revenue of 1.155 billion yuan in 2024, a year-on-year increase of 11.68%, and a net profit of 161 million yuan, up 27.26% year-on-year [2][4] - The company is accelerating its layout in AI new business, covering AI integrated machines, basic networks, intelligent agents, and AI services [5][6] - The company has shown strong performance in its security and network business, with a revenue of 767 million yuan from network security products, a growth of 11.05% year-on-year [4] Financial Performance - In 2024, the company's gross profit margin decreased by 1.55 percentage points, while the net profit margin improved to 13.96%, an increase of 1.71 percentage points due to effective cost control [4] - The company expects EPS for 2025-2027 to be 0.32, 0.39, and 0.47 yuan respectively, with corresponding P/E ratios of 50.02, 40.45, and 33.67 [8][9] - The projected revenue for 2025 is 1.303 billion yuan, with a year-on-year growth of 12.8% [9][12] Business Segments - The company’s AI integrated machines support various large models and applications, including operator performance analysis and medical diagnosis [5] - The AI basic network includes advanced domestic switches that support lossless network features, catering to customer needs for rapid deployment and optimization [5] - The company’s intelligent agents are designed for various sectors, showcasing strong small-sample learning capabilities [5]