Yunding Tech(000409) 东北证券·2025-04-23 04:51Investment Rating - The report assigns a rating of "Accumulate" for the company [6]. Core Views - The company achieved a significant increase in net profit for 2024, with a year-on-year growth of 50.11%, reaching 93 million yuan, while total revenue grew by 18.35% to 1.351 billion yuan [2][3]. - The industrial internet platform products saw explosive growth, with revenue from this segment increasing by 439.04% year-on-year [2]. - The company is focusing on deepening its core products in smart mining and expanding its AI business, which secured contracts worth 256 million yuan in 2024 [3]. Financial Summary - In 2024, the company reported total revenue of 1.351 billion yuan, a growth of 18.35% compared to the previous year, and a net profit attributable to shareholders of 93 million yuan, reflecting a 50.11% increase [2][5]. - Revenue breakdown by business segments for 2024 includes: - Smart mining products: 468 million yuan (+1.93%) - Industrial internet platform products: 333 million yuan (+439.04%) - Smart washing products: 311 million yuan (-10.51%) - ERP implementation and operation services: 190 million yuan (+10.73%) - Smart power new energy products: 23 million yuan (-4.89%) - Gasification professional technology implementation license: 6 million yuan (-86.55%) [2]. - The company forecasts net profits of 123 million yuan, 153 million yuan, and 190 million yuan for 2025, 2026, and 2027, respectively, indicating a steady growth trajectory [3][5].