Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company has shown steady growth in operational business and is leading the promotion of collaborative computing power centers [1] - The company reported a revenue of 2.431 billion yuan in 2024, a year-on-year increase of 30.86%, and a net profit attributable to shareholders of 536 million yuan, up 4.36% year-on-year [6] - The company has successfully integrated Renhe Environment and launched new waste incineration capacity, contributing to revenue growth [6] - The company is expanding its overseas market presence with significant projects in Kyrgyzstan, which are expected to enhance future revenue streams [6] - The company has committed to a high dividend policy, maintaining a dividend payout ratio of around 50%, with a current dividend yield of approximately 4.5% [6] Financial Data and Profit Forecast - Total revenue is projected to reach 3.254 billion yuan in 2025, with a year-on-year growth rate of 33.9% [5] - The net profit attributable to shareholders is expected to be 750 million yuan in 2025, reflecting a growth rate of 39.9% [5] - The company’s gross margin is forecasted to be 47% in 2025, with a return on equity (ROE) of 9.6% [5] - The company’s capital expenditures (capex) are expected to decrease significantly following the completion of new projects [6]
军信股份（301109）：运营业务稳健增长，率先推动算力中心协同