Hoperun Software(300339) 浙商证券·2025-04-24 14:26Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company achieved a stable revenue growth of 33.99 billion yuan in 2024, representing a year-on-year increase of 9.43%, while the net profit attributable to shareholders was 1.61 billion yuan, a decrease of 1.64% year-on-year [1] - The AI strategy is clearly defined, focusing on an all-encompassing AI ecosystem that supports various industries such as finance, energy, and retail, providing end-to-end solutions [3] - The company is expected to continue its growth trajectory, with projected revenues of 38.32 billion yuan, 44.16 billion yuan, and 51.41 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 12.73%, 15.23%, and 16.42% [4] Financial Performance - The company reported a gross margin of 23.68% for the year, slightly down from the previous year, with operating cash flow of 0.36 billion yuan, showing a decline [1] - In Q4, the company achieved a revenue of 9.90 billion yuan, a year-on-year increase of 4.87%, but the net profit attributable to shareholders fell by 23.16% to 0.50 billion yuan [2] - The financial technology segment generated 18.27 billion yuan in revenue, up 7.09% year-on-year, while the smart IoT segment saw a revenue increase of 17.13% to 10.66 billion yuan [1] AI Strategy - The company is committed to an "All in AI" strategy, developing a comprehensive technology system that includes AI chips, servers, operating systems, and a full-stack AI platform [3] - The AI ecosystem is built around a core base of "IntelliCoreAI" for model training and inference, and includes integrated engines for flexible deployment and lifecycle management of AI models [3] - The product matrix focuses on a triad of knowledge, perception, and decision-making, enhancing clients' capabilities in building controllable and collaborative enterprise-level AI systems [3]