SIE(300687) 浙商证券·2025-04-25 10:21Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported a revenue of 2.395 billion yuan for the year, representing a year-on-year increase of 6.27%, while the net profit attributable to shareholders was 139 million yuan, a decrease of 45.21% due to aggressive pricing strategies in response to market fluctuations [2] - The smart manufacturing segment showed significant growth, with revenue reaching 990 million yuan, a year-on-year increase of 19.33%, and new orders increased by 27.5% [2] - The company has a clear AI strategy, integrating generative AI with its ERP systems and providing comprehensive AI capabilities across various business processes [4] - Revenue projections for 2025-2027 are estimated at 2.817 billion, 3.323 billion, and 3.943 billion yuan, with corresponding net profits of 186 million, 243 million, and 285 million yuan, indicating strong growth potential [5] Financial Summary - The company achieved a gross margin of 30.46%, slightly down from the previous year, with operating cash flow of 1 million yuan [2] - For Q4, the company reported a revenue of 690 million yuan, a year-on-year increase of 20.70%, with a net profit of 45 million yuan, down 64.49% [3] - The projected earnings per share (EPS) for 2025-2027 are 0.46, 0.59, and 0.70 yuan, with a price-to-earnings (P/E) ratio of 62.03 for 2025 [5][11]