ZDDC(600633) 天风证券·2025-04-28 14:50Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a total operating revenue of 706 million yuan in Q1 2025, representing a year-on-year growth of 4.16%. The total profit reached 168 million yuan, up 18.92% year-on-year, while the net profit attributable to shareholders was 144 million yuan, showing a significant increase of 44.86% [1][2]. - Key drivers for the profit increase include improved profitability from subsidiaries, a fair value increase of trading financial assets contributing 52.5 million yuan to profits, and non-recurring gains of 40.8 million yuan mainly from government subsidies and financial asset fair value changes [2]. - The company has launched an action plan titled "Quality Improvement and Efficiency Enhancement" aimed at releasing performance elasticity in the future [2][3]. Financial Performance Summary - In 2024, the company achieved total operating revenue of 3.097 billion yuan, a slight increase of 0.61% year-on-year. However, total profit decreased by 31.11% to 578 million yuan, and net profit attributable to shareholders fell by 22.84% to 512 million yuan [2][5]. - The company expects net profits for 2025-2027 to be 643 million, 782 million, and 834 million yuan respectively, with corresponding EPS of 0.51, 0.62, and 0.66 yuan per share [4][5]. - The company maintains a focus on three main business lines: digital culture, digital technology, and data operations, with significant developments in each area [3][4]. Business Segment Developments - In the digital culture segment, the company’s app "Duanzi" has become the first in its category to exceed one million daily active users. Additionally, a partnership with Alibaba Cloud has led to the launch of a comprehensive cultural service platform [2][3]. - The digital technology segment is advancing the upgrade of computing infrastructure at the Hangzhou Fuyang data center and has received strategic investment of 140 million yuan from the Zhejiang provincial industrial fund [3]. - The data operations segment has completed a share restructuring, achieving coverage across 11 cities in the province, and has launched a "Data Circulation Center" in collaboration with DingTalk to enhance service awareness and efficiency [3].