Zhiyang Innovation Technology (688191) 东北证券·2025-04-29 07:46Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a robust revenue growth of 21.62% year-on-year in 2024, with total revenue reaching 971 million yuan and a net profit attributable to shareholders of 51 million yuan, reflecting a 23.60% increase [1][2] - The company's strategic focus on "AI + Industry" has led to significant advancements in artificial intelligence applications across various sectors, including power, water conservancy, and rail transportation [2] - The water conservancy and rail transportation sectors have emerged as new growth drivers, with revenue from water conservancy increasing by 47.81% and rail transportation revenue soaring by 484.79% in 2024 [2] Financial Summary - In 2024, the company reported total revenue of 971 million yuan, a year-on-year increase of 21.62%, with segment growth as follows: power (+9.79%), rail transportation (+484.79%), and water conservancy (+47.81%) [1] - The net profit attributable to shareholders for 2024 was 51 million yuan, up 23.60% from the previous year [1] - The gross profit margin for 2024 was 31.77%, a decrease of 3.12 percentage points year-on-year [1] - For Q1 2025, the company reported revenue of 137 million yuan, a 26.54% increase year-on-year, but a net loss of 11 million yuan due to the seasonal nature of revenue recognition [1] Profit Forecast - The profit forecasts for the company have been adjusted to 81 million yuan, 124 million yuan, and 183 million yuan for the years 2025, 2026, and 2027, respectively [2]