LZRJ(688588) 国金证券·2025-04-29 13:46Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase in the next 6-12 months [4]. Core Insights - The company reported a revenue of 2.52 billion yuan for Q1 2025, a year-on-year decrease of 5.88%, but achieved a net profit of 0.66 billion yuan, turning from loss to profit mainly due to increased exchange gains from the rising Japanese yen [2]. - For the full year 2024, the company achieved a revenue of 11.14 billion yuan, a year-on-year growth of 59.99%, primarily due to the acquisition of Zhiming Software in November 2023, which expanded the consolidation scope [2]. - The net profit for 2024 was 1.24 billion yuan, a year-on-year increase of 43.65%, largely attributed to the transfer of equity in Beijing Reyun, which confirmed an investment income of 0.26 billion yuan [2]. - The company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling approximately 0.78 billion yuan, which accounts for 62.74% of the 2024 net profit [2]. Revenue and Profit Analysis - In 2024, the company's revenue from software development services in Japan reached 10.21 billion yuan, a year-on-year increase of 71.31%, with a gross margin of 31.59%, down 4.01 percentage points from the previous year [3]. - The Japanese subsidiary Zhiming generated revenue of 4.37 billion yuan, handling nearly 50% of the external outsourcing volume for the Nomura Research Institute's THE STAR system and about 80% for the I-STAR system [3]. - The domestic industry application software solutions segment saw a revenue decline of 8.58% to 0.91 billion yuan, influenced by the market conditions and IT investment pace of domestic brokerages [3]. Future Projections - Revenue projections for 2025 to 2027 are estimated at 12.18 billion yuan, 13.56 billion yuan, and 15.22 billion yuan, reflecting year-on-year growth rates of 9.28%, 11.35%, and 12.27% respectively [4]. - The expected net profits for the same period are 1.62 billion yuan, 2.00 billion yuan, and 2.46 billion yuan, corresponding to price-to-earnings ratios of 30.25, 24.44, and 19.87 [4].