sunline(300348) Huachuang Securities·2025-05-30 14:34Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][7][17]. Core Insights - The company reported a revenue of 297 million yuan in Q1 2025, a year-on-year increase of 3.04%, while the net profit attributable to shareholders was a loss of 2.59 million yuan, showing a reduction in losses compared to the previous year [1][7]. - The company experienced a decline in revenue for the full year 2024, with a total of 1.736 billion yuan, down 9.46% year-on-year, and a net profit of 18.586 million yuan, down 42.18% year-on-year [1][7]. - The report highlights that the company is building momentum for future growth through increased contracts and inventory, with a significant rise in new sales contracts and inventory levels [1][7]. Financial Performance Summary - 2024 Financials: Total revenue was 1,736 million yuan, with a year-on-year decline of 9.5%. The net profit attributable to shareholders was 19 million yuan, down 42.2% [3][8]. - 2025 Projections: Expected revenue growth of 11.2% to 1,932 million yuan, with net profit projected to increase significantly by 582.2% to 127 million yuan [3][8]. - Earnings Per Share (EPS): Projected EPS for 2025 is 0.16 yuan, with a price-to-earnings (P/E) ratio of 89 [3][8]. Business Segment Analysis - Digital Finance: Revenue for 2024 is expected to be 1.043 billion yuan, a decline of 9.2%, accounting for 60.1% of total revenue [7]. - Big Data: Anticipated revenue of 574 million yuan in 2024, down 7.4%, representing 33.1% of total revenue [7]. - Comprehensive Financial Services: Expected revenue of 119 million yuan, down 20.3%, making up 6.8% of total revenue [7]. Market Expansion - The company has established a foothold in Southeast Asia, with overseas revenue of 129 million yuan in 2024, a year-on-year increase of 3.5%, and overseas contracts now account for 20% of total contracts [7][8]. - The report notes that the company has secured significant contracts in Thailand and Malaysia, indicating a strategic push for global expansion [7].