Sugon(603019) 开源证券·2024-04-19 08:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is a leader in domestic intelligent computing, and the rating is maintained due to the increasingly complete domestic high-end computing ecosystem [5] - The company's net profit forecasts for 2024-2025 have been adjusted downwards to 2.294 billion and 2.936 billion respectively, with a new forecast for 2026 at 3.662 billion [5] - The current stock price corresponds to a PE ratio of 29.8, 23.3, and 18.7 for 2024-2026 [5] Financial Performance - The company reported a revenue of 14.353 billion yuan for 2023, a year-on-year increase of 10.34% [6] - The net profit attributable to the parent company was 1.836 billion yuan, up 18.88% year-on-year [6] - The operating cash flow increased significantly to 3.510 billion yuan, a growth of 212.02% year-on-year [6] Strategic Developments - The demand for intelligent computing has surged due to the accelerated development of AIGC, and the company is enhancing its intelligent computing center solutions [7] - The company is building a "national integrated computing power service platform" to connect various computing infrastructure resources [7] - The subsidiary, Shuguang Intelligent Computing, is actively participating in industry standards and technological innovation [7] Financial Projections - Revenue projections for 2024-2026 are 16.674 billion, 19.275 billion, and 21.937 billion yuan respectively, with year-on-year growth rates of 16.2%, 15.6%, and 13.8% [8] - The net profit projections for the same period are 2.294 billion, 2.936 billion, and 3.662 billion yuan, with corresponding year-on-year growth rates of 24.9%, 28.0%, and 24.7% [8] - The company's gross margin is expected to improve from 26.3% in 2023 to 28.2% by 2026 [8]