20250305-开源证券-中科曙光-603019.SH-公司信息更新报告_经营效率显著提升_国产AI基础设施领军地位稳固_4页_884kb

Key Highlights of China Digital Times (603019.SH)

Investment Recommendation: Maintain "Buy."
Target Price: Up to CNY 7119 per share (current price as of 2025/03/04).
Financial Performance:

• Revenue in 2024 declined by 8.4% year-on-year (YoY) to CNY 131.48 billion, while net profit attributable to shareholders increased by 41.0% YoY to CNY 19.11 billion. Improved operating efficiency and enhanced gross margin (29.2% in 2024, a 29 percentage point increase from 2023) drove the strong net profit growth.
• EPS for 2025-2027 is projected at CNY 16.20, 19.60, and 23.60 per share, corresponding PE ratios of 43.8x, 36.3x, and 30.1x.

Technological Developments:

• Launched the national DeepSeek hyperconverged一体机, utilizing domestic CPUs and GPUs, tailored for secure government and enterprise deployments under the domestic cloud platform "All-Stack Intelligence Cloud."
• Introduced DeepAI Intelligent Engine, a full-stack AI acceleration suite to support industry-specific AI applications, including model training, deployment, and optimized algorithms for diverse scenarios.

Risks:

• Exaggerated policy support or slower-than-expected business expansion.

Valuation:

• Current PE for 2025-2027 is 43.8x to 30.1x, reflecting confidence in sustained growth as the leader in AI infrastructure.