证券代码：688258 证券简称：卓易信息 公告编号：2025-019 江苏卓易信息科技股份有限公司 第四届董事会第二十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 本议案尚需提交公司 2025 年第一次临时股东大会审议。 （二）审议通过《关于<江苏卓易信息科技股份有限公司 2025 年限制性股票激 励计划实施考核管理办法>的议案》 为了保证公司 2025 年限制性股票激励计划的顺利实施，确保公司发展战略和经 营目标的实现，根据《上市公司股权激励管理办法》《上海证券交易所科创板股票 上市规则》《科创板上市公司自律监管指南第 4 号——股权激励信息披露》等相关 法律、法规的规定和公司实际情况，公司制定了《江苏卓易信息科技股份有限公司 2025 年限制性股票激励计划实施考核管理办法》。 江苏卓易信息科技股份有限公司（以下简称"公司"）第四届董事会第二十六 次会议（以下简称"本次会议"）于 2025 年 5 月 8 日以现场及通讯相结合方式在公 司会议室召开，本次会议通知及相关材料已于 ...

江苏卓易信息科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688258 证券简称：卓易信息 为了维护全体股东的合法权益，确保股东大会会议秩序和议事效率，保证股 东大会的顺利召开，根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司股东会规则》以及《江苏卓易信息科技股份有限公司章程》、《江苏卓 易信息科技股份有限公司股东大会议事规则》等相关规定，特制定江苏卓易信息 科技股份有限公司（以下简称"公司"）2024 年年度股东大会会议须知： 一、 为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工 作人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、 为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，务 必请出席大会的股东或其代理人或其他出席者准时到达会场签到确认参会资格。 会议开始后，会议登记应当终止，由会议主持人宣布现场出席会议的股东和代理 人人数及所持有效表决权的股份总数。 江苏卓易信息科技股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 江苏卓易信息科技股份有限公司 2024 年年度股东大会会议资料 2024 年年度股东 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in its non-recurring profit, with a projected net profit of 0.88 billion, 1.14 billion, and 1.44 billion for 2025-2027, respectively. The expected EPS for the same period is 0.73, 0.94, and 1.19 yuan, indicating a promising growth outlook driven by both firmware and IDE businesses [4][5] Financial Performance - In Q1 2025, the company achieved an operating revenue of 85.216 million yuan, a year-on-year increase of 20.98%. The net profit attributable to the parent company was 18.799 million yuan, up 11.08% year-on-year, while the non-recurring net profit surged by 581.73% to 16.952 million yuan [5] - The gross margin for Q1 2025 was 61.53%, an increase of 17.94 percentage points year-on-year, primarily due to the growth in high-margin IDE business revenue [6] - The company reported a net cash flow from operating activities of 18.6716 million yuan, reflecting a year-on-year growth of 20.77% [6] Market Potential - The company has launched a new low-code IDE product, SnapDevelop, and an AI+IDE platform, EazyDevelop, focusing on AI programming and multi-agent collaboration. This positions the company well in the enterprise-level application development market [7] - The collaboration with DCloud is expected to enhance customer resources and accelerate the commercialization process of SnapDevelop, indicating a strong potential for growth in the AI programming software market [7] Financial Summary and Valuation Metrics - The projected financial metrics for the company are as follows: - Revenue (million yuan): 320 in 2023, 323 in 2024, 418 in 2025, 542 in 2026, and 700 in 2027, with a year-on-year growth rate of 29.4% in 2025 [8] - Net profit (million yuan): 56 in 2023, 33 in 2024, 88 in 2025, 114 in 2026, and 144 in 2027, with a significant year-on-year increase of 169.2% in 2025 [8] - EPS (yuan): 0.46 in 2023, 0.27 in 2024, 0.73 in 2025, 0.94 in 2026, and 1.19 in 2027 [8]

计算机/IT 服务Ⅱ 卓易信息（688258.SH） 扣非利润高增长，AI+IDE 前景光明 2025 年 04 月 30 日 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 卓易信息 沪深300 数据来源：聚源 相关研究报告 《业绩符合预期，AI+IDE 值得期待 —公司信息更新报告》-2025.4.18 《强强联合 Dcloud，打造 AI 编程时代 基础软件 —公司信息更新报告》 -2025.3.24 《拟收购艾普阳剩余 48%股权，深化 IDE 产业布局—公司信息更新报告》 -2024.9.17 陈宝健（分析师） 李海强（分析师） chenbaojian@kysec.cn 证书编号：S0790520080001 lihaiqiang@kysec.cn 证书编号：S0790524070003 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 46.20 | | 一年最高最低(元) | 51.48/19.81 | | 总市值(亿元) | 55.97 | | 流通市值(亿元) | 55.97 | ...

最新盈利预测明细如下： 扣非归母净利润高速增长，毛利率大幅提升。扣非归母净利润增长原因：公司营业收入及毛利润增加，带 动公司扣非归母净利润快速增长。毛利率方面，公司2025Q1毛利率达到61.53%，较2024Q1增长约18个百 分点。公司2024年完成对艾普阳的收购，艾普阳商业模式是SaaS模式，利润率较高，因此并表后对公司毛 利率提升有帮助。同时公司其他业务也在持续健康发展，共同推动公司收入以及利润提升。 国产IDE具有较高壁垒，顺应AI大趋势有望不断提升成长性。1)技术壁垒：开发IDE软件是一项极具挑战 性的工作，开发周期非常长、技术难度较高，在开发过程中，需要攻克诸多核心技术难题。以编译技术为 例，开发团队需要深入理解每一种编程语言的特性，才能开发出高效、准确的编译器。2) SnapDevelop具有云原生、低代码的特性：艾普阳科技基于其多年技术积累独立自主低代码IDE产品 SnapDevelop在云原生领域具有明显优势，具有快速迭代、高并发、分布式等特点。低代码IDE通过专门为 云原生应用开发设计的开发组件和模板，开发者可以快速搭建云原生应用的架构，自动生成与云服务集 成、分布式部署等相关的代码，较 ...

卓易信息（688258.SH）2025 年一季报点评 推荐 维持评级 当前价格： 44.79 元 [Table_Author] 扣非利润大幅增长，AI 编程龙头成长性不断提升 2025 年 04 月 29 日 ➢ 事件概述：2025 年 4 月 28 日公司发布 2025 年一季报，2025 年一季度公 司营收 0.85 亿元，同比增长 20.98%。2025 年一季度归母净利润 0.19 亿元，同 比增长 11.08%；扣非归母净利润 0.17 亿元，同比增长 581.73%。 ➢ 扣非归母净利润高速增长，毛利率大幅提升。扣非归母净利润增长原因：公 司营业收入及毛利润增加，带动公司扣非归母净利润快速增长。毛利率方面，公 司 2025Q1 毛利率达到 61.53%，较 2024Q1 增长约 18 个百分点。公司 2024 年完成对艾普阳的收购，艾普阳商业模式是 SaaS 模式，利润率较高，因此并表 后对公司毛利率提升有帮助。同时公司其他业务也在持续健康发展，共同推动公 司收入以及利润提升。 ➢ 国产 IDE 具有较高壁垒，顺应 AI 大趋势有望不断提升成长性。1）技术壁 垒：开发 IDE 软件是一项极具挑战性 ...

营收微增，扣非利润增幅显著。2024 年公司实现总营业收入3.23 亿元（YoY+0.99%），其中PB 业务收 入大幅增长105.94%，成为公司收入增长的主要驱动力；实现归母净利润0.33 亿元（YoY-41.52%），主 要原因是2023 年股权转让投资收益高基数影响； 实现扣非归母净利润达0.15 亿元（YoY+144.46%）； 全年毛利率提升至52.20%，同比增加6.04pct；显示公司核心业务盈利能力提升显著。核心业务分别来 看，公司云计算设备核心固件业务收入12,067.80 万元（YoY-15.87%），云服务业务收入9,266.40 万元 （YoY-16.07%），PB 业务收入9,855.75 万元（YoY +105.94%）。 事项： 公司发布2024 年年报：2024 年，公司实现营业收入3.23 亿元，同比增长0.99%；实现归母净利润0.33 亿元，同比减少41.52%。 评论： AI 中台驱动智能化，三层架构赋能产业升级。基于在AI 研发上的持续投入，2024 年AI 能力逐步注入 IDE、云服务、运维平台等产品体系，公司构建了以AI 中台为核心的"智能+开发+服务"三层协同 ...

根据市场公开信息及4月28日披露的机构调研信息，知名私募健顺投资近期对4家上市公司进行了调研， 相关名单如下： 1）卓易信息 （上海健顺投资管理有限公司参与公司线上&现场） 调研纪要：卓易信息介绍了SnapDevelop已有约7000名活跃用户，与Dcloud合作推广，未来将发布收费 商业版本；EazyDevelop基于IDE开发积累，结合AI技术，专注快速开发，研发完成后将发布免费试用 版；EazyDevelop将支持MCP调用，重点支持代码类MCP工具，未来上线云服务市场；百敖软件在 RISC-V固件方向取得多项突破，推出原生UEFI固件解决方案，与RISC-V IP供应商合作；固件业务与华 为、联想、浪潮等知名厂商合作，新客户导入期需2-4年。 2）博济医药 （健顺投资参与公司投资者电话交流会） 调研纪要：博济医药2024年新增订单15.15亿元，同比增长30.07%，创新药研发需求有所好转，但市场 竞争激烈。公司中药CRO订单增速20%，占整体新增订单30%。2025年公司目标营收以激励计划为准， 预计6.82亿元订单转化为收入。临床前业务毛利率稳定，临床业务毛利率略降，净利润率不会下降。公 司在多个 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥85,215,616.85, representing a year-on-year increase of 20.98% compared to ¥70,438,700.11 in the same period last year[3] - Net profit attributable to shareholders was ¥18,798,741.85, an increase of 11.08% from ¥16,923,969.20 in the previous year[3] - The net profit after deducting non-recurring gains and losses surged by 581.73%, reaching ¥16,951,702.74 compared to ¥2,486,557.07 in the previous year[3] - Net profit for Q1 2025 was ¥18,803,807.56, down 6.1% from ¥20,038,964.14 in Q1 2024[20] - The basic earnings per share for Q1 2025 was ¥0.16, up from ¥0.14 in Q1 2024, reflecting a 14.3% increase[20] Cash Flow - The net cash flow from operating activities was ¥18,671,610.53, up 20.77% from ¥15,460,067.09 in the same period last year[3] - Cash flow from operating activities generated a net amount of ¥18,671,610.53 in Q1 2025, compared to ¥15,460,067.09 in Q1 2024, indicating a 20.5% increase[22] - Cash flow from investing activities showed a net inflow of ¥52,152,174.35 in Q1 2025, a significant recovery from a net outflow of -¥33,339,170.18 in Q1 2024[23] - Cash and cash equivalents at the end of Q1 2025 totaled ¥320,662,504.30, an increase from ¥412,178,771.45 at the end of Q1 2024[23] Research and Development - Research and development expenses totaled ¥19,396,455.14, accounting for 22.76% of operating revenue, which is an increase from 22.47% in the previous year[4] - Research and development expenses increased to ¥19,396,455.14 in Q1 2025, up 22.5% from ¥15,826,411.88 in Q1 2024[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,532,266,853.25, a decrease of 1.28% from ¥1,552,080,331.40 at the end of the previous year[4] - The company's current assets totaled RMB 660,185,485.26, down from RMB 676,027,644.81, indicating a decrease of about 2.3%[15] - The total liabilities decreased to RMB 664,348,180.74 from RMB 700,434,206.60, a reduction of approximately 5.2%[16] - The company's non-current assets totaled RMB 872,081,367.99, slightly down from RMB 876,052,686.59, reflecting a decrease of about 0.5%[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 7,567[10] - The largest shareholder, Xie Qian, holds 39.35% of the shares, totaling 47,667,923 shares[10] Other Financial Metrics - The weighted average return on equity increased to 2.21%, up from 1.63% in the previous year, reflecting a rise of 0.58 percentage points[4] - The company received government subsidies amounting to ¥2,278,550.88, which are closely related to its normal operations[6] - The company's inventory increased to RMB 13,276,665.11 from RMB 9,067,759.75, indicating a significant rise of approximately 46.5%[14] - The company reported a decrease in tax expenses to ¥1,904,882.18 in Q1 2025 from ¥1,281,976.18 in Q1 2024, a 48.5% increase in tax burden[20] - The company experienced a foreign exchange loss of -¥515,439.66 in Q1 2025, contrasting with a gain of ¥1,011,360.13 in Q1 2024[23]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Insights - The company reported a total revenue of 323 million yuan in 2024, a year-on-year increase of 0.99%, while the net profit attributable to shareholders decreased by 41.52% to 33 million yuan. The significant drop in net profit is attributed to a high base effect from 2023's equity transfer investment income [2][8]. - The company's core business profitability has improved, with a gross margin increase to 52.20%, up 6.04 percentage points year-on-year. The non-GAAP net profit reached 15 million yuan, reflecting a substantial year-on-year growth of 144.46% [8]. - The acquisition of the remaining 48% stake in Aipuyang has been completed, establishing it as a wholly-owned subsidiary. This acquisition is expected to enhance the company's low-code IDE business, SnapDevelop, which is set to launch its first GA version in June 2024 [8]. - The company has invested in AI capabilities, integrating them into its product ecosystem, which includes IDE, cloud services, and operation platforms. This AI-driven approach aims to enhance development efficiency and support various industry applications [8]. Financial Summary - The company forecasts revenue growth from 402 million yuan in 2025 to 576 million yuan in 2027, with net profit expected to rise from 84 million yuan to 120 million yuan during the same period [4][8]. - The projected earnings per share (EPS) are expected to increase from 0.70 yuan in 2025 to 0.99 yuan in 2027, with a price-to-earnings (P/E) ratio projected to decrease from 63 to 44 over the same period [4][8]. - The company’s total assets are projected to grow from 1,737 million yuan in 2025 to 2,172 million yuan in 2027, indicating a solid growth trajectory [9].