Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has transitioned from the "software era" to the "intelligent era," focusing on digital transformation in manufacturing for over 40 years, with a steady revenue growth of over 10% annually in the last three years [6][14]. - The company achieved a net profit of 150 million yuan in 2023, representing a year-on-year growth of 12.5% [23]. - The company is well-positioned to capitalize on global manufacturing shifts, leveraging its extensive experience in the manufacturing sector and a comprehensive industrial software product matrix [6][39]. Summary by Sections 1. Company Overview - The company, founded in 1982 in Taiwan, has expanded its operations from Taiwan to mainland China and Southeast Asia, focusing on manufacturing ERP and now offering a full-stack industrial software layout [14][15]. - It has over 50,000 clients and maintains a leading market share in manufacturing ERP products in mainland China [14][39]. 2. Financial Performance - The company reported a revenue of 2.228 billion yuan in 2023, with a year-on-year increase of 11.7% [23]. - The revenue forecast for 2024-2026 is projected to be 2.558 billion, 2.990 billion, and 3.494 billion yuan, respectively, with growth rates of 14.82%, 16.90%, and 16.84% [6][24]. 3. Market Position and Strategy - The company is recognized as a leader in the IDC's evaluation of digital factory solution providers in China, focusing on sectors such as electronics, semiconductors, and automotive parts [6][39]. - The company is enhancing its AI capabilities through the Athena platform, which is expected to drive significant growth in AI applications and customer engagement [6][39]. 4. Product and Service Offerings - The company has developed a comprehensive industrial software product matrix, covering digital management, research and design, production control, and AIoT services [17][39]. - The introduction of AI-integrated products, such as the new generation PLM system and Chat CAD, aims to enhance operational efficiency and product quality [46][47]. 5. Future Outlook - The company is expected to benefit from the ongoing digital transformation in manufacturing, with a strong focus on AI and intelligent manufacturing solutions [6][39]. - The strategic partnerships and continuous innovation in AI applications are anticipated to further enhance the company's market position and revenue growth [6][39].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7][9]. Core Insights - Dingjie Shuzhi is a leading domestic intelligent manufacturing service provider, having developed a comprehensive product suite of "PLM+ERP+MES+AIOT" and established a leading market share in various sectors such as electronics and automotive [2][4]. The launch of the Athena platform is expected to be a significant step towards transforming the company into a platform-based entity, while the AIGC industry wave is transitioning from concept to implementation, potentially contributing substantial growth [2][4]. Summary by Sections Growth Path - With over 40 years of experience, Dingjie Shuzhi has focused on standardized ERP suite development and sales, growing alongside the rise of Taiwan's semiconductor industry. The company has expanded its product offerings and market reach, transitioning from an ERP provider to a leading service provider for digital transformation in manufacturing [4][15]. Industrial Software - The company has accumulated significant know-how and service experience in various industries, enhancing customer loyalty and providing a foundation for product iteration. The strategy focuses on deepening relationships with existing customers and exploring new demands, particularly in Taiwan, mainland China, and Southeast Asia, where the company has seen substantial growth in overseas revenue [5][35]. AI and Athena Platform - The Athena platform is designed to create a rich product matrix based on SaaS and MaaS, aiming to leverage AI applications effectively. The company is actively incubating AI products on the Athena platform, which includes industry-specific applications and general AI tools, showing promising commercial progress [6][28]. Financial Projections - The company is expected to achieve net profits of 167 million yuan, 200 million yuan, and 246 million yuan from 2024 to 2026, representing year-on-year growth rates of 11%, 20%, and 23%, respectively. The corresponding price-to-earnings ratios are projected to be 68x, 57x, and 46x [7][24]. Market Position - As of 2021, the company held a 14.8% market share in China's manufacturing ERP software market, ranking just behind SAP and Oracle. The company has established a strong presence in Taiwan and is focusing on expanding its footprint in mainland China and Southeast Asia [20][21].

证券代码：300378 证券简称：鼎捷数智 公告编码：2025-01001 一、股票交易异常波动的具体情况介绍 鼎捷数智股份有限公司（以下简称"公司"）股票交易价格连续三个交易日 内（2025年1月23日、2025年1月24日、2025年1月27日）收盘价格涨幅偏离值累 计达到32.55%。根据《深圳证券交易所交易规则》有关规定，属于股票交易异常 波动的情形。 二、公司关注并核实情况说明 针对公司股票交易异常波动情况，公司董事会就有关情况向主要股东、相关 人员进行了核实，现就有关核实情况说明如下： 1、公司未发现前期披露的信息存在需要更正、补充之处； 2、公司未发现近期公共传媒报道了与公司相关且市场关注度较高的信息； 3、公司近期经营情况正常，内外部经营环境未发生且预计不会发生重大变 化； 4、经核查，公司主要股东不存在关于公司的应披露而未披露的重大事项， 也未有处于筹划阶段的重大事项； 鼎捷数智股份有限公司 关于股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 衍生品种交易价格产生较大影响的信息；公司前期披露的信息不存在需要更正、 补充 ...

证券代码：300378 证券简称：鼎捷数智 公告编码：2024-12104 鼎捷数智股份有限公司 第五届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 鼎捷数智股份有限公司（以下简称"公司"）第五届董事会第十四次会议通 知已于 2024 年 12 月 19 日以邮件、电话确认方式发出。会议于 2024 年 12 月 26 日 13 时 30 分以通讯方式在公司会议室举行。会议应出席董事 9 名，实际出席董 事 9 名。本次董事会会议由公司董事长叶子祯先生召集并主持，公司监事、高级 管理人员列席了本次会议。会议的召开符合有关法律、行政法规、部门规章、规 范性文件和《鼎捷数智股份有限公司章程》（以下简称"《公司章程》"）的规 定。经与会董事认真审议，做出如下决议： 一、审议通过《2024 年第四季度内部审计报告》 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》《公司章程》及公司内部审计 制度的相关规定，内审部依据 2024 年度内部审计计划于第四季度对公司相关内 控循 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [7][9][17]. Core Viewpoints - The company has officially rebranded from "Dingjie Software" to "Dingjie Smart," reflecting a strategic shift to enhance brand value and align with its mission and vision in the era of digital intelligence [4][5]. - Dingjie Smart aims to leverage data and intelligent technology to drive productivity and innovation across various industries, marking a significant step in its strategic evolution [4][6]. - The company has released the "Enterprise Digital Intelligence Driving White Paper," which consolidates successful experiences from over 50,000 clients to guide other enterprises in their digital transformation journeys [5]. Financial Projections - The company is projected to achieve revenues of 2.50 billion, 2.86 billion, and 3.21 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 170 million, 207 million, and 244 million yuan [7][13]. - Earnings per share (EPS) are expected to grow from 0.63 yuan in 2024 to 0.90 yuan in 2026, with price-to-earnings (P/E) ratios decreasing from 43.75 to 30.37 over the same period [7][13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company is a leading provider of digital transformation and smart manufacturing integration planning services in China, expected to benefit from downstream recovery and overseas opportunities, with AIGC opening up growth space [3][5] - The company maintains its profit forecast, expecting net profit attributable to shareholders to be 181 million, 226 million, and 285 million yuan for 2024-2026, with EPS of 0.67, 0.83, and 1.05 yuan per share, respectively [3][5] Financial Summary - Current stock price is 30.58 yuan, with a market capitalization of 8.299 billion yuan [3] - The company achieved a revenue of 735 million yuan in the first three quarters of 2024, a year-on-year increase of 11.33% [5] - AI business revenue grew by 102.08% year-on-year in the first three quarters of 2024 [5] - The company expects revenue to reach 2.583 billion yuan in 2024, with a year-on-year growth of 15.9% [7] - The projected P/E ratios for 2024, 2025, and 2026 are 45.8, 36.7, and 29.2 times, respectively [3][7] Business Developments - The company held a brand renewal conference on November 22, 2024, showcasing its new logo and brand proposition, focusing on "using data and intelligent technology to innovate productivity" [4] - The company has established benchmark cases in mainland China with clients like Geely Group and Shanghai Pharmaceuticals, and in Taiwan with AI server manufacturers [5] - New customer orders in Taiwan increased by 32% year-on-year, while revenue from Chinese enterprises going overseas grew by 58% [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report highlights a recovery in the operating environment in mainland China, with high growth in R&D design and AIoT businesses [1] - The company is expected to maintain a revenue growth rate of 12% year-on-year for 2023 and 2024, with an increase to 15% in 2025 and 18% in 2026 [1][2] - The net profit attributable to the parent company is projected to grow from 150 million in 2023 to 273 million in 2026, reflecting a compound annual growth rate (CAGR) of approximately 26% [1][2] Financial Summary - **Revenue Forecast**: - 2022A: 1,995 million - 2023A: 2,228 million - 2024E: 2,488 million - 2025E: 2,862 million - 2026E: 3,378 million [1][2] - **Net Profit Forecast**: - 2022A: 134 million - 2023A: 150 million - 2024E: 177 million - 2025E: 216 million - 2026E: 273 million [1][2] - **Earnings Per Share (EPS)**: - 2023A: 0.55 - 2024E: 0.65 - 2025E: 0.80 - 2026E: 1.00 [1][2] - **Price-to-Earnings (P/E) Ratio**: - 2023A: 47.5 - 2024E: 40.3 - 2025E: 33.0 - 2026E: 26.2 [1][2] - **Price-to-Book (P/B) Ratio**: - 2023A: 3.5 - 2024E: 3.3 - 2025E: 3.0 - 2026E: 2.7 [1][2] Market Performance - The company has seen a revenue increase of 11.63% year-on-year in Q3 2024, with a total revenue of 5.69 billion [1] - The report indicates that the company has strengthened its operations and management efficiency, leading to improved growth rates compared to the first half of the year [1] - The company is focusing on automation and digital transformation solutions in high-demand sectors such as electronics, semiconductors, and automotive parts [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1][7]. Core Insights - The company has achieved steady revenue growth, capitalizing on opportunities for Chinese enterprises going global [3][4]. - In the first three quarters of 2024, the company reported revenue of 1.573 billion yuan, a year-on-year increase of 11.21%, and a net profit attributable to shareholders of 50 million yuan, up 2.15% year-on-year [4]. - The company has significantly improved its cost control, with a decrease in sales expense ratio by 2.41 percentage points compared to the same period last year [4]. - The AI business has seen rapid growth, with revenue from AI-related services increasing by 102.08% year-on-year [5]. - The company is focusing on enhancing its R&D capabilities, particularly in AI technologies, which has led to substantial revenue growth in this segment [5]. Financial Performance - The company’s revenue for the third quarter was 569 million yuan, reflecting a year-on-year growth of 11.63% [4]. - The revenue forecast for 2024-2026 has been adjusted to 2.502 billion, 2.855 billion, and 3.206 billion yuan respectively, with net profit forecasts of 170 million, 207 million, and 244 million yuan [7][11]. - The earnings per share (EPS) are projected to be 0.63, 0.76, and 0.90 yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 42.05, 34.53, and 29.20 [7][11]. Market Opportunities - The company has seen a recovery in its business in mainland China, with revenue of 735 million yuan in the first three quarters, a year-on-year increase of 11.33% [6]. - In Southeast Asia, the company has leveraged partnerships with major domestic enterprises to enhance market promotion and capture the trend of Chinese companies expanding overseas [6]. - The company has signed new contracts in Taiwan, particularly in high-demand sectors such as electronics and automotive parts, with a year-on-year growth of 32% in new customer contracts [6].

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a 6-month target price of 28.46 CNY, representing a dynamic price-to-earnings ratio of 40 times for 2024 [4][8]. Core Insights - The company has launched a new AI application, ChatCAD, based on large model technology, aimed at achieving technological innovation in design management and knowledge management [1]. - For the first three quarters of 2024, the company reported a revenue of 1.573 billion CNY, a year-on-year increase of 11.21%, and a net profit attributable to shareholders of 49.89 million CNY, up 2.15% year-on-year [1]. - The company continues to see strong growth in its R&D design and AIoT businesses, with R&D design revenue increasing by 23.17% year-on-year [2]. Summary by Sections Revenue Performance - In the first three quarters, revenue from mainland China reached 735 million CNY, growing by 11.33% year-on-year, while revenue from non-mainland China was 838 million CNY, up 11.11% [2]. - The company has seen a 32% year-on-year increase in new customer contracts in Taiwan and a 58% increase in revenue from Chinese enterprises going abroad [2]. Business Segments - R&D design revenue was 84.39 million CNY, up 23.17% year-on-year, while AIoT revenue reached 404 million CNY, growing by 41.83% [2]. - Digital management revenue was 852 million CNY, with a modest growth of 1.3%, and production control revenue was 218 million CNY, increasing by 5.67% [2]. Financial Forecast - The company is projected to achieve revenues of 2.536 billion CNY, 2.846 billion CNY, and 3.305 billion CNY for the years 2024, 2025, and 2026, respectively, with net profits of 193 million CNY, 226 million CNY, and 258 million CNY for the same years [8][10].

Investment Rating - The report maintains a "Buy" rating for Dingjie Smart (300378) [1] Core Views - The company reported a revenue of 1.57 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 11.2%. The net profit attributable to shareholders was 49.89 million yuan, up 2.2% year-on-year, while the net profit after deducting non-recurring items surged by 59.1% to 45.47 million yuan [2][4] - The AI business revenue doubled year-on-year, with a growth of 102.1% in the first three quarters of 2024, driven by the integration of advanced AI technologies [4] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 570 million yuan, an increase of 11.6% year-on-year, but the net profit dropped by 41.4% to 7.448 million yuan. The net profit after deducting non-recurring items rose by 117.1% to 499.1 million yuan [2][4] - The company expects EPS for 2024, 2025, and 2026 to be 0.66 yuan, 0.80 yuan, and 0.98 yuan respectively, indicating a positive growth trajectory [4][5] Business Segments - The R&D design segment reported a revenue of 84.39 million yuan, growing by 23.2% year-on-year, with a significant increase in contract amounts [3] - The AIoT segment saw a revenue increase of 41.8% to 400 million yuan, benefiting from the Athena industrial internet platform [3] - Revenue from the digital management segment grew by 1.3% to 850 million yuan, while the production control segment rebounded with a 5.7% increase to 130 million yuan [3] Market Trends - The company is capitalizing on the trend of Chinese enterprises going global, with revenue from overseas markets reaching 840 million yuan, up 11.1% year-on-year, and a 58% increase in revenue from Chinese enterprises expanding abroad [3] - Domestic revenue for the first three quarters reached 740 million yuan, reflecting an 11.3% year-on-year growth, with Q3 alone showing an 18.4% increase [3] Strategic Initiatives - The company is committed to its "Smart+" strategy, focusing on integrating AI capabilities into its offerings, which is expected to further enhance growth opportunities [4]