Group 1 - The core viewpoint of the articles highlights the successful hosting of the Dingjie Smart 2025 Digital Future Summit, which gathered nearly 1,000 participants to discuss the acceleration of AI in driving business scenarios and productivity innovation [1] - The company is leveraging its multi-modal large model and Agent development platform to empower enterprises and ISV partners to quickly build AI Agent applications, integrating capabilities from various general large models [2] - Dingjie Smart has established a collaborative initiative with Wuhan City and Huazhong University of Science and Technology to promote the integration of the digital economy industry [2] Group 2 - The chip manufacturing industry is seeing strengthened advantages, with successful implementations in automotive parts and other sectors, showcasing replicable benchmark cases across various industries [3] - Dingjie Smart has deepened cooperation with semiconductor packaging company Zhongke Zhixin, implementing a series of digital solutions, and has also introduced its PLM system to IC design company Jichuang Beifang [3] - The company serves over 600 industry clients, with 37% being top IC design firms, indicating a growing accumulation of client and solution advantages in the semiconductor sector [3] Group 3 - Dingjie Smart is actively expanding its presence in the Chinese market while also extending into broader overseas markets, focusing on integrated solutions for enterprises [4] - The company has achieved over 90% localization in its Southeast Asia teams, enhancing its local talent pool in Thailand, Vietnam, and Malaysia [4] - Revenue projections for 2025-2027 are estimated at 2.669 billion, 3.067 billion, and 3.465 billion yuan, with corresponding net profit forecasts of 202 million, 269 million, and 336 million yuan, reflecting significant growth rates [4]

Investment Rating - The investment rating for Dingjie Smart is maintained at "Buy-A" with a 12-month target price of 44.50 CNY, compared to the current stock price of 32.64 CNY [4]. Core Insights - Dingjie Smart held the 2025 Smart Future Summit, showcasing its advancements in AI and big data, emphasizing the integration of AI into business operations to enhance productivity and competitiveness [1][2]. - The company introduced two major AI suites, the Smart Data Suite and the Enterprise Intelligent Agent Generation Suite, which form the Athena platform's foundational infrastructure for AI applications [2]. - Dingjie Smart aims to integrate AI capabilities into four major industrial software systems (ERP, PLM, MES, WMS), promoting automation and intelligent decision-making within enterprises [3][7]. Financial Projections - The projected revenues for Dingjie Smart from 2025 to 2027 are 25.89 billion CNY, 29.03 billion CNY, and 33.09 billion CNY, respectively, with net profits expected to be 2.01 billion CNY, 2.49 billion CNY, and 2.94 billion CNY [9]. - The company anticipates a net profit margin increase from 6.7% in 2023 to 8.9% by 2027, indicating improved profitability [11][12]. Market Performance - The stock has shown a relative return of -5.7% over the past month and an absolute return of -6.3%, but a significant increase of 85.2% over the past year [5].

Core Insights - The company hosted the fourth Digital Future Summit in Wuhan, focusing on "AI Transformation and Boundary-breaking Growth," showcasing multiple AI-related solutions and forums discussing the current state and future of AI implementation [1] Group 1: AI Strategy and Development - The company proposed a new operational model for the AI era, emphasizing a shift from human-led processes to data-driven decision-making, encapsulated in the concept of "one model, two cores, and three intelligent agents" [2] - The company launched several AI foundational suites, including intelligent data suites and industrial software AI suites, to accelerate the integration of AI across its business operations [3] Group 2: Business Performance and Growth - The company reported a 23% year-on-year increase in revenue from its R&D design business, primarily driven by its AI-enhanced PLM products, which have been deployed by dozens of clients [3] - The company anticipates significant commercial progress in its AI business, projecting a 135% year-on-year growth in AI revenue in Taiwan for 2024, alongside a 30% increase in average transaction value due to AI integration [4] Group 3: Future Outlook and Investment - The company plans to raise 838 million yuan for investments in its digital ecosystem empowerment projects, indicating strong confidence in the potential of its AI business [4] - Projections for net profit from 2025 to 2027 are 196 million yuan, 238 million yuan, and 287 million yuan, with corresponding growth rates of 26%, 22%, and 21% [4]

丨证券研究报告丨 公司研究丨点评报告丨鼎捷数智（300378.SZ） [Table_Title] 数智未来峰会亮点频出，AI 全面赋能业务创新 报告要点 [Table_Summary] 6 月 19 日，公司以"AI 创变、破界生长"为主题，于武汉举办第四届数智未来峰会。会上创新 发布多款 AI 相关套件，并设立多个 AI 专题论坛共话 AI 落地现状与未来，标志公司 AI 赋能业 务融合与场景创新进展积极。公司坚定拥抱 AI 战略初显成效，商业化进展积极看好 2025 放 量。预计公司 2025-2027 年实现归母净利润 1.96 亿元、2.38 亿元、2.87 亿元，对应增速为 26%、22%、21%，对应 PE 为 44.4x、36.5x、30.2x，持续推荐。 分析师及联系人 [Table_Author] SAC：S0490520030004 SFC：BUX668 宗建树 宋浪 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 鼎捷数智（300378.SZ） cjzqdt11111 [Table_Title2] 数智未来峰会亮点频出，AI 全面赋能业务创 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [2] Core Insights - The company has launched the AI S-infra suite, which includes various AI solutions aimed at enhancing enterprise efficiency and driving growth [7] - The company is expected to achieve total revenue of 26.3 billion, 30.4 billion, and 36.1 billion for the years 2025, 2026, and 2027 respectively, with net profit projections of 2.1 billion, 2.5 billion, and 3.1 billion for the same years [7] - The company is positioned to benefit from the recovery in downstream market conditions, particularly in the manufacturing sector, which is expected to drive significant growth [7] Financial Data and Earnings Forecast - Total revenue is projected to grow from 2,331 million in 2024 to 3,606 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 18.5% [6][8] - The net profit is expected to increase from 156 million in 2024 to 312 million by 2027, indicating a strong growth trajectory [6][8] - The gross margin is forecasted to improve from 58.3% in 2024 to 62.5% by 2027, showcasing operational efficiency [6] Product and Market Development - The company has introduced a new generation of Agent construction platform, enabling users to create internal business processes and solutions through intuitive interfaces [7] - The launch of various AI-native "expert" Agents across multiple business functions is anticipated to enhance operational efficiency and uncover new growth opportunities [7] - The integration of AIoT capabilities with industrial AI solutions aims to optimize factory operations and improve responsiveness to anomalies [7]

Core Insights - The company held the 2025 (4th) Digital Intelligence Future Summit, where it launched the AI Soft Infrastructure (AI S-infra) suite, including various intelligent data and industrial software solutions [1] - The company showcased its multi-model collaborative problem-solving capabilities, integrating with commercial models from Microsoft and Alibaba, and developing industry-specific models based on accumulated data [1] - The release of Indepth AI 2.0 allows enterprises to quickly build Agents tailored to non-standardized needs through a user-friendly platform [1] - The company has introduced AI-native "expert" Agents across multiple fields, enhancing efficiency in procurement, sales, R&D, production, and finance [1] Industry Developments - The integration of AIoT with Industrial Mechanism AI enables dynamic data applications in factories, facilitating rapid response to anomalies and reducing manual management efforts [2] - The manufacturing Agents are expected to see rapid adoption due to their direct impact on efficiency, high customer willingness to pay, and a rich customer resource base [2] - The company’s fast product release and iteration pace positions it well for growth in the AI sector, particularly in the B-end AI market [2] - Revenue projections for 2025-2027 are estimated at 2.63 billion, 3.04 billion, and 3.61 billion yuan, with net profits of 210 million, 250 million, and 310 million yuan respectively [2]

Industry Rating - The industry rating is maintained at "Outperform" [1] Core Insights - The report suggests that the years 2025-2026 are expected to mark the commercialization of AI Agents, driven by advancements in large model capabilities and the introduction of key players like OpenAI, Anthropic, Microsoft, and Google [2][3] - The total addressable market (TAM) for AI Agents is estimated at approximately 3.61 trillion yuan, with significant opportunities in vertical industries such as IT and finance [2][3] - AI Agents are projected to replace specific standardized roles in various sectors, with a focus on enhancing productivity and ROI for businesses [3][48] Summary by Sections Investment Rating - The report maintains a rating of "Outperform" for the industry [1] Market Potential - The total addressable market (TAM) for AI Agents is estimated at 3.61 trillion yuan, calculated based on total salary levels, replacement rates, and efficiency optimization [50][54] - The report highlights six core scenarios where AI Agents are expected to penetrate first, including coding, banking, human resources, legal, cybersecurity, and customer service [61][62] Key Industry Insights - AI Agents are anticipated to significantly impact the banking sector, with 54% of jobs having a high potential for automation, leading to an estimated TAM of 1774.32 billion yuan in this field [71][77] - In the coding sector, AI is expected to automate up to 99% of coding tasks by the end of 2025, with a TAM of approximately 4357.84 billion yuan [63][68] - The report emphasizes that AI Agents will first replace roles in high-salary, white-collar industries such as finance, IT, and law, where the ROI for AI implementation is more favorable [55][57] Company Recommendations - The report suggests monitoring companies involved in general office applications and enterprise SaaS, as well as those in vertical markets like banking, human resources, and cybersecurity [3][4]

Group 1 - The report highlights investment hotspots in May, focusing on robotics, particularly unmanned logistics vehicles, controllable nuclear fusion, digital currencies (stablecoins & RWA), mergers and acquisitions, and military industry, with a market preference for small-cap companies [6][22][23] - The robotics sector, especially unmanned logistics vehicles, showed strong performance, transitioning from 0 to 1 stage with companies like Jiushi and New Stone achieving significant order volumes and commercial deployment [6][24][25] - The report indicates that the AI sector continues to evolve, with major advancements in AI models and applications, including the DeepSeek-R1 model's upgrade, which significantly improved reasoning capabilities and performance metrics [47][49][50] Group 2 - The report notes that the controllable nuclear fusion sector is gaining momentum, supported by U.S. policy changes and accelerated project developments in China, with significant milestones achieved in the CRAFT project [39][40] - The digital currency sector is experiencing regulatory advancements, with the U.S. Senate passing the GENIUS Act and Hong Kong establishing a regulatory framework for stablecoins, indicating a growing acceptance and potential for market expansion [42][43] - The mergers and acquisitions landscape is evolving with new regulations aimed at simplifying processes and enhancing market-driven approaches, exemplified by the merger plans between Haiguang Information and Zhongke Shuguang [44][45]

Core Insights - The Chinese AI + office software industry is experiencing a critical phase characterized by significant market growth, accelerated technology integration, and deepened ecosystem restructuring, with a projected market size of 30.864 billion yuan in 2024, representing a year-on-year growth of 135.55% [1][15] - The maturity of large model technology is driving a qualitative change in product functionality, with leading products like Microsoft 365 Copilot and Kingsoft WPS AI achieving over 50% efficiency improvement for users through features like "one-sentence PPT generation" and "natural language formula writing" [1][15] - The deployment of edge AI is accelerating, with manufacturers like Lenovo and Huawei launching AI PCs that pre-install localized large models, enabling intelligent creation and data analysis in offline modes, addressing data security needs in sectors like government and finance [1][15] Industry Overview - AI + office software represents a deep integration of artificial intelligence technologies with traditional office tools, enhancing work efficiency, reducing costs, and providing a more flexible and personalized experience [2] - The industry can be categorized into five main areas based on functionality and application scenarios: AI + text processing, AI + data organization, AI + presentation writing, AI + project management, and AI + communication collaboration [2] Industry Development History - The industry has evolved through four main phases: 1. The nascent phase (2010-2015) where AI began to penetrate office software with basic automation tools [4] 2. The exploratory phase (2016-2020) marked by advancements in image recognition and natural language processing, leading to the implementation of intelligent document processing [4] 3. The rapid development phase (2021-2023) where products based on large models were launched, enabling automatic document generation and data analysis [5] 4. The maturity and innovation phase (2024-present) characterized by real-time processing of text, images, and audio, with the introduction of policies to regulate AI + office software development [6] Industry Value Chain - The upstream of the AI + office software industry includes foundational technologies and hardware support, such as chips, servers, data centers, and storage devices [8] - The midstream involves the production and manufacturing of AI + office software [8] - The downstream consists of enterprise and individual users, with enterprises being the primary customers seeking automation and efficiency improvements [8] Market Size - The market size of the AI + office software industry in China is projected to reach 30.864 billion yuan in 2024, reflecting a year-on-year growth of 135.55% [15] Key Companies' Performance - The competitive landscape is characterized by leading companies like Kingsoft Office, Alibaba Cloud, Tencent, Baidu, and iFlytek, with Kingsoft Office holding a dominant position due to its high penetration rate and AI functionality [17] - Kingsoft Office reported a revenue of 1.301 billion yuan in Q1 2025, a year-on-year increase of 6.22%, and a net profit of 403 million yuan, up 9.75% [20] - iFlytek and Foxit Software are also notable players, with Foxit integrating AI into its PDF solutions and achieving significant user engagement globally [18][22] Industry Development Trends 1. The integration of technology and innovation is leading to a new era of intelligent office solutions, with AI tools evolving from auxiliary functions to core productivity enhancements [24] 2. Market demand is shifting towards high-end, customized solutions, particularly in sectors like finance and government, which require enhanced data privacy and algorithm transparency [25][26] 3. The industry is transitioning from product competition to ecosystem competition, with major players building integrated platforms that combine AI capabilities with office software [27]

特别提示： 1、鼎捷数智股份有限公司（以下简称"公司"或"本公司"）回购专用证 券账户持有的 1,570,330 股公司股份不享有利润分配的权利，不参与本次权益分 派。 2、公司 2024 年度利润分配预案为：以截至公司第五届董事会第十五次会议 召开日公司总股本扣除回购专户中已回购股份后的 269,822,500 股（回购专户中 的股份数量为 1,570,330 股）为分配基数，向全体股东每 10 股派发现金股利人 民币 0.30 元（含税），不送红股，不以资本公积金转增股本，合计派发现金股 利人民币 8,094,675.00 元（含税）。在本利润分配预案经董事会审议通过之日 至公司权益分派实施日期间，如公司总股本、回购专户中已回购股份数量发生变 化，公司将按照分配总额不变的原则，相应调整每股分红金额。 3、本次权益分派实施后，按公司总股本（含回购股份）折算的每股现金分 红比例以及据此计算的除权除息参考价相关参数和公式计算如下： 按总股本折算的每 10 股现金红利=本次现金分红总额÷总股本× 10=8,094,675.00÷271,392,830×10=0.298264 元（保留六位小数，最后一位直 接截取， ...