Market Overview - The total market size for PLM software in China is projected to reach 3.51 billion RMB in 2024, with a year-on-year growth rate of 21.6%, an increase of 5.6 percentage points from the previous year [1] - The market is experiencing intensified competition, leading to a decline in average transaction prices and longer decision-making cycles [1] Competitive Landscape - Siemens, Dassault Systèmes, and PTC remain the top three players in the market, although their growth rates are slowing. Siemens' market share decreased from 14.3% in 2023 to 11.3%, while Dassault Systèmes' share fell from 10.2% to 8.0% [1] - Other notable companies include Yonyou, Kingdee, Dingjie Zhizhi, Supcon Software, Huaten Software, and Digital Dafa, which rank from fourth to ninth in market share [1] SaaS PLM Market - The SaaS PLM software sub-market in China is expected to reach 181 million RMB in 2024, with a growth rate of 21.9%, slightly higher than the overall PLM market growth rate, but it only accounts for 5.25% of the total PLM market [3] - There is a growing trend of manufacturers launching cloud-native PLM products, with an increasing adoption rate among end-users despite concerns about storing design and R&D data on public clouds [3] Industry Segmentation - The PLM market is segmented into eight major industries: high-tech electronics and computers, equipment manufacturing, automotive, aerospace and shipbuilding, consumer goods, raw materials, home appliances, and new energy [5] - The total market size for PLM solutions (including software and services) is projected to reach 5.32 billion RMB in 2024, with the top three industries being high-tech electronics, equipment manufacturing, and automotive [5] Market Share by Industry - In the high-tech electronics and computer communication PLM solutions market, Dingjie Zhizhi holds a market share of 12.2%, followed by Yonyou and Supcon Software [6] - In the equipment manufacturing PLM solutions market, Dingjie Zhizhi leads with a 6.2% market share, followed by Digital Dafa and Supcon Software [7] - In the automotive PLM solutions market, Huaten Software has a dominant share of 77.2%, with other players like Supcon Software and Kingdee following [8] - In the new energy PLM solutions market, Kingdee leads with an 11.3% market share, followed by Meiyun Zhishu and Huaten Software [9] Key Market Trends - Major market changes for 2024 include AI reshaping industrial software, the globalization of Chinese manufacturing, large-scale equipment updates, and the integration of industrial software with the industrial internet [11] - The research indicates that the intensity of R&D investment by Chinese enterprises is increasing, with a long-term trend of moving from price competition to innovation [11]

Group 1 - The virtual robot sector experienced a decline, dropping by 1.33% [1] - Among the companies, Tonghuashun fell by 1.75%, Dongfang Caifu decreased by 1.69%, and Dingjie Shuzhi dropped by 1.14% [1]

Core Insights - The evolution of AI large models is marked by a shift from general models to specialized vertical models, enhancing AI's ability to solve specific problems in various industries while changing commercialization methods and potential [1][2] - By 2024, vertical models are expected to achieve commercial applications in manufacturing, finance, and healthcare, becoming crucial for companies to enhance efficiency and reduce costs in their digital transformation efforts [1][2] - The current application of vertical models is limited to specific operational segments, which restricts their overall impact on business processes, highlighting the need for a transition from "AI+" to "+AI" to unlock greater value from AI applications [1][2][3] Industry Trends - The use of AI in enterprises has remained around 50% from 2018 to 2023, with a projected increase to 75% in 2024, indicating a significant growth in AI adoption across business functions [2] - The three essential elements of business—production, management, and sales—are undergoing transformation due to AI, leading to substantial cost reductions in production and potential improvements in management efficiency through digital tools [2][3] Application and Development - Current AI applications in manufacturing focus on three main areas: process management to enhance execution efficiency, intelligent Q&A for knowledge acquisition, and decision support through complex data analysis [3][4] - The development of a digital operating space that facilitates collaboration between humans and AI agents is essential for advancing AI applications beyond single-task execution to more integrated solutions [4][5] Ethical Considerations - The establishment of a reusable, interconnected, and trustworthy AI ecosystem is critical, requiring collaboration on standardization and ethical practices within the industry [4][5][6] - Ensuring that AI operates within ethical boundaries is vital for maintaining system stability and preventing issues such as "AI hallucinations," which can undermine trust in AI-generated content [5][6]

（文章来源：每日经济新闻） 开源证券8月18日发布研报称，给予鼎捷数智（300378.SZ，最新价：57.05元）买入评级。评级理由主 要包括：1）事件：公司举办AI升维新书创想会；2）品牌主张持续深化，AI赋能打开成长空间；3）AI 融合助力产品体系全新升级，未来成长更值期待。风险提示：下游投资不及预期；AI产品落地不及预 期；公司研发不及预期。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][14] Core Views - The company is a leading provider of digital transformation and smart manufacturing solutions in China, expected to benefit from the recovery of the domestic manufacturing sector and opportunities abroad, with AI capabilities opening up growth potential [4][6] - The company maintains its profit forecast, projecting net profits for 2025-2027 to be 201 million, 240 million, and 289 million yuan, respectively, with corresponding EPS of 0.74, 0.88, and 1.07 yuan per share [4][9] - The current stock price corresponds to a PE ratio of 74.8, 62.9, and 52.1 for the years 2025, 2026, and 2027, respectively [4][9] Financial Summary - Revenue is projected to grow from 2,228 million yuan in 2023 to 3,581 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.6% [9][11] - The net profit is expected to increase from 150 million yuan in 2023 to 289 million yuan in 2027, with a significant year-on-year growth of 29.4% in 2025 [9][11] - The gross margin is forecasted to stabilize around 60% from 2025 onwards, while the net margin is expected to improve gradually from 7.0% in 2023 to 8.2% in 2027 [9][11] Product and Innovation - The company has launched several AI-enabled software solutions, including smart data suites and industrial software AI suites, showcasing its strong application capabilities in various operational scenarios [7][6] - The recent AI-themed event highlighted the company's commitment to enhancing productivity through data and intelligent technologies, addressing challenges in digital transformation for enterprises [5][6]

Group 1 - The core event was the launch of key resources to support the digital transformation of small and medium-sized enterprises (SMEs) in Nanjing, including a recommended list of digital service providers and an online integrated public service platform [1] - Nanjing has been recognized as a national pilot city for SME digital transformation since October last year, and has made significant progress in implementing various tasks related to this initiative [1][3] - The integration of advanced digital technologies such as AI, industrial internet, and cloud computing is reshaping the global industrial landscape, making Nanjing's efforts crucial for enhancing its industrial supply chain modernization [1] Group 2 - A case study was presented where a manufacturing company improved its inspection efficiency by 300% and achieved an accuracy rate of over 99.9% after adopting an AI visual inspection system, highlighting the competitive advantages of digital transformation [2] - The event featured a supply-demand matching segment where 200 pilot enterprises interacted with 75 recommended digital service providers, showcasing their capabilities and solutions for SMEs [2] - Nanjing has established itself as a leader in digital transformation initiatives, being the only national AI innovation application pilot zone in Jiangsu province and a key city for 5G and industrial internet applications [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [5]. Core Insights - The company emphasizes the transformative value of AI, stating that it is not about replacing humans but rather about expanding human capabilities. The focus is on leveraging data and intelligent technologies to innovate productivity and liberate humans from complex tasks [2][9]. - The company's future vision is encapsulated in the "1+2+3" framework, which includes a physical-digital twin model, two core drivers (data-driven for fast tasks and intelligent generation for slow tasks), and three types of intelligent agents [3]. - The report highlights the importance of practical implementation in the digital transformation process, suggesting that AI capabilities should be modularized to lower user barriers and facilitate new business models [4][9]. Financial Summary - Projected revenue growth from 2025 to 2027 is expected to be 25.75 billion, 28.90 billion, and 33.08 billion respectively, with net profit estimates of 2.02 billion, 2.31 billion, and 2.86 billion [9]. - The report provides detailed financial metrics, including a projected EPS of 0.75, 0.85, and 1.06 for the years 2025 to 2027, and a decreasing P/E ratio from 74.4 to 52.6 over the same period [9][11].

Core Viewpoint - Dingjie Smart's chairman emphasized the importance of AI in enhancing human productivity rather than replacing it, advocating for an "AI+" era instead of a "+AI" era [1][5] Group 1: Company Vision and Strategy - Dingjie Smart launched a new brand proposition focused on achieving creativity through digital intelligence, reflecting a shift from technology-driven to human-centered values [1][2] - The company aims to transform from a single application software provider to a platform builder, collaborating with partners to create an ecosystem that enhances productivity through digital avatars [2][4] Group 2: Technological Framework - The core framework consists of "one model, two cores, and three types of intelligent agents," which form the technological advantage of Dingjie Smart [3] - The "one model" includes a physical world composed of humans and intelligent equipment, and a digital world made up of intelligent agents [3] - The "two cores" are fast-thinking data-driven decision-making and slow-thinking AI-generated planning [3] Group 3: Impact of AI on Organizations - The proliferation of digital avatars is driving a shift in organizational structures from traditional hierarchical models to more fluid and dynamic forms [4] - Organizations can adapt flexibly through the dynamic combination of digital avatars, enabling cross-entity collaboration on a global scale [4] Group 4: AI Infrastructure and Ethical Considerations - Dingjie Smart focuses on building AI soft infrastructure for manufacturing enterprises, allowing intelligent agents to be activated easily [4] - The company emphasizes the importance of ethical technology use, aiming to support small and medium enterprises and reduce resource duplication through intelligent collaboration [4][5]

Group 1 - The core theme of the event was "AI Elevation: Steering the Intelligent Future," focusing on the integration of AI trends and practical applications in enterprises [1] - The new book titled "Intelligent Productivity: From Digital Transformation to Intelligent Rebirth" was launched, emphasizing deep reflections and practical experiences regarding the future of intelligence [1] - The chairman of the company, Ye Zizhen, stated that the value of AI lies not in replacing humans but in liberating them from repetitive tasks, aiming to create an "AI+" era rather than a "+AI" era [1] Group 2 - The company introduced the "SUPA" model, which innovatively describes the data application process, suggesting that data should perceive, understand, plan, and execute like humans [3] - Ye Zizhen presented a framework for AI development consisting of "one model, two cores, and three types of intelligent agents," which integrates the physical and digital worlds [3] - The "Athena platform" was highlighted as a practical embodiment of the company's vision, providing a "digital operating space" for enterprises to simulate operations based on data changes [4] Group 3 - The core value of AI agents was emphasized, including autonomous decision-making, dynamic adaptation, continuous learning, and multi-modal collaboration capabilities [5] - The company launched key products such as the intelligent data suite and enterprise intelligent agent generation suite to promote AI applications in enterprises [5] - Ye Zizhen expressed a vision for a "portable digital twin" for every individual, which would grow with training and provide tailored services to enterprises by integrating personal knowledge with enterprise data [5]

Group 1 - The core viewpoint is that AI applications will create "new productivity" by overcoming various limitations, including human labor shortages, capability constraints, cognitive barriers, and spatial-temporal restrictions [1][2] - AI can take on repetitive, tedious, or dangerous tasks, allowing human workers to focus on more creative aspects of their jobs [1] - The introduction of digital avatars will enable individuals to participate in multiple projects simultaneously, enhancing organizational efficiency and facilitating global collaboration [2] Group 2 - The concept of a "digital avatar" represents a controlled extension of individuals, which can grow through training and provide tailored services to enterprises by integrating personal knowledge with company data [1] - The emergence of digital avatars is expected to transform organizational structures from traditional solid forms to "liquid organizations," characterized by blurred boundaries and dynamic collaboration across regions and fields [1]