Eazytec(SH:688258) Xin Lang Cai Jing·2025-04-29 02:40Core Insights - The company reported a total revenue of 323 million yuan in 2024, reflecting a year-on-year increase of 0.99%, while the net profit attributable to shareholders decreased by 41.52% to 33 million yuan [1][2] - The significant growth driver for revenue was the PB business, which saw a remarkable increase of 105.94% [2] - The company completed the acquisition of the remaining 48% stake in Aipuyang, making it a wholly-owned subsidiary, which is expected to create a second growth curve through its low-code IDE business [3] Financial Performance - Total revenue for 2024 was 323 million yuan, with a slight increase of 0.99% year-on-year [1] - Net profit attributable to shareholders was 33 million yuan, down 41.52% year-on-year, primarily due to a high base effect from investment income in 2023 [2] - The company achieved a non-GAAP net profit of 15 million yuan, representing a significant increase of 144.46% year-on-year [2] - The overall gross margin improved to 52.20%, an increase of 6.04 percentage points year-on-year [2] Business Segments - Revenue from the core firmware business in cloud computing was 120.68 million yuan, down 15.87% year-on-year [2] - Revenue from cloud services was 92.66 million yuan, down 16.07% year-on-year [2] - The PB business generated revenue of 98.56 million yuan, marking a year-on-year increase of 105.94% [2] Strategic Initiatives - The company launched the first GA version of its low-code IDE tool, SnapDevelop, in June 2024, which supports .NET cloud-native application development [3] - SnapDevelop is designed to enhance development efficiency, allowing for rapid iteration and high concurrency [3] - The company has established a customer base of over 3,000, primarily in North America, Europe, and Asia, indicating strong market penetration [3] AI Integration - The company has developed an AI-driven three-layer architecture to enhance its product offerings, integrating AI capabilities into IDEs, cloud services, and operation platforms [4] - The SnapDevelop tool includes an AI programming assistant that automates code completion and error detection, significantly improving development efficiency [4] - The company has created over 300 industry-specific templates to facilitate rapid application in sectors such as government, finance, and industry [4] Future Outlook - The strategic acquisition of Aipuyang is expected to enhance the company's IDE portfolio and drive significant business growth through the integration of AI and low-code technologies [4] - Revenue projections for 2025-2027 are estimated at 402 million, 494 million, and 576 million yuan, respectively, with net profits of 84 million, 105 million, and 120 million yuan [4] - The company is assigned a target price of approximately 52 yuan based on a 75x PE ratio for 2025, maintaining a strong buy recommendation [4]