DIGIWIN(SZ:300378) Xin Lang Cai Jing·2025-04-29 02:50Core Viewpoint - The company achieved a revenue of 2.331 billion yuan in 2024, with a year-on-year growth of 4.62%, and a net profit attributable to shareholders of 156 million yuan, reflecting a year-on-year increase of 3.59% [1]. Group 1: Financial Performance - In 2024, the company's revenue was 2.331 billion yuan, with a net profit of 156 million yuan and a non-GAAP net profit of 138 million yuan, showing year-on-year growth rates of 4.62%, 3.59%, and 13.18% respectively [1]. - The company's Q1 2025 revenue reached 423 million yuan, marking a year-on-year increase of 4.33%, while the net loss narrowed significantly due to internal efficiency improvements [3]. Group 2: AI Strategy and Implementation - The company has made significant progress in AI applications, enhancing internal efficiency and external revenue generation, with a notable reduction in sales, management, and R&D expense ratios in 2024 [1]. - The revenue from self-developed intelligent software products and integrated hardware solutions was 662 million yuan and 555 million yuan respectively, with year-on-year growth rates of 13.57% and 12.64% [1]. - The AI business in Taiwan saw a remarkable year-on-year revenue increase of 135.07% [1]. Group 3: Market Expansion and Opportunities - The company capitalized on the trend of Chinese enterprises expanding into Southeast Asia, achieving a revenue of 1.177 billion yuan from mainland China and 1.154 billion yuan from non-mainland regions, with the latter growing by 7.53% year-on-year [2]. - The company is expanding its local teams in Thailand, Vietnam, and Malaysia, aiming for over 90% localization in its talent pool to provide timely and in-depth services to clients [2]. Group 4: Earnings Forecast and Valuation - The revenue forecast for 2025-2027 is adjusted to 2.719 billion, 3.206 billion, and 3.816 billion yuan, reflecting a downward revision due to traditional business pressures [4]. - The earnings per share (EPS) forecast for 2025-2027 is raised to 0.84, 1.18, and 1.65 yuan, indicating an upward adjustment of 6% and 18% for the first two years [4]. - The target price is set at 50.40 yuan, based on a 60x PE ratio for 2025, reflecting the company's product and industry advantages [4].