Eazytec(SH:688258) Zheng Quan Zhi Xing·2025-04-29 07:00Core Viewpoint - The report highlights the significant growth in non-net profit for Zhuoyi Information, driven by increased revenue and improved gross margin, positioning the company as a leader in the AI programming sector [2][3]. Financial Performance - In Q1 2025, Zhuoyi Information reported revenue of 0.85 billion yuan, a year-on-year increase of 20.98% [2]. - The net profit attributable to shareholders was 0.19 billion yuan, up 11.08% year-on-year, while the non-net profit reached 0.17 billion yuan, reflecting a substantial growth of 581.73% [2]. - The gross margin for Q1 2025 was 61.53%, an increase of approximately 18 percentage points compared to Q1 2024 [2]. Strategic Initiatives - The acquisition of Aipuyang has allowed the company to enter the IDE market, enhancing its profit margins through a SaaS business model [2]. - The SnapDevelop product, characterized by cloud-native and low-code features, is expected to significantly improve development efficiency [2]. - The company is actively exploring the "AI + IDE" integration, with EazyDevelop supporting complex AI task orchestration and execution [2]. Market Positioning - Zhuoyi Information is positioned to benefit from high barriers to entry in the IDE market, with a focus on cloud-native and HarmonyOS development support [2]. - The company plans to adapt to new programming languages such as Java and Python, which could open broader market opportunities [2]. Investment Outlook - The projected net profits for 2025, 2026, and 2027 are 0.86 billion yuan, 1.19 billion yuan, and 1.67 billion yuan, respectively, with corresponding price-to-earnings ratios of 63X, 46X, and 32X [3]. - The company maintains a "buy" rating, supported by collaborations with leading platforms like DCloud to accelerate IDE product promotion [3].