NWM(SH:603700) Xin Lang Cai Jing·2025-05-07 02:28Core Viewpoint - The company's performance is overall stable, with Q1 2025 revenue of 266 million yuan, a year-on-year increase of 5.85%, and a net profit attributable to shareholders of 28 million yuan, a year-on-year increase of 141.62%, primarily due to the disposal of subsidiaries [2] - The original controlling shareholder has terminated the concerted action relationship, resulting in a change of actual controllers to Zhang Shihua and Zhang Lin, while the shareholding proportions remain unchanged [2] Business Development - The company has made significant progress in its AI ecosystem and digital transformation, successfully deploying the DeepSeek large model localization system and building a specialized knowledge base matrix, which supports a multi-model integrated intelligent customer service knowledge platform [3] - The platform has adopted a multi-model collaborative architecture, integrating mainstream large models such as DeepSeek, Tongyi Qianwen, and Baidu Wenxin, enhancing AI applications in smart operations, decision-making, services, and hardware across various sectors [3] Financial Projections - Revenue projections for 2025 to 2027 are 1.709 billion, 1.979 billion, and 2.329 billion yuan, representing year-on-year growth rates of 13.9%, 15.8%, and 17.7% respectively, with net profits of 62 million, 73 million, and 88 million yuan, reflecting year-on-year growth rates of 18.3%, 17.7%, and 20.5% respectively [4] - The estimated price-to-earnings ratio for 2026 is 31.37 times based on the closing price on April 29, 2025 [4] Investment Outlook - The company is expected to maintain steady growth and continue its digital transformation, leading to a sustained "buy" rating [5]