DIGIWIN(SZ:300378) Xin Lang Cai Jing·2025-08-31 08:56Core Viewpoint - The company reported steady revenue growth driven by the expansion of its AI business, with a significant year-on-year increase in AI revenue of 125.91% in the first half of 2025 [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 1.045 billion yuan, a year-on-year increase of 4.08%, and a net profit attributable to shareholders of 45.03 million yuan, up 6.09% year-on-year [1] - For Q2 2025, the company recorded revenue of 621 million yuan, reflecting a year-on-year growth of 3.92%, and a net profit of 53.36 million yuan, which is a 2.35% increase year-on-year [1] - The company's net profit margin improved to 4.22%, an increase of 0.24 percentage points year-on-year, primarily due to enhanced gross margin and optimized expense ratios [4] Group 2: AI Business Growth - The AI business revenue in the first half of 2025 reached 274 million yuan, showing a year-on-year growth of 125.91% [1] - The company launched the industry's first AI-integrated PLM product, which has signed contracts with nearly 100 clients and successfully deployed with several clients, leading to an increase in average transaction value [2] - The integration of AI into production control products has automated business processes and provided insights, with significant iterations in the semiconductor sector [2] Group 3: Regional Performance - Revenue from the mainland region was 476 million yuan, up 4.61% year-on-year, while revenue from regions outside the mainland was 569 million yuan, reflecting a 3.65% increase year-on-year [3] - The company focused on high-growth sectors in the mainland, achieving good growth in electronics and automotive parts [3] - In Southeast Asia, the company has successfully trained local partners, leading to a 60.87% year-on-year increase in overseas revenue [3] Group 4: Operational Efficiency - The company's comprehensive gross margin improved to 58.32%, an increase of 0.88 percentage points year-on-year, benefiting from a higher proportion of high-margin AI business [4] - The sales, management, and R&D expense ratios were 30.43%, 11.10%, and 8.23%, respectively, with sales expense ratio increasing due to enhanced market promotion of new products [4] - The total number of employees decreased by 6.26% compared to the end of 2024, indicating internal efficiency improvements [4] Group 5: Profit Forecast and Valuation - The company adjusted its revenue forecasts for 2025-2027 to 2.685 billion yuan, 3.14 billion yuan, and 3.735 billion yuan, reflecting a decrease of 1.25%, 2.06%, and 2.12% respectively [5] - The net profit forecasts were raised to 235 million yuan, 342 million yuan, and 462 million yuan for the same period, corresponding to an increase of 3.00%, 6.97%, and 2.99% [5] - The target price was set at 68.07 yuan based on a 54.0x PE ratio for 2026, maintaining a "buy" rating [5]