DIGIWIN(SZ:300378) ZHONGTAI SECURITIES·2024-08-15 02:30Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 15.56 [1] Core Views - The company has shown continuous growth in overseas business, with a focus on AI-driven applications and local operations through partnerships [1] - The company reported a revenue of 10.04 billion yuan for the first half of 2024, representing a year-on-year growth of 0.98%, and a net profit of 424.4 million yuan, up 17.48% [1] - The non-mainland market is accelerating growth, capitalizing on the trend of Chinese enterprises going global [1] Financial Summary - Revenue Forecasts: - 2022A: 1,995 million yuan - 2023A: 2,228 million yuan (growth rate: 11.6%) - 2024E: 2,488 million yuan (growth rate: 11.7%) - 2025E: 2,862 million yuan (growth rate: 15.0%) - 2026E: 3,378 million yuan (growth rate: 18.1%) [1][4] - Net Profit Forecasts: - 2022A: 134 million yuan - 2023A: 150 million yuan (growth rate: 19.1%) - 2024E: 177 million yuan (growth rate: 17.9%) - 2025E: 216 million yuan (growth rate: 22.0%) - 2026E: 273 million yuan (growth rate: 26.2%) [1][4] - Earnings Per Share (EPS): - 2022A: 0.50 yuan - 2023A: 0.56 yuan - 2024E: 0.66 yuan - 2025E: 0.80 yuan - 2026E: 1.01 yuan [1][4] - Return on Equity (ROE): - 2023: 6.8% - 2024E: 7.7% - 2025E: 8.6% - 2026E: 9.8% [1][5] - Valuation Ratios: - P/E: - 2023A: 28 - 2024E: 24 - 2025E: 19 - 2026E: 15 - P/B: - 2023A: 2 - 2024E: 2 - 2025E: 2 - 2026E: 2 [1][4][5]