Eazytec(688258) 开源证券·2024-09-17 07:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The growth prospects of the company are promising, driven by both firmware and IDE businesses, with maintained profit forecasts for 2024-2026, expecting net profits of 76 million, 100 million, and 132 million yuan respectively, and EPS of 0.62, 0.83, and 1.09 yuan, corresponding to PE ratios of 34.9, 26.3, and 19.9 times [2] - The company plans to acquire the remaining 48% stake in Aipuyang Technology for 273 million yuan, aiming to enhance management efficiency and control over its subsidiary [2] - Aipuyang's PowerBuilder product line shows stable performance with slight growth, and the newly launched low-code IDE product SnapDevelop has gained over 2000 free users, indicating potential for future growth [2][3] - The acquisition is expected to strengthen technical synergies between firmware and IDE businesses, optimizing strategic layout and reducing management costs [2] Financial Summary - Revenue is projected to grow from 320 million yuan in 2023 to 705 million yuan in 2026, with a CAGR of approximately 29.9% [3] - The net profit is expected to increase from 56 million yuan in 2023 to 132 million yuan in 2026, reflecting a CAGR of about 32% [3] - Gross margin is forecasted to stabilize around 48% in the coming years, while net margin is expected to improve slightly from 18.1% in 2024 to 18.8% in 2026 [3] - The company's total assets are projected to grow from 1640 million yuan in 2023 to 1883 million yuan in 2026 [5]