DIGIWIN SOFTWARE(300378) 长城证券·2024-11-03 12:55Investment Rating - Buy (Maintained Rating) [1] Core Views - The company's performance growth trend remains unchanged, with effective market strategies and technology promotion [2] - The company achieved revenue of 1.573 billion yuan in Q3 2024, a year-on-year increase of 11.21%, and net profit attributable to the parent company of 49.89 million yuan, a year-on-year increase of 2.15% [2] - The company's revenue from mainland China was 735 million yuan, a year-on-year increase of 11.33%, while revenue from non-mainland regions was 838 million yuan, a year-on-year increase of 11.11% [3] - The company's diversified market strategies and flexible responses have helped it capture opportunities and avoid risks, with contract amounts growing both domestically and internationally [4] - The company's four major businesses (R&D design, digital management, production control, and AIoT) are growing, with R&D design and AIoT businesses showing particularly strong growth [6] - The company's technology has gained market recognition, with leading market shares in several industries [6] Financial Performance - Revenue for 2024 is expected to reach 2.497 billion yuan, with a year-on-year growth rate of 12.1%, and net profit attributable to the parent company is expected to be 174 million yuan, with a year-on-year growth rate of 15.9% [2] - The company's ROE is expected to increase from 7.1% in 2023 to 9.2% in 2026 [2] - EPS is expected to grow from 0.55 yuan in 2023 to 0.91 yuan in 2026 [2] - The company's P/E ratio is expected to decrease from 43.1x in 2023 to 26.1x in 2026 [2] Market Strategy - The company has adopted different strategies for mainland and non-mainland markets, focusing on industry operations and improving operational efficiency in mainland China, while leveraging AI advancements and industry recovery in non-mainland regions [4] - In Southeast Asia, the company has strengthened its market presence through partnerships with large domestic enterprises, with revenue from Chinese enterprises going overseas increasing by 58% year-on-year [4] Business Segments - The company's R&D design business achieved revenue of 84.39 million yuan, a year-on-year increase of 23.17%, while the AIoT business achieved revenue of 404 million yuan, a year-on-year increase of 41.83% [6] - The company has launched innovative solutions such as "AI+ process-oriented PLM" and Chat CAD, which have been well-received in the market [6] Future Outlook - The company is expected to achieve revenue of 2.497 billion yuan, 2.836 billion yuan, and 3.269 billion yuan in 2024, 2025, and 2026, respectively, with net profit attributable to the parent company expected to reach 1.74 billion yuan, 2.06 billion yuan, and 2.48 billion yuan in the same period [7] - The company's EPS is expected to grow to 0.64 yuan, 0.76 yuan, and 0.91 yuan in 2024, 2025, and 2026, respectively [7]