DIGIWIN SOFTWARE(300378) 西南证券·2024-11-06 16:50Investment Rating - The report maintains a "Buy" rating for Dingjie Smart (300378) [1] Core Views - The company reported a revenue of 1.57 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 11.2%. The net profit attributable to shareholders was 49.89 million yuan, up 2.2% year-on-year, while the net profit after deducting non-recurring items surged by 59.1% to 45.47 million yuan [2][4] - The AI business revenue doubled year-on-year, with a growth of 102.1% in the first three quarters of 2024, driven by the integration of advanced AI technologies [4] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 570 million yuan, an increase of 11.6% year-on-year, but the net profit dropped by 41.4% to 7.448 million yuan. The net profit after deducting non-recurring items rose by 117.1% to 499.1 million yuan [2][4] - The company expects EPS for 2024, 2025, and 2026 to be 0.66 yuan, 0.80 yuan, and 0.98 yuan respectively, indicating a positive growth trajectory [4][5] Business Segments - The R&D design segment reported a revenue of 84.39 million yuan, growing by 23.2% year-on-year, with a significant increase in contract amounts [3] - The AIoT segment saw a revenue increase of 41.8% to 400 million yuan, benefiting from the Athena industrial internet platform [3] - Revenue from the digital management segment grew by 1.3% to 850 million yuan, while the production control segment rebounded with a 5.7% increase to 130 million yuan [3] Market Trends - The company is capitalizing on the trend of Chinese enterprises going global, with revenue from overseas markets reaching 840 million yuan, up 11.1% year-on-year, and a 58% increase in revenue from Chinese enterprises expanding abroad [3] - Domestic revenue for the first three quarters reached 740 million yuan, reflecting an 11.3% year-on-year growth, with Q3 alone showing an 18.4% increase [3] Strategic Initiatives - The company is committed to its "Smart+" strategy, focusing on integrating AI capabilities into its offerings, which is expected to further enhance growth opportunities [4]