DIGIWIN SOFTWARE(300378) 中泰证券·2024-11-12 09:40Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report highlights a recovery in the operating environment in mainland China, with high growth in R&D design and AIoT businesses [1] - The company is expected to maintain a revenue growth rate of 12% year-on-year for 2023 and 2024, with an increase to 15% in 2025 and 18% in 2026 [1][2] - The net profit attributable to the parent company is projected to grow from 150 million in 2023 to 273 million in 2026, reflecting a compound annual growth rate (CAGR) of approximately 26% [1][2] Financial Summary - Revenue Forecast: - 2022A: 1,995 million - 2023A: 2,228 million - 2024E: 2,488 million - 2025E: 2,862 million - 2026E: 3,378 million [1][2] - Net Profit Forecast: - 2022A: 134 million - 2023A: 150 million - 2024E: 177 million - 2025E: 216 million - 2026E: 273 million [1][2] - Earnings Per Share (EPS): - 2023A: 0.55 - 2024E: 0.65 - 2025E: 0.80 - 2026E: 1.00 [1][2] - Price-to-Earnings (P/E) Ratio: - 2023A: 47.5 - 2024E: 40.3 - 2025E: 33.0 - 2026E: 26.2 [1][2] - Price-to-Book (P/B) Ratio: - 2023A: 3.5 - 2024E: 3.3 - 2025E: 3.0 - 2026E: 2.7 [1][2] Market Performance - The company has seen a revenue increase of 11.63% year-on-year in Q3 2024, with a total revenue of 5.69 billion [1] - The report indicates that the company has strengthened its operations and management efficiency, leading to improved growth rates compared to the first half of the year [1] - The company is focusing on automation and digital transformation solutions in high-demand sectors such as electronics, semiconductors, and automotive parts [1]