Weaver Network(SH:603039) Orient Securities·2025-02-04 02:23Investment Rating - The report maintains a "Buy" rating for the company with a target price of 59.42 CNY [3][11][6] Core Views - The company is expected to benefit from the growing AI applications and its leading position in the collaborative office software sector [2][9] - The company's earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 0.88 CNY, 1.28 CNY, and 1.66 CNY respectively, reflecting a positive growth trajectory [3][11] - The report highlights the successful launch of the Xiaoe.AI platform, which integrates AI capabilities into various business scenarios, enhancing operational efficiency for clients [9][10] Financial Summary - The company's revenue for 2022 was 2,331 million CNY, with a projected increase to 2,981 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 10.8% [5][10] - Operating profit is expected to recover from 165 million CNY in 2023 to 452 million CNY in 2026, indicating a significant growth rate of 30.6% in 2026 [5][10] - The net profit attributable to the parent company is forecasted to grow from 179 million CNY in 2023 to 433 million CNY in 2026, with a notable increase of 45.4% in 2025 [5][10] Valuation Metrics - The report employs a Discounted Cash Flow (DCF) valuation method, resulting in a target price of 59.42 CNY per share [3][11][12] - The company's price-to-earnings (P/E) ratio is projected to decrease from 86.0 in 2023 to 35.5 in 2026, indicating improving valuation attractiveness [5][10] - The price-to-book (P/B) ratio is expected to decline from 7.4 in 2023 to 5.1 in 2026, further supporting the investment case [5][10]