Eazytec(688258) 信达证券·2025-02-17 09:45Investment Rating - The report assigns a "Buy" rating to the company [2] Core Insights - The company is a leading player in the domestic BIOS/BMC firmware market and offers a rare AI programming platform, indicating strong growth potential [5][9] - The company has a projected market size of nearly 800 billion RMB for its AI programming platform and approximately 65 billion RMB for the firmware industry [5][46] - The company is expected to benefit from the acceleration of domestic substitution trends in both its IDE and firmware businesses [5][30] Company Overview - The company, established in 2008, focuses on the "independent, secure, and controllable" cloud computing industry chain, providing integrated development tools (IDE) and firmware for computing devices [9][11] - The company has a strong foothold in the cloud computing firmware market, being one of the few firms capable of developing BIOS for multiple architectures including X86, ARM, and MIPS [11][49] Financial Analysis - The company reported total revenue of 320 million RMB in 2023, a year-on-year increase of 13.5%, with a compound annual growth rate of approximately 8.48% from 2019 to 2023 [13][14] - The projected earnings per share (EPS) for 2024-2026 are 0.38, 0.53, and 0.66 RMB, respectively, with corresponding price-to-earnings (P/E) ratios of 112.09, 81.82, and 65.23 [6] IDE Business - The company has acquired Aipuyang Technology to enhance its application development capabilities, focusing on integrated development tools (IDE) [20] - The SnapDevelop platform, launched in 2024, is a low-code IDE that significantly improves development efficiency by 2-3 times compared to traditional methods [22][30] Firmware Industry - The firmware market is characterized by high barriers to entry, with the company being the only major Intel-authorized supplier in mainland China [48][49] - The total market size for BIOS and BMC firmware is estimated at around 65 billion RMB globally, with the domestic market size approximately 21 billion RMB [46][41]