鉴往知来系列之鼎捷数智：稳中有进，其徐如林

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7][9]. Core Insights - Dingjie Shuzhi is a leading domestic intelligent manufacturing service provider, having developed a comprehensive product suite of "PLM+ERP+MES+AIOT" and established a leading market share in various sectors such as electronics and automotive [2][4]. The launch of the Athena platform is expected to be a significant step towards transforming the company into a platform-based entity, while the AIGC industry wave is transitioning from concept to implementation, potentially contributing substantial growth [2][4]. Summary by Sections Growth Path - With over 40 years of experience, Dingjie Shuzhi has focused on standardized ERP suite development and sales, growing alongside the rise of Taiwan's semiconductor industry. The company has expanded its product offerings and market reach, transitioning from an ERP provider to a leading service provider for digital transformation in manufacturing [4][15]. Industrial Software - The company has accumulated significant know-how and service experience in various industries, enhancing customer loyalty and providing a foundation for product iteration. The strategy focuses on deepening relationships with existing customers and exploring new demands, particularly in Taiwan, mainland China, and Southeast Asia, where the company has seen substantial growth in overseas revenue [5][35]. AI and Athena Platform - The Athena platform is designed to create a rich product matrix based on SaaS and MaaS, aiming to leverage AI applications effectively. The company is actively incubating AI products on the Athena platform, which includes industry-specific applications and general AI tools, showing promising commercial progress [6][28]. Financial Projections - The company is expected to achieve net profits of 167 million yuan, 200 million yuan, and 246 million yuan from 2024 to 2026, representing year-on-year growth rates of 11%, 20%, and 23%, respectively. The corresponding price-to-earnings ratios are projected to be 68x, 57x, and 46x [7][24]. Market Position - As of 2021, the company held a 14.8% market share in China's manufacturing ERP software market, ranking just behind SAP and Oracle. The company has established a strong presence in Taiwan and is focusing on expanding its footprint in mainland China and Southeast Asia [20][21].