鼎捷数智：从“+AI”到“AI+”，数智驱动起新航

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has transitioned from the "software era" to the "intelligent era," focusing on digital transformation in manufacturing for over 40 years, with a steady revenue growth of over 10% annually in the last three years [6][14]. - The company achieved a net profit of 150 million yuan in 2023, representing a year-on-year growth of 12.5% [23]. - The company is well-positioned to capitalize on global manufacturing shifts, leveraging its extensive experience in the manufacturing sector and a comprehensive industrial software product matrix [6][39]. Summary by Sections 1. Company Overview - The company, founded in 1982 in Taiwan, has expanded its operations from Taiwan to mainland China and Southeast Asia, focusing on manufacturing ERP and now offering a full-stack industrial software layout [14][15]. - It has over 50,000 clients and maintains a leading market share in manufacturing ERP products in mainland China [14][39]. 2. Financial Performance - The company reported a revenue of 2.228 billion yuan in 2023, with a year-on-year increase of 11.7% [23]. - The revenue forecast for 2024-2026 is projected to be 2.558 billion, 2.990 billion, and 3.494 billion yuan, respectively, with growth rates of 14.82%, 16.90%, and 16.84% [6][24]. 3. Market Position and Strategy - The company is recognized as a leader in the IDC's evaluation of digital factory solution providers in China, focusing on sectors such as electronics, semiconductors, and automotive parts [6][39]. - The company is enhancing its AI capabilities through the Athena platform, which is expected to drive significant growth in AI applications and customer engagement [6][39]. 4. Product and Service Offerings - The company has developed a comprehensive industrial software product matrix, covering digital management, research and design, production control, and AIoT services [17][39]. - The introduction of AI-integrated products, such as the new generation PLM system and Chat CAD, aims to enhance operational efficiency and product quality [46][47]. 5. Future Outlook - The company is expected to benefit from the ongoing digital transformation in manufacturing, with a strong focus on AI and intelligent manufacturing solutions [6][39]. - The strategic partnerships and continuous innovation in AI applications are anticipated to further enhance the company's market position and revenue growth [6][39].