Eazytec(688258) 民生证券·2025-03-23 03:23Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Viewpoints - The strategic partnership with DCloud, a leading platform with 9 million front-end developers, positions the company to become a leader in AI programming software by leveraging DCloud's extensive user base and promotional channels [1][2]. - The development of SnapDevelop, an independent low-code development tool with proprietary technology, is a significant milestone in the company's global strategy, enhancing its competitive edge [2]. - The acquisition of Aipuyang and the collaboration with DCloud are expected to accelerate the promotion of IDE products and open long-term growth opportunities in the AI programming business [3]. Financial Forecast and Metrics - Projected revenues for 2024-2026 are estimated at 3.23 billion, 3.77 billion, and 4.30 billion CNY, with growth rates of 0.9%, 16.7%, and 14.2% respectively [4][10]. - The net profit attributable to shareholders is forecasted to be 320 million, 750 million, and 1.02 billion CNY for the years 2024-2026, with corresponding PE ratios of 162X, 69X, and 51X [3][4]. - The earnings per share (EPS) are expected to be 0.26, 0.62, and 0.84 CNY for 2024-2026 [4][10].