Eazytec(688258) 信达证券·2025-03-31 00:23Investment Rating - The investment rating for the company is "Buy" [2] Core Viewpoints - The company, Zhaoyi Information, has launched SnapDevelop, a rare low-code IDE platform in China, which is expected to penetrate the market rapidly. The product has a high barrier to entry and aims to assist enterprise developers in quickly developing cloud-native applications, boasting a development efficiency increase of 2-3 times compared to traditional methods [5][19] - SnapDevelop has already attracted over 5,000 stable trial users since its first official version release in June 2024, and the potential market is vast, with over 600 million active .NET developers globally [5][19] - The company has formed a comprehensive partnership with DCloud, a leading developer service platform in China, which will promote SnapDevelop through various channels, enhancing its market penetration [5][18] Summary by Sections Product Overview - SnapDevelop is a native low-code IDE tool that supports .NET cloud-native application development and can replace mainstream commercial development tools like Visual Studio and Rider. The product's high barriers to entry stem from its unique capabilities and the experience gained from previous product lines [9][19] - The product features include drag-and-drop component code generation, a visual designer for backend construction, and AI-assisted development, which collectively enhance the development process [12][14] Market Potential - The global active .NET (C) developer population exceeds 6 million, with an estimated 1.8 million developers focused on cloud-native application development. Additionally, the product may support the HarmonyOS development environment, which has around 2.54 million developers [19] - The pricing strategy involves a free trial phase followed by a low-cost subscription model, allowing for potential price increases as product features expand [19] Competitive Landscape - SnapDevelop is positioned against two notable AI IDEs: Trae and Cursor. Trae is a lightweight AI-native IDE suitable for small projects, while Cursor integrates AI capabilities into a VS Code-like environment. SnapDevelop stands out due to its independence and specialization in .NET cloud-native development [20][29] Financial Projections - The company forecasts earnings per share (EPS) of 0.27, 0.52, and 0.81 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 154.48, 78.98, and 51.23 [5][6]