Eazytec(SH:688258) KAIYUAN SECURITIES·2025-04-30 02:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience significant growth in its non-recurring profit, driven by its firmware and IDE business, with a projected net profit of 0.88 billion, 1.14 billion, and 1.44 billion for 2025-2027 [4][5] - The current price-to-earnings (PE) ratios are 63.3, 49.0, and 38.8 for the years 2025, 2026, and 2027 respectively, indicating a favorable growth outlook [4] Financial Performance - In Q1 2025, the company achieved operating revenue of 85.216 million, a year-on-year increase of 20.98%, and a net profit attributable to the parent company of 18.799 million, up 11.08% year-on-year [5] - The non-recurring net profit saw a substantial increase of 581.73% year-on-year, reaching 16.952 million [5] - The gross margin improved significantly to 61.53%, an increase of 17.94 percentage points year-on-year, primarily due to the growth in high-margin IDE business revenue [6] Market Potential - The company launched a new low-code IDE product, SnapDevelop, and an AI+IDE platform, EazyDevelop, which focus on AI programming and collaboration, indicating a broad potential market space [7] - The collaboration with DCloud is expected to enhance customer resources and accelerate commercialization, further solidifying the company's position in the AI programming software market [7] Financial Summary and Valuation Metrics - Projected operating revenue for 2025 is 418 million, with a year-on-year growth of 29.4% [8] - The projected net profit for 2025 is 88 million, reflecting a significant year-on-year growth of 169.2% [8] - The gross margin is expected to stabilize around 48.8% in 2025, with a net margin of 21.1% [8]