Eazytec(SH:688258) KAIYUAN SECURITIES·2025-04-30 02:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in its non-recurring profit, with a projected net profit of 0.88 billion, 1.14 billion, and 1.44 billion for 2025-2027, respectively. The expected EPS for the same period is 0.73, 0.94, and 1.19 yuan, indicating a promising growth outlook driven by both firmware and IDE businesses [4][5] Financial Performance - In Q1 2025, the company achieved an operating revenue of 85.216 million yuan, a year-on-year increase of 20.98%. The net profit attributable to the parent company was 18.799 million yuan, up 11.08% year-on-year, while the non-recurring net profit surged by 581.73% to 16.952 million yuan [5] - The gross margin for Q1 2025 was 61.53%, an increase of 17.94 percentage points year-on-year, primarily due to the growth in high-margin IDE business revenue [6] - The company reported a net cash flow from operating activities of 18.6716 million yuan, reflecting a year-on-year growth of 20.77% [6] Market Potential - The company has launched a new low-code IDE product, SnapDevelop, and an AI+IDE platform, EazyDevelop, focusing on AI programming and multi-agent collaboration. This positions the company well in the enterprise-level application development market [7] - The collaboration with DCloud is expected to enhance customer resources and accelerate the commercialization process of SnapDevelop, indicating a strong potential for growth in the AI programming software market [7] Financial Summary and Valuation Metrics - The projected financial metrics for the company are as follows: - Revenue (million yuan): 320 in 2023, 323 in 2024, 418 in 2025, 542 in 2026, and 700 in 2027, with a year-on-year growth rate of 29.4% in 2025 [8] - Net profit (million yuan): 56 in 2023, 33 in 2024, 88 in 2025, 114 in 2026, and 144 in 2027, with a significant year-on-year increase of 169.2% in 2025 [8] - EPS (yuan): 0.46 in 2023, 0.27 in 2024, 0.73 in 2025, 0.94 in 2026, and 1.19 in 2027 [8]