SIE(300687) 信达证券·2025-05-06 07:28Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [9]. Core Views - The company achieved a total revenue of 2.395 billion yuan in 2024, representing a year-on-year growth of 6.27%, while the net profit attributable to shareholders decreased by 45.21% to 139 million yuan [1]. - The introduction of AI technology is expected to invigorate the ERP sector, creating new digital demands for enterprises [1]. - The company's proprietary GPT platform supports the Model Context Protocol (MCP), which enhances the efficiency of AI scene construction across various business systems [1]. - The company has seen significant growth in its AI vertical market, with a 35% increase in customer orders in the PCB and semiconductor sectors in 2024 [1]. - The total number of customers surpassed 1,120, with a 22.87% year-on-year increase, and new customer orders accounted for 32% of total orders [1]. Financial Summary - The total revenue is projected to grow from 2.395 billion yuan in 2024 to 3.71 billion yuan by 2027, with a compound annual growth rate (CAGR) of 16.7% [2]. - The net profit attributable to shareholders is expected to recover from 139 million yuan in 2024 to 287 million yuan by 2027, reflecting a growth rate of 18.3% [2]. - The gross margin is forecasted to stabilize around 30.7% from 2025 to 2027 [2]. - The earnings per share (EPS) are projected to increase from 0.34 yuan in 2024 to 0.70 yuan in 2027 [2]. Order and Customer Performance - The company reported a 16.65% increase in orders in 2024, with significant growth in orders from state-owned enterprises exceeding 300% [1]. - The sales of self-developed industrial software licenses reached over 230 million yuan, marking an 11.3% increase [1].