DIGIWIN(SZ:300378) Guotou Securities·2025-05-06 08:03Investment Rating - The investment rating for the company is maintained at Buy-A with a target price of 44.50 CNY, reflecting a dynamic price-to-earnings ratio of 60 times for 2025 [5][9]. Core Insights - The company has achieved steady growth in revenue and net profit despite undergoing a brand transformation and strategic adjustment, shifting from "Dingjie Software" to "Dingjie Smart" [2][9]. - In 2024, the company reported total revenue of 2.331 billion CNY, a year-on-year increase of 4.62%, and a net profit of 156 million CNY, up 3.59% year-on-year [1][9]. - The company is positioned as a leader in the industrial software sector, particularly in the manufacturing ERP market, holding a 14.8% market share among domestic vendors [2][9]. Revenue and Profitability - The company’s revenue for Q1 2025 was 423 million CNY, reflecting a 4.33% year-on-year growth, while the net profit was -8.33 million CNY, showing a 14.04% increase year-on-year [1]. - The projected revenues for 2025, 2026, and 2027 are 2.589 billion CNY, 2.903 billion CNY, and 3.309 billion CNY respectively, with net profits expected to be 201 million CNY, 249 million CNY, and 294 million CNY [9][11]. Business Segments - The company has diversified its offerings across four major categories of industrial software: R&D design, digital management, production control, and AIoT, with significant revenue growth in each segment [3][4]. - The R&D design segment generated 152 million CNY in revenue in 2024, a 23.33% increase, while the AIoT segment achieved 631 million CNY, growing by 22.04% [3]. Technological Advancements - The Athena platform and AI Agent products are pivotal in expanding the company's growth potential, integrating advanced technologies such as AI, big data, and knowledge graphs [4][8]. - The global AI Agent market is projected to grow from 5.29 billion USD in 2024 to 216.8 billion USD by 2035, with a compound annual growth rate of 40.15% [8]. Market Position - The company has a strong presence in the Taiwan region, serving 77% of publicly listed enterprises, and has accumulated extensive international experience by servicing approximately 800 clients in Southeast Asia [2][9]. - In the Chinese mainland, the company ranks first among domestic vendors in the PLM market and holds a top-three position in MES products across various high-tech industries [2].