Eazytec(SH:688258) KAIYUAN SECURITIES·2025-05-09 03:06Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates confidence through high-standard incentive assessments and has significant growth potential in the AI + IDE sector [4][6] - The company maintains its profit forecast, expecting net profits of 88 million, 114 million, and 144 million yuan for 2025-2027, with corresponding EPS of 0.73, 0.94, and 1.19 yuan [4][8] - The current stock price corresponds to a PE ratio of 66.1, 51.2, and 40.5 for the years 2025, 2026, and 2027 respectively [4][8] Financial Summary - Revenue is projected to grow from 418 million yuan in 2025 to 700 million yuan in 2027, reflecting a year-on-year growth of 29.4% and 25.0% respectively [8][10] - The company's gross margin is expected to stabilize around 50% by 2027, with net profit margins projected at 21.1% for 2025 and 20.6% for 2027 [8][11] - The return on equity (ROE) is anticipated to increase from 10.0% in 2025 to 13.1% in 2027 [8][10] Incentive Plan - The company has proposed a stock incentive plan to grant 4 million restricted shares, representing 3.30% of the total share capital, with a grant price of 25.00 yuan per share [5][6] - The incentive plan targets 40 individuals, including key technical personnel and core IDE business staff, which constitutes 8% of the total workforce [5][6] Market Potential - The AI + IDE market presents vast potential, with the company launching new low-code IDE products and receiving recognition from international IDE firms [7] - The broad scope of the stock incentive plan is expected to enhance the cohesion of core talent in the IDE business, solidifying long-term growth momentum [7]