Eazytec(SH:688258) Minsheng Securities·2025-05-11 02:23Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company has launched a stock incentive plan aimed at its core personnel, reflecting confidence in the development of its IDE business, with a target of granting 4 million restricted stocks, accounting for approximately 3.30% of the total share capital [1][2]. - The performance assessment targets for the IDE business are ambitious, with revenue goals set at no less than 145 million, 280 million, and 500 million yuan for 2025, 2026, and 2027 respectively, alongside profit targets and user growth metrics [2]. - The company is positioned as a rare domestic IDE tool provider, with a dual focus on "AI + IDE" that opens up long-term growth potential, including strategic partnerships with leading platforms like DCloud [3]. Summary by Sections Stock Incentive Plan - The stock incentive plan targets 40 core employees responsible for the IDE business, indicating a strong focus on performance and growth in this area [1][2]. Performance Targets - The IDE business has set high revenue and profit targets for 2025-2027, with cumulative paid user targets also outlined, showcasing the company's growth confidence [2]. Market Position and Strategy - The company is leveraging its proprietary IDE, SnapDevelop, and exploring AI-driven software development through EazyDevelop, enhancing its competitive edge in the market [3]. - Collaborations with major platforms like DCloud are expected to accelerate the promotion of IDE products and expand market reach [4]. Financial Forecast - Projected net profits for 2025-2027 are estimated at 95 million, 163 million, and 276 million yuan, with corresponding PE ratios of 59X, 34X, and 20X [4][5].