DIGIWIN(SZ:300378) ZHONGTAI SECURITIES·2025-05-12 06:44Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company reported a revenue of 2.331 billion yuan in 2024, representing a year-on-year growth of 4.62%, and a net profit attributable to shareholders of 156 million yuan, up 3.59% year-on-year [4] - The company is focusing on optimizing its operational strategies and cost control, which is expected to further enhance profit margins [5] - The company has adjusted its revenue forecasts for 2025-2026, now expecting total revenues of 2.540 billion yuan and 2.781 billion yuan respectively, while maintaining a "Buy" rating [5] Financial Performance Summary - Revenue projections for 2025-2027 are 2.540 billion yuan, 2.781 billion yuan, and 3.089 billion yuan respectively, with corresponding net profits of 190 million yuan, 234 million yuan, and 287 million yuan [2][5] - The company’s gross margin improved by 4.37 percentage points to 59.68% in Q1 2025 [5] - The earnings per share (EPS) are projected to be 0.70 yuan, 0.86 yuan, and 1.06 yuan for 2025, 2026, and 2027 respectively [2][5] Market and Business Insights - The company experienced a slowdown in revenue growth in mainland China, with a 1.92% increase in 2024, while non-mainland revenue grew by 7.53% [5] - In Taiwan, the company capitalized on AI technology advancements, achieving a 135.07% increase in AI business revenue [5] - The company is enhancing its AI application products and has established partnerships to strengthen its ecosystem [5]