Eazytec(SH:688258) Xinda Securities·2025-05-13 07:51Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights the company's confidence in its IDE business through a stock incentive plan, granting 4 million restricted shares, representing 3.30% of the total share capital [1] - High performance targets for the IDE business from 2025 to 2027 indicate the company's long-term confidence in this sector, with revenue targets set at no less than 1.45/2.8/5 billion yuan and profit targets at no less than 0.65/1.4/3 billion yuan [2] - The company has completed the acquisition of the remaining 48% stake in Aipuyang and launched the low-code IDE product SnapDevelop, which has over 5,000 stable trial users [2] - The "AI+IDE" dual layout is expected to open up long-term growth opportunities, with plans to support new programming languages and develop a fully AI-driven software development platform [2] - The company is projected to have significant revenue growth, with estimated EPS of 0.56/1.16/2.51 yuan for 2025-2027, corresponding to P/E ratios of 83.50/40.35/18.68 [2] Financial Summary - Total revenue is projected to grow from 320 million yuan in 2023 to 783 million yuan in 2027, with a CAGR of 42.6% [3] - Net profit attributable to the parent company is expected to increase from 56 million yuan in 2023 to 305 million yuan in 2027, reflecting a significant growth rate of 116.0% in 2027 [3] - The gross margin is forecasted to improve from 46.2% in 2023 to 55.1% in 2027 [3] - Return on equity (ROE) is anticipated to rise from 5.4% in 2023 to 25.7% in 2027 [3] - The company’s financial metrics indicate a strong upward trend in profitability and efficiency over the forecast period [3][4]