Eazytec(688258) Xinda Securities·2025-05-13 08:40Investment 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 collaboration with DCloud, a leading domestic front-end developer platform, is expected to enhance product promotion, given DCloud's user base of over 9 million front-end developers [2] - The dual focus on "AI+IDE" is anticipated to open long-term growth opportunities, with plans to support new programming languages and develop a fully AI-driven software development platform [2] Financial Summary - Total revenue is projected to grow from 320 million yuan in 2023 to 783 million yuan in 2027, with a compound annual growth rate (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 trajectory [3] - The gross margin is forecasted to improve from 46.2% in 2023 to 55.1% in 2027, indicating enhanced profitability [3] - Earnings per share (EPS) are projected to rise from 0.46 yuan in 2023 to 2.51 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 101.32 to 18.68 [3] Investment Recommendations - The report maintains a "Buy" rating based on the company's strong product advantages and extensive collaboration with DCloud for large-scale promotion [2][3]