DIGIWIN(SZ:300378) Changjiang Securities·2025-05-14 14:15Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Viewpoints - The company reported a revenue of 2.331 billion yuan for 2024, representing a year-on-year growth of 4.62%. The net profit attributable to shareholders was 156 million yuan, up 3.59% year-on-year, while the net profit after deducting non-recurring items was 138 million yuan, showing a growth of 13.18% [2][5]. - In Q4 2024, the company achieved a revenue of 758 million yuan, a decline of 6.85% year-on-year, with a net profit of 106 million yuan, an increase of 4.28% year-on-year. The net profit after deducting non-recurring items was 92 million yuan, down 0.92% year-on-year [2][5]. - For Q1 2025, the company reported a revenue of 423 million yuan, a year-on-year increase of 4.33%, with a net loss of 8 million yuan, but a growth of 14.04% year-on-year in net profit attributable to shareholders. The net profit after deducting non-recurring items was a loss of 9.5 million yuan, reflecting a growth of 31.92% year-on-year [2][5]. Revenue Analysis - The company's revenue growth for 2024 was steady, with Taiwan outperforming mainland China. The revenue growth rates for 2024, Q4 2024, and Q1 2025 were 5%, -7%, and 4% respectively. In 2024, the revenue from mainland China and overseas was 1.177 billion yuan and 1.154 billion yuan, respectively, with year-on-year growth of 1.9% and 7.5% [10]. - By business segment, the revenue for 2024 from R&D design, digital management, production control, and AIOT was 150 million yuan, 1.19 billion yuan, 330 million yuan, and 630 million yuan, with growth rates of 23%, -1%, 0%, and 22% respectively [10]. Profitability Analysis - The company's gross profit margin for 2024 was 58.3%, down 3.7 percentage points year-on-year, while the gross profit margin for Q1 2025 was 59.7%, up 4.4 percentage points year-on-year. The company effectively controlled costs, with sales, management, and R&D expense ratios of 30.2%, 16.9%, and 7.1% respectively for 2024 [10]. - The net profit margin for 2024 was 6.7%, remaining stable despite a credit impairment loss of 48.85 million yuan impacting profits [10]. Business Strategy - The company is embracing AI strategies, with significant commercial progress expected in 2025. The rebranding to 鼎捷数智 reflects this commitment, and the company has made substantial investments in AI applications, achieving a revenue growth of 135% in AI business in Taiwan for 2024 [10]. - The company plans to raise 838 million yuan for investments in digital ecosystem empowerment projects, indicating strong potential for AI business growth [10]. Investment Recommendations - The company is expected to achieve net profits of 196 million yuan, 238 million yuan, and 287 million yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of 26%, 22%, and 21% [10].