卓易信息（688258）：发布AI+IDE平台EazyDevelop，激励落地放量可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report expresses optimism about the company's AI+IDE commercialization prospects and has raised profit forecasts for 2026-2027, expecting net profits of 88 million, 158 million, and 297 million yuan for 2025-2027, respectively. The corresponding EPS is projected to be 0.73, 1.30, and 2.45 yuan per share, with current PE ratios of 65.6, 36.8, and 19.6 times [4][5] Financial Summary - The company's total revenue for 2023 is reported at 320 million yuan, with a year-on-year growth of 13.5%. The revenue is expected to grow to 418 million yuan in 2025, representing a 29.4% increase. The net profit for 2023 is 56 million yuan, with a projected increase to 88 million yuan in 2025, reflecting a 169.2% year-on-year growth [8][10] - The gross margin is expected to be 48.8% in 2025, while the net margin is projected at 21.1%. The return on equity (ROE) is anticipated to rise to 10.0% in 2025 [8][10] Recent Developments - The company launched the public beta version of its AI+IDE platform, EazyDevelop, on June 9, 2025. This platform aims to automate the entire software development process, enhancing efficiency and intelligence [5] - On June 4, 2025, the company announced a stock incentive plan, granting 3.7 million shares at 25 yuan per share to 40 individuals, which represents 3.05% of the total share capital. The performance targets set for the IDE business are ambitious, indicating strong long-term growth confidence [6] Market Position - The report highlights the growing market for AI programming tools, citing a recent funding round for Anysphere, the parent company of AI programming tool Cursor, which achieved a valuation of 9.9 billion USD. This indicates strong capital recognition of the AI programming commercialization prospects. The company is positioned as a rare player in the domestic AI programming field, with significant technological accumulation in AI+IDE [7]