Weaver Network(SH:603039) Xinda Securities·2025-06-12 08:03Investment Rating - Investment Rating: Buy [2] Core Viewpoints - The company is a leader in the collaborative management software industry, with a rich product ecosystem that supports both enterprise and government users, and offers various deployment modes including desktop, mobile, and cloud [15][18] - The integration of AI Agent into the collaborative office sector opens a new wave of intelligent office solutions, significantly expanding the company's long-term growth potential [15][8] - The AI Agent market is expected to grow from 55.4 billion yuan in 2023 to 852 billion yuan by 2028, with a compound annual growth rate of 72.7%, primarily driven by B-end applications [15][6] - The company has a strong market position, benefiting from digital transformation policies and the increasing demand for domestic software replacements, particularly in government and state-owned enterprises [15][17] Summary by Sections Main Business and Financial Analysis - The company has been focused on the collaborative management software sector for over 20 years, with more than 80,000 users across 87 industries [18][9] - The main products include e-cology (a digital operation platform for large and medium-sized clients), e-office (a standardized collaborative platform for small and medium-sized clients), e-teams (a mobile office cloud platform), e-nation (a government-focused product), and Xiaoe.AI (an AI-driven intelligent brain) [15][25] - The revenue from technical services is increasing, reflecting high customer retention and ongoing demand for upgrades and maintenance [63][70] Industry Trends - The collaborative management software industry is experiencing growth due to the expansion of business boundaries and the acceleration of digital transformation policies [15][17] - The company is well-positioned to benefit from the increasing demand for software that adapts to domestic hardware and software systems, particularly in the context of government digitalization [15][17] Profit Forecast and Valuation - The company is expected to achieve earnings per share (EPS) of 0.94, 1.13, and 1.34 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 62.83, 52.48, and 44.08 [8][7] - The company maintains a high gross margin, with software development revenue primarily coming from e-cology and e-office, which have consistently high profit margins [63][70]