DIGIWIN SOFTWARE(SZ:300378) KAIYUAN SECURITIES·2025-06-24 05:13Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][14] Core Views - The company is a leading provider of digital transformation and smart manufacturing solutions in China, expected to benefit from downstream recovery and overseas opportunities, with AI opening up growth potential [4][7] - The company hosted the 2025 Digital Future Summit, focusing on AI-driven business innovation and productivity enhancement [5] - AI commercialization has begun to show results, with a 135.07% year-on-year increase in AI business revenue in Taiwan in 2024, and the introduction of AI-integrated products enhancing customer value [7] Financial Summary - The company forecasts net profits for 2025-2027 to be 201 million, 240 million, and 289 million yuan respectively, with EPS projected at 0.74, 0.88, and 1.07 yuan per share [4][9] - Revenue is expected to grow from 2,228 million yuan in 2023 to 3,581 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.6% [9][11] - The company's gross margin is projected to stabilize around 60% from 2025 onwards, with net profit margin improving to 8.2% by 2027 [9][11] Product and Innovation - The company launched an AI infrastructure suite to assist enterprises in finding effective AI applications, showcasing its capabilities in integrating AI across various operational scenarios [6] - The introduction of AI-driven software solutions, including ERP and PLM systems, demonstrates the company's commitment to enhancing its product offerings through AI [6][7]