DIGIWIN(SZ:300378) Haitong Securities International·2025-06-26 08:09Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 46.70 [5][11]. Core Insights - The company is expected to achieve EPS of RMB 0.72, RMB 0.90, and RMB 1.14 for the years 2025, 2026, and 2027 respectively, reflecting strong growth potential [5][11]. - The report highlights the company's strong AI integration capabilities and its recent breakthroughs in AI solutions, which are expected to enhance its operational efficiency and market position [12][13][14]. Financial Summary - The company's projected revenue for 2025 is RMB 2,658 million, with a growth rate of 14.0% compared to 2024 [3][7]. - Net profit attributable to the parent company is expected to reach RMB 195 million in 2025, representing a 25.3% increase from 2024 [3][6]. - The projected PE ratio for 2025 is 44.57, with a valuation premium applied due to the company's strong market position [5][11]. Revenue Breakdown - The company's total revenue is expected to grow from RMB 2,331 million in 2024 to RMB 2,658 million in 2025, with a gross margin improvement from 58% to 61% [7]. - The technical services segment is projected to generate RMB 1,258.50 million in revenue for 2025, with a gross margin of 55% [7]. Market Position and Strategy - The company aims to create an AI+ era through its innovative framework of "one model, two cores, three intelligent agents," which integrates physical and digital worlds [12][14]. - Collaborations with partners like Huawei Cloud are emphasized as crucial for building an inclusive AI service ecosystem, enhancing the company's competitive edge in the digital economy [14].