鼎捷数智（300378）：数智化转型重构生产力，AI渗透提速

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 68.56 CNY [6][12]. Core Insights - The company held a 2025 New Book Innovation Conference, introducing the "SUPA" model and a new paradigm of thinking. The "Athena" platform has completed its core technology loop, and the company is expected to accelerate application density, indicating a positive long-term growth outlook [2][12]. - The report maintains an "Accumulate" rating and raises the target price to 68.56 CNY, reflecting an expected EPS growth of 0.72 CNY, 0.90 CNY, and 1.13 CNY for 2025-2027, respectively. The company is anticipated to achieve a valuation premium due to its differentiated advantages in AI infrastructure and industry-specific applications [12][13]. Financial Summary - Total revenue is projected to grow from 2,228 million CNY in 2023 to 3,373 million CNY in 2027, with a CAGR of approximately 11.5% [4][13]. - Net profit attributable to the parent company is expected to increase from 150 million CNY in 2023 to 308 million CNY in 2027, reflecting a significant growth rate of 26.1% in 2027 [4][13]. - The earnings per share (EPS) is forecasted to rise from 0.55 CNY in 2023 to 1.13 CNY in 2027 [4][13]. Revenue Breakdown - The company's revenue is expected to be driven by various segments, including: - Technical services with a projected revenue of 1,113.71 million CNY in 2024, growing to 1,550.47 million CNY by 2027 [14]. - Self-developed ERP software business, anticipated to generate 662.35 million CNY in 2024, increasing to 1,051.15 million CNY by 2027 [14]. - Outsourced software and hardware business, expected to grow from 554.61 million CNY in 2024 to 771.74 million CNY in 2027 [14]. Valuation Metrics - The company is currently trading at a price-to-earnings (P/E) ratio of 104.13, which is expected to decrease to 50.82 by 2027 [4][13]. - The price-to-sales (P/S) ratio is projected to be 7.02 in 2023, declining to 4.64 by 2027, indicating a potential for improved valuation as earnings grow [13][14].