LZRJ(SH:688588) SINOLINK SECURITIES·2025-08-29 02:30Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 520 million yuan for the first half of 2025, a year-on-year decline of 3.0%, while the total profit increased by 614.1% to 110 million yuan, primarily due to favorable foreign exchange gains from the appreciation of the Japanese yen [2] - The company is leveraging AI technology to enhance software development efficiency, with R&D expenses increasing by 18.1% year-on-year [3] - A restricted stock incentive plan was introduced, granting 20 million shares to 120 employees, indicating confidence in future business growth [3] Financial Performance Summary - For 2025, the company expects revenues of 1.17 billion yuan, 1.26 billion yuan, and 1.39 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 5.0%, 8.0%, and 10.0% [4] - The net profit attributable to the parent company is projected to be 250 million yuan, 253 million yuan, and 279 million yuan for the same years, reflecting growth rates of 100.9%, 1.3%, and 10.3% [4] - The company’s price-to-earnings (P/E) ratios are estimated at 34.1, 33.7, and 30.5 for the years 2025, 2026, and 2027, respectively [4]