DIGIWIN(SZ:300378) China Post Securities·2025-09-03 05:15Investment Rating - The report initiates coverage with a rating of "Accumulate" [2][10] Core Insights - The company, Dingjie Smart, reported a revenue of 1.045 billion yuan for H1 2025, reflecting a year-on-year increase of 4.08%, and a net profit attributable to shareholders of 45 million yuan, up 6.09% year-on-year [5] - The AI business has shown significant growth, with revenue increasing by 125.91% year-on-year in H1 2025, driven by the integration of AI capabilities into various applications [6] - The company is focusing on high-quality growth through AI empowerment, optimizing internal management, and enhancing product competitiveness across four major business areas [6][7] Company Overview - Latest closing price: 54.00 yuan - Total shares: 271 million, circulating shares: 269 million - Total market capitalization: 14.7 billion yuan, circulating market capitalization: 14.5 billion yuan - 52-week high/low: 66.06/16.09 yuan - Debt-to-asset ratio: 31.3% - Price-to-earnings ratio: 93.10 - Largest shareholder: Foxconn Industrial Internet Co., Ltd. [4] Financial Performance and Forecast - Revenue projections for 2025-2027 are 2.624 billion, 3.010 billion, and 3.475 billion yuan, with year-on-year growth rates of 12.57%, 14.71%, and 15.45% respectively [9] - Net profit attributable to shareholders is forecasted to be 206 million, 254 million, and 303 million yuan for the same period, with growth rates of 32.47%, 23.22%, and 19.19% respectively [10] - The company aims to enhance operational efficiency and profitability through AI tools, resulting in a reduction of total employees by 6.26% year-on-year as of H1 2025 [6]