DIGIWIN(SZ:300378) Shanxi Securities·2025-09-09 10:01Investment Rating - The report maintains a "Buy-A" rating for Dingjie Smart (300378.SZ) [1][6] Core Insights - The company achieved a revenue of 1.045 billion yuan in the first half of 2025, representing a year-on-year growth of 4.08%. The net profit attributable to shareholders was 45 million yuan, up 6.09% year-on-year [4] - The company is focusing on high-growth sectors such as electronics and automotive components, while also accelerating AI integration across its product lines, leading to a significant increase in AI-related revenue, which grew by 125.91% year-on-year [5][6] Financial Performance Summary - In the first half of 2025, the company reported a gross margin of 58.32%, an increase of 0.88 percentage points compared to the same period last year. The net profit margin reached 4.22%, up 0.23 percentage points year-on-year [4] - The company’s revenue from the mainland China region was 476 million yuan, a year-on-year increase of 4.61%, while revenue from non-mainland China was 569 million yuan, growing by 3.65% [4] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 0.75, 0.94, and 1.16 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 67.0, 53.8, and 43.4 [6][7] AI Integration and Market Expansion - The company has integrated AI into four major industrial software product segments, enhancing its offerings in product lifecycle management (PLM), digital management, production control, and AIoT solutions [5] - The company is actively pursuing opportunities in Southeast Asia, resulting in a 60.87% year-on-year revenue growth in that market [4][5]