DIGIWIN(SZ:300378) GUOTAI HAITONG SECURITIES·2025-09-09 14:05Investment Rating - The investment rating for the company is "Accumulate" with a target price of 68.56 CNY [6][12] Core Views - The company has achieved steady revenue growth in H1 2025, driven by its digital transformation and the potential of its Athena digital native platform, alongside expanding AI applications and overseas business opportunities [2][12] - The company is expected to maintain growth momentum, with projected revenues of 26.58 billion CNY, 30.25 billion CNY, and 33.73 billion CNY for 2025, 2026, and 2027 respectively, reflecting a strong demand for AI infrastructure and industry-specific solutions [12][13] Financial Summary - Total revenue for 2023 is projected at 2,228 million CNY, with a year-on-year growth of 11.7%. The net profit attributable to the parent company is expected to be 150 million CNY, reflecting a growth of 12.3% [4][13] - The company’s revenue is expected to grow to 2,658 million CNY in 2025, representing a 14.0% increase from 2024 [4][14] - The earnings per share (EPS) is projected to increase from 0.55 CNY in 2023 to 0.72 CNY in 2025 [4][13] Business Performance - In H1 2025, the company reported a revenue of 10.45 million CNY, a year-on-year increase of 4.08%, and a net profit of 0.45 million CNY, up 6.09% [12][13] - The AI business revenue saw a significant increase of 125.91% year-on-year, indicating strong growth in this segment [12][13] - The company has successfully expanded its international operations, particularly in Southeast Asia, serving approximately 800 enterprise clients and achieving a revenue growth of 60.87% in this region [12][13]