Investment Rating - The report maintains an "Outperform" rating for the company [4][9]. Core Insights - The company has partnered with Dassault Systems to launch "inSuite by DELMIAWorks," an integrated industrial software aimed at accelerating smart manufacturing upgrades [10][12]. - The report projects the company's net profit attributable to shareholders for 2025, 2026, and 2027 to be 553 million, 703 million, and 892 million RMB, respectively, with EPS of 0.48, 0.61, and 0.77 RMB [4][9]. - A target price of 13.03 HKD is assigned based on a 2025 forward PE of 25x [4][9]. Financial Summary - The total revenue is projected to be 8,294 million RMB in 2023, with a growth rate of 19.1%, followed by a slight decline of 1.1% in 2024, and then growth rates of 9.3%, 10.1%, and 11.5% in the subsequent years [3][7]. - Gross profit is expected to increase from 1,918 million RMB in 2023 to 3,300 million RMB by 2027 [3][7]. - The report indicates a significant increase in net profit, with a forecasted growth of 69.9% in 2024, followed by 90.8% in 2025, and steady growth in the following years [3][7]. Business Strategy and Market Potential - The inSuite by DELMIAWorks software integrates various manufacturing processes, addressing challenges such as data silos and enhancing business collaboration [11][12]. - The report highlights the potential for integrated industrial software, supported by government policies aimed at digital transformation in the machinery industry, with a target of 50% of companies achieving a smart manufacturing maturity level of two or above by 2027 [12].
浪潮数字企业（00596）：携手达索推出insuiteorks，打造端到端工业软件