DIGIWIN(SZ:300378) China Post Securities·2025-11-05 07:17Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Insights - The company's revenue for the first three quarters of 2025 reached 1.614 billion yuan, a year-on-year increase of 2.63%, while the net profit attributable to shareholders was 51 million yuan, also up by 2.40%. However, the net profit excluding non-recurring items decreased by 12.07% [5] - The company's mainland business is under short-term pressure, but its AI-enabled non-mainland business continues to grow steadily. Revenue from mainland operations was 734 million yuan, a slight decline of 0.15%, while non-mainland revenue reached 880 million yuan, a year-on-year increase of 5.06% [6] - The company is enhancing its AI product matrix to drive smart upgrades in the manufacturing industry, focusing on core pain points in supply chain, finance, inventory, and factory intelligence [7] - The company expects total revenue for 2025-2027 to be 2.465 billion, 2.730 billion, and 3.038 billion yuan, with year-on-year growth rates of 5.77%, 10.74%, and 11.31% respectively. The net profit attributable to shareholders is projected to be 183 million, 217 million, and 269 million yuan, with growth rates of 17.62%, 18.29%, and 24.24% [8] Financial Summary - As of the latest closing price, the company's total market capitalization is 14.8 billion yuan, with a price-to-earnings ratio of 93.86 and a debt-to-asset ratio of 31.3% [4] - The company has a total share capital of 271 million shares, with 269 million shares in circulation [4] - The projected earnings per share (EPS) for 2025-2027 are 0.67, 0.80, and 0.99 yuan, respectively [10]