DIGIWIN(SZ:300378) Changjiang Securities·2025-11-10 10:17Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 1.614 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2.63%. The net profit attributable to the parent company was 51 million yuan, with a year-on-year increase of 2.40%. However, there is a noted slowdown in overall growth due to economic pressures in mainland China and the company's strategic choice to reduce low-margin businesses. Traditional stronghold regions continue to show good growth momentum. The progress in AI business is steady, with multiple AI software infrastructure packages released in 2025, and customer testing is actively being pursued, which is expected to enhance the company's growth potential in the future. The projected net profit attributable to the parent company for 2025-2027 is 170 million yuan, 204 million yuan, and 237 million yuan, with year-on-year growth rates of +9%, +20%, and +16% respectively, leading to a continued recommendation for investment [2][4][11]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 569 million yuan, a slight year-on-year increase of 0.06%, while the net profit attributable to the parent company was 6 million yuan, reflecting a year-on-year decline of 18.61%. The net profit after deducting non-recurring gains and losses was 4 million yuan, down 29.74% year-on-year [4][11]. Revenue Breakdown - The revenue growth for the first three quarters was 3%, while for Q3 it was 0%. Regionally, revenue from outside mainland China accelerated, while mainland revenue faced slight pressure. In Q3, revenue from mainland China was 260 million yuan, down 7.9% year-on-year, while revenue from non-mainland regions was 310 million yuan, up 7.7% year-on-year. The decline in mainland revenue is attributed to the temporary economic downturn affecting small and medium enterprises, while the Southeast Asia expansion and AI application integration in Taiwan contributed to strong performance [11]. Business Progress - The company's core strategy of fully integrating AI is progressing steadily. In Q3, AI applications were incorporated into ERP, PLM, and BI systems, with several AI intelligent suite beta versions validated and deployed in mainland China. The AI applications in Taiwan are also being promoted effectively, with high growth expected for the AI segment throughout the year. Looking ahead to Q4, the company plans to enhance the integration of AI with its product matrix and continue the iteration of the Athena platform [11].