Eazytec(SH:688258) Xinda Securities·2026-01-08 10:02Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The release of SnapDevelop Professional Edition marks a significant upgrade in core functionalities, providing developers with an efficient and flexible development platform through intelligent tools and seamless integration [1][2] - SnapDevelop aims to lower the development threshold for enterprise applications, significantly reducing manual coding workload and shortening development cycles, with AI programming assistants capable of generating 50%-80% of code, achieving a 3-5 times efficiency improvement [2] - The company has initiated a dual-line strategy of "IDE+AI" and "AI+IDE," with SnapDevelop representing the "IDE+AI" path, and has already gained 20,000 trial users by mid-2025 [2] - The professional version is priced at 2,660 yuan per person per year, targeting team collaboration and unlocking advanced capabilities [2] - The company anticipates significant market potential for its upgraded SnapDevelop Professional Edition, with projected EPS of 0.57, 1.12, and 2.24 yuan for 2025-2027, corresponding to P/E ratios of 164.81, 84.73, and 42.11 times [2][3] Financial Summary - Total revenue is projected to grow from 320 million yuan in 2023 to 783 million yuan in 2027, with a CAGR of 42.4% [3] - Net profit attributable to the parent company is expected to increase from 56 million yuan in 2023 to 272 million yuan in 2027, reflecting a significant growth rate of 101.2% in 2027 [3] - The gross margin is forecasted to improve from 46.2% in 2023 to 54.8% in 2027, indicating enhanced profitability [3] - Return on equity (ROE) is projected to rise from 5.4% in 2023 to 23.2% in 2027, showcasing improved efficiency in generating profits from equity [3]