Eazytec(SH:688258) Capital Securities·2024-02-24 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance exceeding the CSI 300 index by more than 15% over the next six months [37][65]. Core Insights - The company has completed the acquisition of Aipuyang Technology (Shenzhen) in July 2023, enhancing its position in the Integrated Development Environment (IDE) sector, which is crucial for software development efficiency [2][39]. - The acquisition is expected to positively impact the company's financials, with Aipuyang committing to a net cash flow of no less than 45 million yuan for 2023, translating to projected revenues exceeding 80 million yuan [7][39]. - The company anticipates significant revenue growth in its core cloud computing firmware business, with expected revenue increases of 20.0%, 50.0%, and 40.0% for the years 2023, 2024, and 2025, respectively [31][65]. Summary by Sections 1. Company Overview - The company has a stable ownership structure and a well-controlled business system, focusing on both firmware and cloud services [48][64]. 2. Investment Highlights - The recovery in demand and the "Xinchuang" initiative are expected to drive growth, with the company positioned as a key player in the ecosystem [39][42]. - The IDE layout is aimed at enhancing industry chain collaboration, filling the gap in domestic cloud platform support [2][39]. 3. Financial Forecast and Investment Recommendations - Revenue projections for 2023-2025 are 4.05 billion yuan, 5.87 billion yuan, and 7.44 billion yuan, respectively, with corresponding net profits of 0.90 billion yuan, 1.49 billion yuan, and 2.23 billion yuan [10][65]. - The report highlights a strong expected growth trajectory, with EPS forecasted at 1.04 yuan, 1.71 yuan, and 2.57 yuan for the same period [10][65].