NANCAL(603859) 申万宏源·2024-03-24 16:00Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company signed a sales contract worth 124 million yuan for an "AI large model, software toolchain, and private cloud construction project," marking the implementation of its "Generative AI + Industrial Software" strategy [5][6]. - The company is positioned to benefit from the gradual implementation of Huawei's large model in the manufacturing sector, leveraging its industry know-how and first-mover advantage [6][7]. - The company's self-developed products are fully compatible with Huawei's new industrial software system, enhancing its profitability and validating its core competitiveness through numerous successful case implementations [7]. Financial Summary - The company is projected to achieve revenues of 1.588 billion yuan, 1.995 billion yuan, and 2.525 billion yuan for the years 2023, 2024, and 2025, respectively, reflecting year-on-year growth rates of 28.6%, 25.6%, and 26.5% [14]. - The expected net profit attributable to the parent company is 262 million yuan, 331 million yuan, and 428 million yuan for the years 2023, 2024, and 2025, with year-on-year growth rates of 32.3%, 26.3%, and 29.2% [14][15]. - The company's earnings per share are projected to be 1.57 yuan, 1.99 yuan, and 2.57 yuan for the years 2023, 2024, and 2025 [14][15].