DIGIWIN(SZ:300378) Guoyuan Securities·2024-05-28 06:30Investment Rating - The report maintains a "Buy" rating for Dingjie Software (300378.SZ) [3][7]. Core Insights - Dingjie Software achieved steady growth in revenue and net profit, with 2023 revenue reaching 2.228 billion yuan, a year-on-year increase of 11.65%, and a net profit of 150 million yuan, up 12.27% year-on-year [4]. - The company is expanding its product business from digital management to R&D design, production control, and AIoT fields, with significant growth in AIoT business, which saw a revenue increase of 42.02% to 517 million yuan in 2023 [4][5]. - The company is actively exploring AIGC technology applications, with its Chat series applications being recognized by over 120 clients across various industries [6]. Financial Performance Summary - In 2023, Dingjie Software's revenue was 2.228 billion yuan, with a net profit of 150 million yuan and a non-recurring net profit of 122 million yuan [4]. - For Q1 2024, the company reported revenue of 406 million yuan, a 13.27% increase year-on-year, but a net loss of approximately 9.69 million yuan [4]. - The forecast for 2024-2026 projects revenues of 2.584 billion, 2.947 billion, and 3.308 billion yuan, with net profits of 184 million, 222 million, and 264 million yuan respectively [7][12]. Business Segment Performance - The R&D design business generated 123 million yuan in revenue, up 34.43% year-on-year, while the digital management business saw a decline of 4.20% to 1.207 billion yuan [4]. - The production control business achieved revenue of 334 million yuan, a 21.46% increase, and the AIoT business reached 517 million yuan, marking a 42.02% growth [4]. Market Position and Growth Potential - Dingjie Software is positioned as a leading provider of digital transformation and smart manufacturing solutions in China, with significant growth potential in the AIoT sector, evidenced by a 92% increase in signed contracts [5][7]. - The company is leveraging its industrial internet platform, Dingjie Athena, to enhance operational efficiency and user experience through AI-driven solutions [6].