DIGIWIN(SZ:300378) Haitong Securities·2024-05-31 06:31Investment Rating - The report maintains an "Outperform" rating for the company [9][5]. Core Views - The company is experiencing steady growth in its AIoT and overseas business, which is expected to drive robust performance in 2023. The first quarter of 2024 is anticipated to mark the beginning of large-scale implementation of AIGC products in industrial scenarios [5][23]. - The company achieved a revenue of 2.228 billion yuan in 2023, representing a year-on-year growth of 12%. The net profit attributable to the parent company was 150 million yuan, also reflecting a 12% increase [23][5]. - The company is expanding its overseas business, with orders from Southeast Asian clients doubling. Revenue from non-mainland regions reached 1.073 billion yuan, up 8% year-on-year [24][5]. - The AIoT business saw significant growth, with revenue reaching 517 million yuan, a 42.02% increase compared to the previous year [25][5]. - The company launched a new generation PLM system, leading to a 34% growth in revenue from R&D design services [26][5]. Financial Summary - The projected revenues for 2024, 2025, and 2026 are 2.667 billion yuan, 3.135 billion yuan, and 3.744 billion yuan, respectively. The net profits for the same years are expected to be 184 million yuan, 208 million yuan, and 267 million yuan [5][4]. - The earnings per share (EPS) are forecasted to be 0.68 yuan in 2024, 0.77 yuan in 2025, and 0.99 yuan in 2026 [5][4]. - The gross margin is projected to improve from 61.9% in 2023 to 66.2% by 2026 [4][5].