Company Overview - Zhongke Jiangnan closed at 24.04 yuan, down 5.06%, with a rolling PE ratio of 80.55 times and a total market value of 8.412 billion yuan [1] - The company ranks 139th in the software development industry, which has an average PE ratio of 117.48 times and a median of 77.77 times [1] - As of April 10, 2025, Zhongke Jiangnan had 22,943 shareholders, a decrease of 321 from the previous period, with an average holding value of 352,800 yuan and an average holding of 27,600 shares [1] Business Performance - In the latest annual report for 2024, the company achieved operating revenue of 825 million yuan, a year-on-year decrease of 31.71%, and a net profit of 104 million yuan, down 65.14% year-on-year, with a gross profit margin of 59.74% [2] Industry Position - The company is a leading provider of smart finance and digital government solutions in China, focusing on electronic payment, smart finance, and enterprise digitalization [1] - The company holds 4 invention patents and 23 software copyright registrations, maintaining a technological edge with various certifications in data management and software service delivery [1] - The company participated in the 2024 National Smart Medical Insurance Competition, winning third place for its blockchain and privacy computing application for medical insurance data security and receiving an excellence award for its blockchain application case [1]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company has shown steady growth in performance, with both business segments (BG) driving success. The financial indicators reflect significant improvements, particularly in net profit, which increased by 35.01% year-on-year in 2024 [4][5] - The company is actively enhancing its digital tax services, integrating AI-driven solutions to empower small and micro enterprises, with AI products contributing over 20% to the revenue of its digital tax business [2][4] - The user base for the company's platform has seen substantial growth, with active enterprise users reaching 10.7 million, a 30.5% increase from the beginning of the year [3] Financial Performance Summary - In 2024, the company achieved a revenue of 1.945 billion yuan, a year-on-year growth of 6.4%, and a net profit of 113 million yuan, reflecting a 35% increase [1][4] - The projected revenue for 2025 is 2.311 billion yuan, with an expected net profit of 277 million yuan, indicating a significant growth trajectory [9] - The company's return on equity (ROE) is expected to rise from 4.5% in 2024 to 16.0% by 2027, showcasing improved profitability [1][9] Business Development and Strategy - The company is committed to supporting digital governance initiatives, contributing to the digitalization of tax management across various provinces [4] - The integration of AI capabilities into the company's services is designed to address client pain points and enhance operational efficiency [4] - The digital governance business segment reported a revenue of 763 million yuan, growing by 3.37% year-on-year, indicating a stable demand for its services [4]