Core Viewpoint - The "Guangdong Province Action Plan for High-Quality Development of Manufacturing Empowered by Artificial Intelligence (2025-2027)" aims to enhance the digital transformation of the manufacturing sector through 16 policy measures, establishing a demonstration zone for AI-enabled high-quality manufacturing with global influence [1] Group 1: Key Policies and Measures - The plan prioritizes strengthening the supply of key industrial AI technologies to address the core issue of whether the technology is available [1] - It focuses on key industries such as electronic information, smart home appliances, automotive, and robotics, supporting the development of large models and specialized small models for quality inspection, process optimization, and equipment maintenance [2] - The introduction of "model vouchers," "computing power vouchers," and "training vouchers" is a significant highlight, aimed at providing financial support to enterprises, especially small and medium-sized ones, to facilitate the adoption of AI technologies [2] Group 2: Implementation and Support Systems - The plan proposes a "diagnosis-transformation-promotion" system for intelligent manufacturing, including activities to promote AI applications and the establishment of benchmark projects for AI integration in manufacturing [3] - It emphasizes the construction of a comprehensive support system covering technology validation, platform innovation, and results transformation, facilitating the transition of AI from laboratories to production lines [4] - The plan encourages the establishment of national-level AI application pilot bases and innovation centers, while also promoting financial services to support AI product development and application [4]

Core Viewpoint - Dingjie Smart (300378) is expected to experience stable growth in revenue and profit, despite facing challenges in 2024 due to a downturn in the manufacturing sector. The company is well-positioned to benefit from the recovery of manufacturing demand starting in 2025, supported by its comprehensive product offerings and AI integration [1][2]. Investment Highlights - The company has a robust operational model, with anticipated stable growth in orders and revenue as the industrial economy transitions and upgrades. The introduction of AI products is expected to further enhance its offerings [1]. - Continuous domestic replacement in industrial software is expected to increase the company's market share. Dingjie Smart's customized solutions and strong customer loyalty create high barriers to entry, allowing it to compete effectively against foreign companies like SAP [1]. - The company is actively leveraging AI applications to facilitate the digital transformation of manufacturing enterprises, which is projected to generate additional revenue streams and open new growth avenues [2]. Profit Forecast and Valuation - The projected net profits for Dingjie Smart from 2025 to 2027 are estimated at 206 million, 281 million, and 362 million yuan, respectively, with year-on-year growth rates of 32.34%, 36.43%, and 28.70% [2]. - The current price-to-earnings (PE) ratios for 2025, 2026, and 2027 are expected to be 62, 46, and 35 times, respectively. Comparatively, similar companies in the industry have average PE ratios of 64, 52, and 43 times for the same years [2]. - Given the company's deep customer resources and industry expertise, along with its comprehensive AI application strategy, there is potential for sustained improvement in its market position [2].