Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The implementation of the "National Network Identity Authentication Public Service Management Measures" is expected to significantly benefit the company, as it is a leader in the "Net Certificate" industry [1][2]. - The company has a strong position in the market due to its pioneering secure encryption chips and the introduction of the "Digital Citizen" concept, which has already seen a pilot project in Fuzhou [3]. - The potential for widespread application of electronic IDs across various sectors, such as hotels and internet cafes, presents substantial opportunities for the company, as it is positioned to supply the necessary encryption technology [3]. Financial Projections - The company's projected net profits for 2025, 2026, and 2027 are estimated to be 1.281 billion, 1.499 billion, and 1.763 billion yuan respectively, with corresponding PE ratios of 24, 20, and 17 [4][5]. - Revenue is expected to grow from 7.745 billion yuan in 2024 to 10.835 billion yuan in 2027, reflecting a compound annual growth rate of approximately 11.2% [5][11]. - The report anticipates a net profit growth rate of 26.9% in 2025, followed by 17.1% in 2026 and 17.6% in 2027 [5][11].