证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 卓易信息(688258.SH) 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_OtherReport] ➢ 低门槛开发，全面提升开发效率。SnapDevelop 致力于降低企业应用 开发门槛，通过可视化设计与 AI 辅助协同，帮助开发团队显著减少手 工编码工作量，缩短开发周期。1）相较于低代码平台来说，产品直接 生成用户可以维护的代码，用户可根据自己的实际情况对模块或者功能 进行扩展和修改。2）内嵌 AI 编程助手，目前支持 Deepseek、通义千 问、豆包等主流 AI 模型，可自动生成 50%-80%的代码，实现 3-5 倍的 效率提升。 ➢ 面向云原生应用开发，鸿蒙专项能力支持。与传统 IDE（微软的 VisualStudio、JetBrains 的 IntelliJIDEA 等）相比，SnapDevelop 在云 原生领域具有明显优势，主要支持.NET 平台的云原生开发，拥有专门 为云原生开发设计的开发组件和模板。同时 SnapDevel ...

Core Viewpoint - The report highlights the strong profit growth of Zhuoyi Information, driven by its dual strategy of "IDE+AI" and "AI+IDE," and recommends a buy rating for the company [1]. Financial Performance - In the first half of 2025, Zhuoyi Information achieved revenue of 174 million yuan, a year-on-year increase of 11.07% - The net profit attributable to shareholders reached 27 million yuan, up 40.66% year-on-year - The non-deductible net profit surged by 323.58% to 21 million yuan - For Q2 2025, revenue was 89 million yuan, a 2.99% increase year-on-year, while net profit soared by 252.71% to 8 million yuan [2]. Business Segments - The core firmware business generated 61 million yuan in revenue, a decline of 2.67% year-on-year, mainly due to adjustments in Intel's operations in China - The PB business remained stable with revenue of 49 million yuan, while the cloud service business grew by 48.1% to 59 million yuan, influenced by project settlement cycles - The overall gross margin was 54.95%, an increase of 6.64 percentage points year-on-year, with the firmware business gross margin at 61.04%, up 10 percentage points [2]. Strategic Initiatives - The company is advancing its "IDE+AI" and "AI+IDE" dual strategy, with SnapDevelop as a key product in the "IDE+AI" path, integrating AI programming assistance and visualization tools - SnapDevelop has partnered with DCloud, which has over 9 million front-end developer users, to promote its new products - EazyDevelop focuses on AI programming and has completed its basic framework, with a public beta version released [3]. R&D and Innovation - Zhuoyi Information is increasing its R&D efforts, with total R&D expenditure in the first half of 2025 amounting to 40.62 million yuan, a 19.41% increase year-on-year - The company is making breakthroughs in the RISC-V field, particularly in high-performance computing servers, and is integrating AI to enhance programming efficiency [4]. Profit Forecast and Investment Recommendation - The company is expected to have significant growth potential with its new IDE products, and EPS forecasts for 2025, 2026, and 2027 are 0.57 yuan, 1.11 yuan, and 2.24 yuan, respectively - Corresponding P/E ratios are projected to be 122.06, 62.90, and 31.23 times [5].