Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [8][66]. Core Viewpoints - The company is a leader in industrial software and AI, focusing on digital transformation for industrial enterprises through its proprietary software and AI agent products [8][13]. - The company has seen rapid growth in its self-developed products, with revenue from its proprietary software increasing from 205 million yuan in 2022 to 458 million yuan in 2024, achieving a doubling in revenue [8][53]. - The company has successfully signed two major contracts worth over 100 million yuan each in 2024, marking significant breakthroughs in its AI business [8][62]. Summary by Sections 1. Company Overview - Established in December 2006 and listed in October 2016, the company serves over 3,000 clients in high-end equipment manufacturing, automotive, high-tech electronics, and general machinery [8][13]. 2. Product and Service Growth - The company has developed a series of proprietary industrial software products, known as the "Le Series," which includes 12 industry packages and 156 industrial components, enhancing its coverage across various manufacturing processes [8][50]. - The AI product line, "Ling Series," has been integrated into various applications, including robotics training, automotive design optimization, and AI quality inspection for high-end equipment [8][58]. 3. Financial Performance - The company forecasts revenue growth from 1.51 billion yuan in 2024 to 2.57 billion yuan in 2027, with corresponding growth rates of 21%, 20%, and 17% [8][65]. - The projected net profit for the company is expected to rise from 191.73 million yuan in 2024 to 393.72 million yuan in 2027, with growth rates of 32%, 25%, and 24% respectively [8][66]. 4. Market Trends - The industrial software market in China is projected to grow significantly, with the market size expected to reach 531.2 billion yuan by 2027, driven by strong demand for digitalization and smart manufacturing [8][45]. - The global industrial AI software market is also expected to expand rapidly, with a projected compound annual growth rate of 35.97% from 2025 to 2030 [8][57].