Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company, Jiechuang Intelligent, focuses on smart security and smart city applications, leveraging IoT, cloud computing, big data, and AI technologies to create high-performance computing and intelligent solutions [4][5]. - In Q1 2025, the company reported a total revenue of 172 million yuan, a year-on-year increase of 5.45%, and a net profit attributable to the parent company of 14 million yuan, reflecting a significant growth of 911.82% [4]. - The company has faced challenges in 2024, transitioning from profit to loss due to reduced investments in digital upgrades by government and large enterprises, leading to a cautious approach in project undertakings [4]. Company Overview - Latest closing price: 18.24 yuan - Total shares: 1.54 billion, circulating shares: 1.02 billion - Total market capitalization: 2.8 billion yuan, circulating market capitalization: 1.9 billion yuan - 52-week high/low: 23.57/11.03 yuan - Debt-to-asset ratio: 31.2% - Price-to-earnings ratio: 456.00 - Largest shareholder: Sun Chao [3]. Financial Projections - Expected EPS for 2025-2027: 0.85, 1.36, 1.77 yuan, with corresponding P/E ratios of 24.21, 15.13, and 11.58 [10]. - Projected revenue growth rates for 2025-2027 are 65.44%, 36.13%, and 29.57% respectively, with a forecasted net profit of 130.45 million yuan in 2025 [12][15].