Core Viewpoint - The report highlights the potential growth opportunities for Shanda Diwei following the change in its actual controller, emphasizing its leadership in the "AI + Blockchain" sector and the expected positive impact on revenue growth [2][3][8]. Group 1: Company Overview - Shanda Diwei is a leading "AI + Blockchain" technology service provider in China, affiliated with Shandong University, focusing on deep integration of production, education, and research [2]. - The company is advancing in key business areas such as smart social security, smart healthcare, and intelligent electricity, while enhancing its AI technology research and product development [2]. - In 2024, the company is projected to achieve revenue of 555 million yuan, a 3.14% increase year-on-year, but its net profit is expected to decline by 21.04% to 64.08 million yuan due to increased costs and R&D expenses [2]. Group 2: Strategic Developments - The company announced a potential change in its controlling shareholder and actual controller as part of a broader reform initiative by Shandong University, which could open new business avenues and enhance revenue growth prospects [3]. - Shanda Diwei is leveraging its core technologies to develop a new product system that supports data circulation and utilization, including four major core products and solutions [4]. Group 3: AI and Blockchain Applications - The company is actively exploring AI and blockchain technologies, having developed a comprehensive product system that includes platforms for data governance and resource management [4]. - Shanda Diwei's AI initiatives include the development of a large model, DareWen, aimed at enhancing various business applications, with contracts worth 88 million yuan signed in 2024 [5][6]. Group 4: Investment Outlook - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are projected at 0.20, 0.25, and 0.27 yuan respectively, with corresponding price-to-earnings (PE) ratios of 54.65, 44.06, and 40.33 [8]. - The company maintains a "buy" rating, with expectations that the change in actual controller will inject new growth momentum and break through revenue growth ceilings [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [6][8]. Core Insights - The company is a leading "AI + Blockchain" technology service provider in China, with a focus on integrating academic research and practical applications. The potential change in actual controller is expected to inject new growth momentum and open up new revenue streams [3][4][8]. - In 2024, the company achieved a revenue of 555 million yuan, representing a year-on-year growth of 3.14%. However, the net profit attributable to shareholders decreased by 21.04% to 64.08 million yuan due to increased costs associated with market expansion and higher R&D expenses [3][8]. - The company has developed a new product system and four core solutions to support data circulation and utilization, which have been recognized as exemplary cases in national digital transformation initiatives [5][8]. Company Overview - The latest closing price of the company's stock is 10.96 yuan, with a total market capitalization of 4.4 billion yuan. The company has a total share capital of 400 million shares and a debt-to-asset ratio of 19.8% [2]. - The company is actively involved in the development of AI technologies and has signed contracts worth 88 million yuan related to AI applications in 2024, indicating a strong growth trajectory in this sector [7][8]. Financial Projections - The company is projected to achieve earnings per share (EPS) of 0.20, 0.25, and 0.27 yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings (P/E) ratios are expected to be 54.65, 44.06, and 40.33 [8][12]. - Revenue is expected to grow from 620 million yuan in 2025 to 805 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 14.11% [9][12].