Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The recent policy announcement regarding "Net Number and Net Certificate" by six government departments is expected to benefit the company significantly [7] - The company is the only supplier of trusted digital identity QR code security chips and one of four suppliers of trusted digital identity QR code modules [7] - Revenue and profit forecasts remain unchanged due to the uncertain pace of policy implementation, with projected revenues of 96.28 billion, 108.06 billion, and 118.87 billion yuan for 2025-2027, and net profits of 13.75 billion, 16.92 billion, and 17.94 billion yuan for the same period [7] Financial Data Summary - Total revenue for 2025 is estimated at 9,628 million yuan, with a year-on-year growth rate of 24.3% [6] - The projected net profit for 2025 is 1,375 million yuan, reflecting a year-on-year growth of 36.2% [6] - Earnings per share for 2025 is expected to be 1.33 yuan, with a price-to-earnings ratio of 22 [6]