Core Viewpoint - The report highlights that Guanglian Da (002410) is experiencing a turnaround, with significant improvements expected in 2024, driven by stable core business development and AI integration [1][2][4]. Group 1: Business Performance - The core business is steadily developing, with digital cost management evolving from single-position tools to comprehensive application scenarios, maintaining stable renewal and application rates for traditional cost estimation tools [2]. - The company’s gross profit margin is increasing, and ongoing cost optimization is expected to lead to a rapid recovery in net profit, projected at 250 million yuan in 2024, a year-on-year increase of 116.19% [2]. - The number of application projects in the digital design business has grown to 1,440 by 2024, showcasing the company's expanding market presence [2]. Group 2: Policy and Market Environment - Supportive policies from the Chinese government are anticipated to boost the real estate market, which is crucial for the company’s downstream sectors, including real estate and infrastructure [3]. - The SaaS business model is proving valuable, with stable gross margins above 90% for digital cost and design services, and an improvement in construction business margins expected in 2024 [3]. Group 3: AI Integration - The company has launched AI models tailored for the construction industry, including AecGPT, addressing specific business scenarios across seven domains [3]. - AI functionalities in cost estimation have improved accuracy to approximately 70%, and efficiency in design processes has increased by 50% due to AI applications [3]. - The use of AI in project quantity surveying can significantly reduce the time required for centralized quantity verification from three months to two weeks for large-scale projects [3]. Group 4: Investment Outlook - The company is positioned as a leading digital construction platform service provider, with a promising outlook for rapid profit recovery and long-term growth potential through AI integration [4]. - Forecasted net profits for 2025-2027 are 450 million, 663 million, and 835 million yuan, respectively, with corresponding price-to-earnings ratios of 50X, 34X, and 27X [4].