Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Viewpoints - The company achieved stable growth in revenue and profit in Q1 2025, with operating income of 2.001 billion yuan, a year-on-year increase of 0.36%, and a net profit attributable to shareholders of 50 million yuan, up 6.41% year-on-year [1] - The company is focused on building a digital application matrix to assist clients in their digital transformation, developing various smart application software products across multiple industries [2] - The company is enhancing its capabilities in key industries, particularly in financial technology and artificial intelligence, to provide comprehensive solutions and maintain a leading position in the industry [3] Financial Forecasts - The company is projected to achieve operating revenues of 12.052 billion yuan, 13.302 billion yuan, and 14.895 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 626 million yuan, 690 million yuan, and 794 million yuan [4][5] - Earnings per share (EPS) are expected to be 0.91 yuan, 1.00 yuan, and 1.16 yuan for the years 2025, 2026, and 2027, with price-to-earnings (PE) ratios of 26, 24, and 21 respectively [5][4]

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Viewpoints - The company achieved stable growth in revenue and profit in Q1 2025, with operating income of 2.001 billion yuan, a year-on-year increase of 0.36%, and a net profit attributable to shareholders of 50 million yuan, up 6.41% year-on-year [1]. - The company is focused on building a digital application matrix to assist clients in their digital transformation, developing various smart application software products across multiple industries [2]. - The company is enhancing its capabilities in key industries, particularly in financial technology and artificial intelligence, to provide comprehensive solutions and maintain a leading position in the industry [3]. - The company is expected to achieve operating revenues of 12.052 billion yuan, 13.302 billion yuan, and 14.895 billion yuan from 2025 to 2027, with net profits of 626 million yuan, 690 million yuan, and 794 million yuan respectively [4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 2.001 billion yuan and a net profit of 50 million yuan, reflecting a year-on-year growth of 0.36% and 6.41% respectively [1]. - The R&D expenses for Q1 2025 were 105 million yuan, an increase of 1.70% year-on-year, indicating a commitment to innovation [1]. Business Strategy - The company is constructing a digital application matrix to meet digitalization needs across various sectors, including water conservancy, transportation, energy, healthcare, and manufacturing [2]. - It is focusing on vertical industry scenarios to empower smart manufacturing, providing tailored solutions in automotive manufacturing and biopharmaceuticals [2]. Future Projections - The company forecasts operating revenues of 12.052 billion yuan in 2025, with a growth rate of 12.6%, and net profits of 626 million yuan, reflecting a growth rate of 13.8% [5]. - The expected earnings per share (EPS) for 2025 is 0.91 yuan, with a price-to-earnings (PE) ratio of 26 [5].