Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [5]. Core Views - The company reported a slight revenue decline of 5.37% year-on-year for H1 2025, with a net profit increase of 23.65%, slightly exceeding expectations [5]. - The digital cost business remains stable, with new business growth gradually emerging, despite a decrease in cloud contract signings [5]. - The digital construction business has shown significant transformation effects, with a notable increase in gross margin [5]. - The company has successfully developed multiple AI products, generating over 40 million in revenue from AI contracts [5]. - The report maintains profit forecasts for 2025-2027, expecting net profits of 470 million, 577 million, and 655 million respectively [5]. Financial Data and Profit Forecast - Total revenue for 2025 is projected at 6.447 billion, with a year-on-year growth rate of 3.3% [4]. - The net profit for 2025 is estimated at 470 million, reflecting a significant year-on-year growth of 87.8% [4]. - The gross margin is expected to remain high, with projections of 86.1% for 2025 [4]. - The return on equity (ROE) is forecasted to improve to 7.4% in 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported a slight outperformance in net profit for H1 2025, achieving a net profit of 237 million yuan, which represents a year-on-year growth of 23.65% [8]. - The digital cost business remains stable, with a revenue of 2.286 billion yuan in H1 2025, although it saw a decline of 7.06% year-on-year due to a reduction in cloud contract signings [8]. - The digital construction business has shown significant improvement, with a revenue of 312 million yuan in H1 2025, marking an 8.21% increase year-on-year and a gross margin increase to 52.01% [8]. - The digital design business achieved a revenue of 31 million yuan in H1 2025, despite a decline of 13.11% year-on-year, focusing on integrated product offerings [8]. - The company has successfully developed multiple AI products, generating over 40 million yuan in revenue from AI contracts in H1 2025 [8]. - The report maintains profit forecasts for the company, expecting net profits of 470 million, 577 million, and 655 million yuan for the years 2025 to 2027 respectively [8]. Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 6.447 billion yuan, with a year-on-year growth of 3.3% [7]. - The gross margin is projected to be 86.1% for 2025, with a return on equity (ROE) of 7.4% [7]. - The company’s earnings per share (EPS) is expected to be 0.28 yuan in 2025, increasing to 0.40 yuan by 2027 [7].