Investment Rating - The report maintains a "Buy" rating for the company [6][10] Core Viewpoints - The company has launched its self-developed "Langxin Jiugong AI Energy Model," which has achieved dual championships in the BIRD-Bench international evaluation benchmark, showcasing its strong AI technology capabilities [1][2] - The Jiugong model is designed for the energy sector and integrates "time series forecasting" and "AI agents," addressing complex core issues in the industry [1] - The model has been applied in key electricity spot market areas such as Guangdong, Shandong, and Zhejiang, achieving over 97% accuracy in load forecasting and over 70% in price difference forecasting [2] - The company is actively embracing blockchain technology, having completed the first domestic RWA issuance verification in collaboration with Ant Group, with a financing amount of 100 million yuan [2] - The company expects to leverage its strong business scenarios and first-mover advantage in the green energy and blockchain sectors [2] Financial Forecast and Investment Suggestions - The earnings per share (EPS) forecasts for 2025-2027 have been adjusted to 0.56, 0.78, and 0.93 yuan respectively, with a target price of 22.96 yuan based on a reasonable valuation level of 41 times the price-to-earnings ratio for 2025 [3][10] - The company's revenue is projected to grow from 4,727 million yuan in 2023 to 6,477 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12.3% [5][14] - The gross profit margin is expected to improve from 40.7% in 2023 to 46.7% in 2027, indicating a positive trend in profitability [5][14]