Group 1 - The core viewpoint of the report is that Guozi Software is expected to achieve steady performance growth, with a projected net profit increase of 54% year-on-year in the first half of 2025, leading to an "overweight" rating [1] - In the first half of 2025, Guozi Software achieved operating revenue of 99.17 million yuan, a year-on-year increase of 18.44%, and a net profit attributable to shareholders of 17.98 million yuan, a year-on-year increase of 53.73% [1] - The company maintains its profit forecast for 2025-2026 and adds a forecast for 2027, expecting net profits of 78 million, 93 million, and 110 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.61, 0.72, and 0.86 yuan [1] Group 2 - Guozi Software plans to acquire 55.01% of the equity in Specifications Intelligent for 14.15 million yuan, which will make it the controlling shareholder and consolidate the financial results [2] - Specifications Intelligent is a high-tech enterprise in the intelligent warehousing and logistics sector, providing integrated solutions for various industries, including emergency material storage and cold chain warehousing [2] - The acquisition aligns with the company's strategic goals to enter the industrial robotics and intelligent equipment sectors, enhancing its core competitiveness [2] Group 3 - In April 2025, the company was awarded the "2024 Shandong Innovation Power Enterprise" innovation case award and became a partner in Huawei's Ascend ecosystem [3] - The company's product "Jin v2.0" received certification from Huawei's Ascend AI platform, allowing it to offer integrated hardware, software, and model solutions for asset and financial management [3] - The launch of the Jin large model integrated machine product supports private deployment for clients, providing tailored AI model solutions [3]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company achieved a revenue of 99.17 million yuan in H1 2025, representing a year-on-year growth of 18.44%, and a net profit attributable to the parent company of 17.98 million yuan, up 53.73% year-on-year [5] - The company plans to acquire a 55.01% stake in a smart layout industrial robot and intelligent equipment company for 14.15 million yuan, which will enhance its strategic positioning in the industrial robot and intelligent equipment sectors [6] - The company has been recognized as a "2024 Shandong Innovative Enterprise" and has become a partner in Huawei's Ascend ecosystem, indicating its strong innovation capabilities [7] Financial Summary - The company forecasts net profits for 2025, 2026, and 2027 to be 78 million yuan, 93 million yuan, and 110 million yuan respectively, with corresponding EPS of 0.61 yuan, 0.72 yuan, and 0.86 yuan [5][9] - The projected P/E ratios for 2025, 2026, and 2027 are 65.8, 55.4, and 46.8 respectively, indicating a positive outlook on earnings growth [5][9] - The company’s revenue is expected to grow from 239 million yuan in 2023 to 445 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 17% [9][10]