Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the fiscal IT sector and potential benefits from the upcoming digital government construction wave [3]. Core Insights - The company experienced a revenue decline of 7.67% year-on-year, with total revenue reaching 1.148 billion yuan in the first three quarters of 2025. The net profit attributable to shareholders dropped by 78.81% to 0.07 billion yuan [1]. - In Q3 2025, the company reported a revenue of 0.442 billion yuan, down 15.97% year-on-year, and a net profit of 0.049 billion yuan, down 32.45% year-on-year, primarily due to tightened budgets from downstream clients [1][2]. - The overall gross margin improved to 65.9%, an increase of 2.1 percentage points year-on-year, attributed to the company's strategy of enhancing the proportion of sustainable revenue [2]. - The company has embraced AI comprehensively, launching multiple AI+ products across various sectors, including public expenditure services and smart healthcare solutions [2][3]. - Recent government policies have provided strong support for AI+ applications in the public sector, which is expected to drive growth in the industry [3]. Financial Forecasts - The company is projected to achieve net profits of 0.323 billion yuan, 0.380 billion yuan, and 0.433 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding PE ratios are estimated to be 32, 27, and 24 times [3][4]. - Revenue forecasts for the upcoming years are as follows: 2.229 billion yuan in 2025, 2.581 billion yuan in 2026, and 2.905 billion yuan in 2027, with growth rates of 4.0%, 15.8%, and 12.5% respectively [4][9].