| 年 月 市场数据：2025 | 5 | 日 8 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 37.17 | | 年内最高/最低（元）： | | | 48.56/14.47 | | 流通 A 股/总股本（亿 | | | 2.69/2.71 | | 股）： | | | | | 流通 股市值（亿）： A | | | 100.13 | | 总市值（亿）： | | | 100.88 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | -0.03 | | 摊薄每股收益(元)： | | | -0.03 | | 每股净资产(元)： | | | 8.54 | | 净资产收益率(%)： | | | -0.65 | | 资料来源：最闻 | | | | 2025 年 5 月 9 日 公司研究/公司快报 公司近一年市场表现 方闻千 执业登记编码：S0760524050001 邮箱：fangwenqian@szxq.com 邹昕宸 邮箱：zouxinchen@sxzq.com 基础软 ...

Core Insights - The company reported a revenue of 2.331 billion yuan for 2024, a year-on-year increase of 4.62%, and a net profit attributable to shareholders of 156 million yuan, up 3.59% year-on-year [1] - In Q1 2025, the company achieved a revenue of 423 million yuan, a year-on-year growth of 4.33%, but reported a net loss attributable to shareholders of 8.33 million yuan [1] Revenue Performance - The company's revenue in mainland China for 2024 was 1.177 billion yuan, a slight increase of 1.92% year-on-year, impacted by weak downstream demand [2] - In Q1 2025, revenue from mainland China was 175 million yuan, showing a growth of 6.46% year-on-year [2] - Non-mainland China revenue for 2024 was 1.154 billion yuan, a year-on-year increase of 7.53%, with significant growth in AI business in Taiwan, which saw a 135.07% increase [2] - In Q1 2025, non-mainland revenue was 249 million yuan, a growth of 2.87% year-on-year, with a 7.08% increase when excluding exchange rate effects [2] Cost Management and Profitability - The company's gross margin for 2024 was 58.25%, a decrease of 3.65 percentage points year-on-year, primarily due to changes in product mix [3] - Sales and management expense ratios decreased by 1.34 and 1.21 percentage points respectively, while R&D expense ratio decreased by 2.86 percentage points due to a focus on digital intelligence investments [3] - The net profit margin for 2024 was 6.80%, only slightly down by 0.17 percentage points year-on-year, indicating stable profitability despite cost pressures [3] AI Development and Commercialization - The company is enhancing its AI capabilities and accelerating the commercialization of AI products, with significant upgrades to its AI platform and the development of multiple AI applications [4] - AI applications have shown substantial cost reductions, such as an 18% decrease in after-sales service costs for equipment manufacturers [4] - The integration of AI technology into PLM has significantly increased sales proportions and led to over 20% growth in contract amounts for R&D and design services [4] Investment Outlook - As a leading provider of smart manufacturing solutions, the company is expected to continue growing alongside the recovery of downstream industries, with overseas expansion and AI development opening up long-term growth opportunities [5] - EPS estimates for 2025-2027 are projected at 0.76, 0.93, and 1.17 yuan, with corresponding PE ratios of 49.1, 39.9, and 31.7 times [5]

2025 年 5 月 9 日 公司研究/公司快报 公司近一年市场表现 | 市场数据：2025 | 年 5 | 月 8 | 日 | | | --- | --- | --- | --- | --- | | 收盘价（元）： | | | | 37.17 | | 年内最高/最低（元）： | | | | 48.56/14.47 | | 流通 A | 股/总股本（亿 | | | 2.69/2.71 | | 股）： | | | | | | 流通 A | 股市值（亿）： | | | 100.13 | | 总市值（亿）： | | | | 100.88 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | -0.03 | | 摊薄每股收益(元)： | | | -0.03 | | 每股净资产(元)： | | | 8.54 | | 净资产收益率(%)： | | | -0.65 | | 资料来源：最闻 | | | | 方闻千 执业登记编码：S0760524050001 邮箱：fangwenqian@szxq.com 邹昕宸 邮箱：zou ...