Core Viewpoint - The report from Haitong International highlights the launch of the "SUPA" model and a new paradigm by Dingjie Smart, indicating a positive long-term growth outlook for the company with a target price of 68.56 yuan, maintaining an "outperform" rating [1] Group 1: AI and Digital Transformation - AI is recognized as a crucial driver of new productivity, with digital transformation being essential for the survival and development of enterprises [1] - The value of AI lies in its ability to transcend human limitations, enhancing productivity by addressing labor shortages, capability gaps, and creating value in previously unsolvable areas [1] Group 2: Future Business Strategy - The company's future vision includes "one model," "two cores," and "three types of intelligent agents," aimed at helping businesses innovate productivity through data and intelligent technologies [1] - The AI strategy for enterprises involves three levels of advancement: cost reduction and efficiency improvement, business expansion for new growth, and paradigm reconstruction for boundary-breaking growth [1] Group 3: Competitive Edge and Application - Future competitiveness of enterprises will depend on the density of AI applications, which are expected to accelerate exponentially [1] - The application landscape includes general products and industry-specific suites, such as ChatFile for unstructured knowledge queries, design generation for 2D/3D CAD, and "Nana" for personal and executive assistance [1] - Industry cloud solutions are also highlighted, including supply chain integration through parts cloud, a closed-loop focus on pre-sale to post-sale in equipment manufacturing cloud, and the restructuring of financial reporting processes through the "Smart Consolidation Report" [1]

Core Insights - The event "AI Elevation: Steering the Intelligent Future" was held by Dingjie Zhizhi in Shanghai, where the book "Intelligent Productivity: From Digital Transformation to Intelligent Rebirth" was officially released, showcasing years of practical experience [1] - Dingjie Zhizhi emphasizes that the value of AI lies not in replacing humans but in breaking through human capability boundaries, aiming to help enterprises innovate productivity through data and intelligent technology [2] Group 1: AI Application Methodology - The chairman of Dingjie Zhizhi, Ye Zizhen, highlighted four aspects of innovative productivity: compensating for labor shortages, enhancing capabilities, innovating in unsolvable problems, and creating value in areas of incompetence [2] - The company reiterated its vision for a future world architecture under AI integration, which includes a physical-digital dual world model, two core drivers (fast task data-driven and slow task intelligent generation), and three types of intelligent agents [2] Group 2: AI Implementation Strategy - Dingjie Zhizhi's Executive Vice President, Liu Bo, proposed a three-phase approach for AI implementation in enterprises: innovation pilot, scale expansion, and business reconstruction, addressing strategic ambiguity and organizational collaboration challenges [3] - The solution involves building "AI soft infrastructure," with Dingjie Athena providing a suite of AI capabilities to lower user barriers and establish a value co-creation relationship with enterprises [3] Group 3: AI Application Ecosystem - The Athena platform integrates next-generation AI, big data, and knowledge graph technologies, offering low-code, multi-end collaboration, and cloud-native advantages to meet enterprises' data governance needs [4] - Dingjie Athena has developed a dual-driven system for AI model deployment, leveraging traditional AI algorithms and collaborating with global cloud service providers to optimize open-source large models for specific industry needs [4] Group 4: AI Product Ecosystem - The company is building an AI application product ecosystem based on the Athena platform, which includes industry-specific AI applications and general AI applications like ChatFile and "Nana" AI digital employee series [5] Group 5: Financial Projections - Dingjie Zhizhi is a leading player in the industrial software sector in Taiwan, with projected revenues of 2.589 billion, 2.903 billion, and 3.309 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 201 million, 249 million, and 294 million yuan for the same years [6]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 68.56 CNY [6][12]. Core Insights - The company held a 2025 New Book Innovation Conference, introducing the "SUPA" model and a new paradigm of thinking. The "Athena" platform has completed its core technology loop, and the company is expected to accelerate application density, indicating a positive long-term growth outlook [2][12]. - The report maintains an "Accumulate" rating and raises the target price to 68.56 CNY, reflecting an expected EPS growth of 0.72 CNY, 0.90 CNY, and 1.13 CNY for 2025-2027, respectively. The company is anticipated to achieve a valuation premium due to its differentiated advantages in AI infrastructure and industry-specific applications [12][13]. Financial Summary - Total revenue is projected to grow from 2,228 million CNY in 2023 to 3,373 million CNY in 2027, with a CAGR of approximately 11.5% [4][13]. - Net profit attributable to the parent company is expected to increase from 150 million CNY in 2023 to 308 million CNY in 2027, reflecting a significant growth rate of 26.1% in 2027 [4][13]. - The earnings per share (EPS) is forecasted to rise from 0.55 CNY in 2023 to 1.13 CNY in 2027 [4][13]. Revenue Breakdown - The company's revenue is expected to be driven by various segments, including: - Technical services with a projected revenue of 1,113.71 million CNY in 2024, growing to 1,550.47 million CNY by 2027 [14]. - Self-developed ERP software business, anticipated to generate 662.35 million CNY in 2024, increasing to 1,051.15 million CNY by 2027 [14]. - Outsourced software and hardware business, expected to grow from 554.61 million CNY in 2024 to 771.74 million CNY in 2027 [14]. Valuation Metrics - The company is currently trading at a price-to-earnings (P/E) ratio of 104.13, which is expected to decrease to 50.82 by 2027 [4][13]. - The price-to-sales (P/S) ratio is projected to be 7.02 in 2023, declining to 4.64 by 2027, indicating a potential for improved valuation as earnings grow [13][14].