Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve significant growth in net profit, with a forecasted net profit of 83 million yuan for 2025, representing a year-on-year increase of 153.1%. The net profit for 2026 and 2027 is projected to be 158 million yuan and 297 million yuan, respectively [4][7] - The company has a strong positioning in the AI programming sector, with the launch of two AI programming products, SnapDevelop and EazyDevelop, which are expected to enhance development efficiency and attract a wide user base [5] Financial Summary - The company’s revenue is projected to grow from 418 million yuan in 2025 to 785 million yuan in 2027, with year-on-year growth rates of 29.4%, 35.8%, and 38.1% respectively [7] - The gross profit margin is expected to improve from 48.8% in 2025 to 58.0% in 2027, indicating enhanced profitability [10] - The earnings per share (EPS) is forecasted to increase from 0.69 yuan in 2025 to 2.45 yuan in 2027, reflecting strong earnings growth [7][10]

Group 1 - The report highlights a "spring excitement" market entering a phase of high volatility and structural differentiation, focusing on the dual main lines of metals and technology (AI applications and commercial aerospace) [2][12] - The non-ferrous metals industry is expected to benefit from both industrial trends and financial attributes in 2026, driven by Fed rate cut expectations and geopolitical tensions, particularly in rare earths and strategic metals [12][21] - The report notes a significant decline in the allocation of active equity funds to Hong Kong stocks, dropping to 15.9% in Q4 2025 from an average of 19.3% in the previous three quarters, indicating a weakening of overall pricing power [22][28] Group 2 - The AI application market is not finished but is expected to become more differentiated and focused, particularly on clear business models and rapid implementation in AI marketing, healthcare, and programming [33][34] - Major companies are accelerating their entry into the AI healthcare sector, which shows strong commercial potential due to its essential consumption characteristics and high payment willingness from both consumers and enterprises [36] - The report indicates that the global satellite launch and low-orbit constellation construction are accelerating, leading to an upward expectation for space photovoltaics, with potential for customized development in the materials sector [12][38]

Group 1: AI Programming Sector Performance - The AI programming sector in the A-share market experienced a significant surge, with stocks like Zhuoyi Information and Puyuan Information hitting their daily limits [1] - Elon Musk's announcement on X platform regarding the upcoming upgrade of xAI's Grok Code, which will support complex programming tasks, contributed to the sector's strong performance [1] - Zhuoyi Information's business aligns closely with the AI programming field, focusing on integrated development tools and advancing a dual strategy of "IDE+AI" and "AI+IDE" [1] Group 2: Zhuoyi Information's Product Launches - Zhuoyi Information plans to launch two AI programming products, SnapDevelop and EazyDevelop, in 2025, with EazyDevelop already generating orders since October 2025 [2] - SnapDevelop has 20,000 trial users and a subscription fee of 3,800 yuan per year, with potential discounts during the promotional period [2] - The company anticipates a significant increase in paid users for both products in 2026, with revenue targets set at no less than 145 million yuan in 2025 and 280 million yuan in 2026 [2] Group 3: Puyuan Information's Focus - Puyuan Information is concentrating on AI-enhanced low-code development platforms, integrating large model capabilities to improve developer efficiency and quality [3] - The company has not yet confirmed user numbers for its standard products, and revenue from related businesses will be monitored in future reports [3] Group 4: Industry Trends and Projections - The AI programming field has evolved from auxiliary tools to independent technologies capable of handling complex tasks, with notable performance metrics from various models [3] - Tencent's report indicates that over 90% of its engineers use AI programming assistants, with 50% of new code generated by AI [4] - The AI Coding industry is currently valued at $3 billion, projected to reach $23 billion by 2030, with a potential long-term market space of nearly $700 billion [4]

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 卓易信息(688258.SH) 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_OtherReport] ➢ 低门槛开发，全面提升开发效率。SnapDevelop 致力于降低企业应用 开发门槛，通过可视化设计与 AI 辅助协同，帮助开发团队显著减少手 工编码工作量，缩短开发周期。1）相较于低代码平台来说，产品直接 生成用户可以维护的代码，用户可根据自己的实际情况对模块或者功能 进行扩展和修改。2）内嵌 AI 编程助手，目前支持 Deepseek、通义千 问、豆包等主流 AI 模型，可自动生成 50%-80%的代码，实现 3-5 倍的 效率提升。 ➢ 面向云原生应用开发，鸿蒙专项能力支持。与传统 IDE（微软的 VisualStudio、JetBrains 的 IntelliJIDEA 等）相比，SnapDevelop 在云 原生领域具有明显优势，主要支持.NET 平台的云原生开发，拥有专门 为云原生开发设计的开发组件和模板。同时 SnapDevel ...

Investment Rating - The report assigns an investment rating of "Buy (First Coverage)" with a current price of 64.70 CNY and a target price of 101.82 CNY over a 12-month period [1][5]. Core Insights - The report highlights that the IDE (Integrated Development Environment) business is expected to be the core growth driver for the company, with significant revenue growth projected from 2025 to 2027 [5][33]. - The company is strategically positioned in the AI and programming sector, leveraging AI technologies to enhance its IDE products [5][27]. - The global software development tools market is projected to grow from 6.517 billion USD in 2025 to 14.680 billion USD by 2031, with a CAGR of 14.5% [28]. Company Overview - The report details that Jiangsu Zhuoyi Information Technology Co., Ltd. was established in May 2008 and went public on the Shanghai Stock Exchange in December 2019 [13][19]. - The company’s main business segments include IDE business, core firmware for cloud computing devices, and cloud services [13][33]. Financial Performance - The company’s projected revenues for 2025, 2026, and 2027 are 414.33 million CNY, 583.64 million CNY, and 827.17 million CNY, respectively, with year-on-year growth rates of 28.12%, 40.87%, and 41.72% [6][5]. - The net profit attributable to the parent company is expected to reach 93.87 million CNY in 2025, 154.42 million CNY in 2026, and 289.99 million CNY in 2027, with significant growth rates of 185.84%, 64.50%, and 87.79% [6][5]. IDE Industry Analysis - The IDE industry is characterized by a deep integration with AI technologies, enhancing development efficiency and reducing errors [27][31]. - The report notes that the current market for IDEs is dominated by foreign companies, with a lack of domestic players capable of mature IDE development and commercialization [27][28]. - Key trends in the IDE industry include AI programming support, low-code technology applications, and cloud-native support [31][32]. Business Segments - The company’s IDE products include SnapDevelop, EazyDevelop, PowerBuilder, and PowerServer, targeting various customer segments including large enterprises and independent software developers [36][37]. - The cloud computing firmware business provides essential BIOS and BMC firmware for computing devices, serving major clients like Intel and Huawei [44][45]. - The cloud services segment focuses on IoT cloud services, primarily targeting government and enterprise clients [47]. Management and Ownership - The report indicates that the company is controlled by its actual controllers, Xie Qian and Wang Ye, who together hold a 40.74% stake [20][23]. - The core management team has a strong educational background and stability, with key figures having long tenures in the company [23][24]. Stock Incentive Plan - In May 2025, the company announced a stock incentive plan aimed at core technical and key personnel, with performance targets set for the IDE business from 2025 to 2027 [25][26].

Investment Rating - The report assigns an investment rating of "Buy (First Coverage)" with a current price of 64.70 CNY and a target price of 101.82 CNY over a 12-month period [1][5]. Core Insights - The report highlights that the IDE (Integrated Development Environment) business is expected to be the core growth driver for the company, with significant revenue growth projected from 2025 to 2027 [5][33]. - The company is strategically positioned in the AI and programming sector, leveraging AI technologies to enhance its IDE offerings [5][27]. - The global software development tools market is projected to grow from 6.517 billion USD in 2025 to 14.680 billion USD by 2031, with a CAGR of 14.5% [5][28]. Company Overview - The report details that Jiangsu Zhaoyi Information Technology Co., Ltd. was established in May 2008 and went public on the Shanghai Stock Exchange in December 2019 [13][19]. - The company’s main business segments include IDE business, core firmware for cloud computing devices, and cloud services [13][33]. Financial Performance - The company’s revenue is projected to grow from 414.33 million CNY in 2025 to 827.17 million CNY in 2027, with corresponding net profits expected to rise from 93.87 million CNY to 289.99 million CNY during the same period [6][5]. - The report provides a detailed financial forecast, indicating a significant increase in both revenue and net profit over the next three years [6][5]. Business Analysis - The IDE business is identified as a key area for future growth, with products like SnapDevelop and EazyDevelop being central to the company's strategy [5][36]. - The company has a dual strategy of "IDE+AI" and "AI+IDE," focusing on enhancing development efficiency through AI integration [5][36]. - The report notes that the company has a strong management team with a stable background, which is crucial for executing its growth strategy [5][23]. Industry Analysis - The IDE industry is undergoing significant transformation due to advancements in AI, cloud computing, and low-code technologies, which are expected to drive future growth [27][31]. - The report emphasizes the scarcity of domestic companies with mature IDE development capabilities, positioning the company as a rare player in the market [27][28].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has a solid foundation in its firmware and IDE business, and the future commercialization prospects of AI+IDE are promising. The original profit forecast is maintained, with expected net profits for 2025-2027 being 88 million, 158 million, and 297 million yuan, respectively. The EPS is projected to be 0.73, 1.30, and 2.45 yuan per share, with the current stock price corresponding to PE ratios of 86.7, 48.4, and 25.7 times [4][6] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 263 million yuan, a year-on-year increase of 8.03%. The net profit attributable to the parent company was 44.6 million yuan, up 122% year-on-year, while the non-recurring net profit was 33.73 million yuan, reflecting a significant growth of 511% [5] - For Q3, the operating revenue was 88.82 million yuan, a year-on-year increase of 2.52%. The net profit attributable to the parent company reached 17.48 million yuan, showing a remarkable growth of 2074.65%, and the non-recurring net profit was 12.81 million yuan, up 2101% year-on-year. The gross margin for the first three quarters was 56.02%, an increase of 8.90 percentage points year-on-year, while the net margin was 17.51%, up 6.87 percentage points year-on-year [6] Product Development and Market Potential - The SnapDevelop 2026 latest version was launched in September, featuring a comprehensive upgrade of AI capabilities and new AI-assisted low-code development functions. This allows developers to complete complex logic creation more quickly, focusing more on business implementation. The EazyDevelop platform is expected to accelerate the evolution of domestic development platforms. As of August 2025, SnapDevelop attracted over 20,000 registered users, with positive feedback from large clients regarding its performance in key metrics such as operational efficiency and memory usage. The trial scale of EazyDevelop is nearing 2000 users, and both products have begun commercial application trials with some clients. The company is well-positioned in the AI+IDE field, and future performance growth is anticipated [7]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - The company achieved a revenue of 174 million yuan in the first half of 2025, representing a year-on-year growth of 11.07%. The net profit attributable to shareholders was 27 million yuan, up 40.66% year-on-year, while the net profit after deducting non-recurring items reached 21 million yuan, marking a significant increase of 323.58% [1][2] - The cloud service business saw a revenue increase of 48.1% year-on-year, driven by project settlement cycles. The core firmware business for cloud computing devices generated 61 million yuan in revenue, with a gross margin improvement of 10 percentage points due to mature technology and the introduction of AI tools [2] - The company is deepening its AI programming business layout with high R&D investment, which is crucial for building core competitive advantages. R&D expenses reached 40.62 million yuan in the first half of 2025, accounting for 23.33% of revenue, an increase of 1.63 percentage points year-on-year [3] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 174 million yuan, a year-on-year increase of 11.07%. The net profit attributable to shareholders was 27 million yuan, up 40.66% year-on-year, and the net profit after deducting non-recurring items was 21 million yuan, reflecting a growth of 323.58% [1] - The company expects net profits for 2025-2027 to be 95 million, 163 million, and 276 million yuan respectively, with corresponding PE ratios of 89X, 52X, and 31X [3] Business Segments - The service business generated 59 million yuan in revenue, a 48.1% increase year-on-year. The firmware business achieved 61 million yuan in revenue with a gross margin increase of 10 percentage points. The IDE (PB) business remained stable with a revenue of 49 million yuan [2] - The company is advancing its "IDE+AI" and "AI+IDE" dual-line strategy, with significant progress in new product commercialization [2] R&D and Innovation - The company invested 40.62 million yuan in R&D in the first half of 2025, a 19.41% increase year-on-year, with R&D expenses accounting for 23.33% of revenue [3] - The company applied for 4 patents and obtained 2 authorizations, along with 21 software copyrights, of which 12 were authorized [3]

Group 1: ZY Information - SnapDevelop has attracted over 20,000 registered users, and EazyDevelop has nearly 2,000 trial users, with commercial trials underway for some clients [1] - The company collaborates with Dcloud to develop a version of SnapDevelop that supports its ecosystem, with an official release expected in September-October [1] - EazyDevelop's public beta has been implemented in the healthcare sector, enhancing development efficiency [1] - The company adheres to an "I+IDE" dual-engine strategy, maintaining proprietary compilers to support domestic and Harmony ecosystem [1] - External mergers and acquisitions remain a key strategy, focusing on early to mid-stage projects [1] - The annual incentive target is expected to be achieved, with products entering the commercialization phase since August [1] Group 2: Huatong Cable - In the first half of 2025, the company achieved revenue of 3.425 billion yuan, a year-on-year increase of 12.95%, while profits declined mainly due to early-stage investments in construction projects [2] - The African segment has localized production and sales in Tanzania and Cameroon, while the Angola factory is under construction and expanding the electrolytic aluminum industry chain [2] - The company has a high proportion of overseas trade and mitigates international trade fluctuations through a "dual market" strategy [2] - Due to ongoing projects and expansion plans, there is a funding requirement, and the company will raise funds through multiple channels [2] - The company completed a share buyback of 6.48 million shares, investing 77.898 million yuan, and has implemented equity incentive plans for 2022 and 2025 [2] Group 3: Tianlong Group - In the first half of 2025, the company reported revenue of 3.483 billion yuan and a net profit of 70.3048 million yuan, reflecting a year-on-year growth of 120.56% [3] - The internet marketing segment accounts for nearly 50% of self-operated business consumption, while the ink segment saw a revenue increase of 20% and profit growth of 38% [3] - Export revenue increased by 115% year-on-year, and the forest chemical segment's net profit grew by 61% [3] - Expansion projects for dihydro-laurolactone and dihydro-laurolactone alcohol are progressing, with expected completion by the end of September [3] - The company focuses on "risk control, structural adjustment, and capability enhancement," promoting a full-chain layout and exploring industrial acquisition opportunities [3]

Core Viewpoint - The report highlights the strong profit growth of Zhuoyi Information, driven by its dual strategy of "IDE+AI" and "AI+IDE," and recommends a buy rating for the company [1]. Financial Performance - In the first half of 2025, Zhuoyi Information achieved revenue of 174 million yuan, a year-on-year increase of 11.07% - The net profit attributable to shareholders reached 27 million yuan, up 40.66% year-on-year - The non-deductible net profit surged by 323.58% to 21 million yuan - For Q2 2025, revenue was 89 million yuan, a 2.99% increase year-on-year, while net profit soared by 252.71% to 8 million yuan [2]. Business Segments - The core firmware business generated 61 million yuan in revenue, a decline of 2.67% year-on-year, mainly due to adjustments in Intel's operations in China - The PB business remained stable with revenue of 49 million yuan, while the cloud service business grew by 48.1% to 59 million yuan, influenced by project settlement cycles - The overall gross margin was 54.95%, an increase of 6.64 percentage points year-on-year, with the firmware business gross margin at 61.04%, up 10 percentage points [2]. Strategic Initiatives - The company is advancing its "IDE+AI" and "AI+IDE" dual strategy, with SnapDevelop as a key product in the "IDE+AI" path, integrating AI programming assistance and visualization tools - SnapDevelop has partnered with DCloud, which has over 9 million front-end developer users, to promote its new products - EazyDevelop focuses on AI programming and has completed its basic framework, with a public beta version released [3]. R&D and Innovation - Zhuoyi Information is increasing its R&D efforts, with total R&D expenditure in the first half of 2025 amounting to 40.62 million yuan, a 19.41% increase year-on-year - The company is making breakthroughs in the RISC-V field, particularly in high-performance computing servers, and is integrating AI to enhance programming efficiency [4]. Profit Forecast and Investment Recommendation - The company is expected to have significant growth potential with its new IDE products, and EPS forecasts for 2025, 2026, and 2027 are 0.57 yuan, 1.11 yuan, and 2.24 yuan, respectively - Corresponding P/E ratios are projected to be 122.06, 62.90, and 31.23 times [5].