Investment Rating - The investment rating for the company is maintained as "Buy" [2] Core Insights - The company has launched the AI S-infra suite, which includes various AI solutions aimed at enhancing enterprise efficiency and driving growth [7] - The company is expected to achieve total revenue of 26.3 billion, 30.4 billion, and 36.1 billion for the years 2025, 2026, and 2027 respectively, with net profit projections of 2.1 billion, 2.5 billion, and 3.1 billion for the same years [7] - The company is positioned to benefit from the recovery in downstream market conditions, particularly in the manufacturing sector, which is expected to drive significant growth [7] Financial Data and Earnings Forecast - Total revenue is projected to grow from 2,331 million in 2024 to 3,606 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 18.5% [6][8] - The net profit is expected to increase from 156 million in 2024 to 312 million by 2027, indicating a strong growth trajectory [6][8] - The gross margin is forecasted to improve from 58.3% in 2024 to 62.5% by 2027, showcasing operational efficiency [6] Product and Market Development - The company has introduced a new generation of Agent construction platform, enabling users to create internal business processes and solutions through intuitive interfaces [7] - The launch of various AI-native "expert" Agents across multiple business functions is anticipated to enhance operational efficiency and uncover new growth opportunities [7] - The integration of AIoT capabilities with industrial AI solutions aims to optimize factory operations and improve responsiveness to anomalies [7]

Core Insights - The company held the 2025 (4th) Digital Intelligence Future Summit, where it launched the AI Soft Infrastructure (AI S-infra) suite, including various intelligent data and industrial software solutions [1] - The company showcased its multi-model collaborative problem-solving capabilities, integrating with commercial models from Microsoft and Alibaba, and developing industry-specific models based on accumulated data [1] - The release of Indepth AI 2.0 allows enterprises to quickly build Agents tailored to non-standardized needs through a user-friendly platform [1] - The company has introduced AI-native "expert" Agents across multiple fields, enhancing efficiency in procurement, sales, R&D, production, and finance [1] Industry Developments - The integration of AIoT with Industrial Mechanism AI enables dynamic data applications in factories, facilitating rapid response to anomalies and reducing manual management efforts [2] - The manufacturing Agents are expected to see rapid adoption due to their direct impact on efficiency, high customer willingness to pay, and a rich customer resource base [2] - The company’s fast product release and iteration pace positions it well for growth in the AI sector, particularly in the B-end AI market [2] - Revenue projections for 2025-2027 are estimated at 2.63 billion, 3.04 billion, and 3.61 billion yuan, with net profits of 210 million, 250 million, and 310 million yuan respectively [2]