Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [4][7]. Core Views - The company has been deeply engaged in the digital transformation of the manufacturing industry for over 40 years and is now embracing AI to build a second growth curve [13]. - The company is expected to see stable revenue and profit growth, particularly from 2025 onwards, as industrial economic transformation and demand recovery in manufacturing sectors take place [6][9]. - The company is well-positioned to benefit from the ongoing trend of domestic software replacement, with strong customer loyalty and high barriers to entry [9][34]. - The company is actively promoting AI applications across various manufacturing sectors, which is anticipated to generate additional revenue and open new growth avenues [9][45]. Financial Summary - Revenue projections for the company are as follows: - 2023: 2,228 million RMB - 2024: 2,331 million RMB - 2025: 2,530 million RMB - 2026: 2,771 million RMB - 2027: 3,072 million RMB - The expected growth rates for revenue are 11.65% in 2023, 4.62% in 2024, and 8.56% in 2025 [5][51]. - The forecasted net profit attributable to the parent company for 2025-2027 is projected to be 206 million RMB, 281 million RMB, and 362 million RMB, respectively, with growth rates of 32.34%, 36.43%, and 28.70% [5][54]. Business Operations - The company has a diverse product matrix that provides comprehensive software and solutions for the entire production process, integrating AI for innovation [16][20]. - The company has established a strong presence in various manufacturing sectors, including equipment manufacturing, automotive parts, and electronics, with a significant market share in ERP, MES, and PLM solutions [13][41]. - The company is expanding its operations in Southeast Asia, with a focus on local talent and partnerships to enhance its market presence [22][27]. AI Integration - The company is leveraging its Athena platform to integrate AI applications across multiple scenarios, enhancing operational efficiency and customer engagement [45][49]. - AI applications are expected to contribute significantly to the company's revenue growth, with various tailored solutions being developed for specific industry needs [45][50].

Group 1 - Recent significant personnel changes occurred at Baoxin Software, with the resignation of former chairman Xia Xuesong, drawing attention to the executive team, particularly Deputy General Manager Huang Yinglei [1] - Huang Yinglei, aged 52, has a background in industrial electrical automation and computer technology, and was appointed as Deputy General Manager on August 17, 2023, responsible for daily operations and management [3] - Huang Yinglei's salary increased significantly from 908,200 yuan in 2023 to 1,234,400 yuan in 2024, marking a rise of 326,200 yuan, making him the only Deputy General Manager to receive a salary increase in 2024 [3] Group 2 - In 2024, Huang Yinglei reduced his holdings in the company, selling 210 shares at an average price of 29.32 yuan per share on September 25, resulting in a transaction amount of 61,600 yuan, leaving him with 297,400 shares [4] - On September 27, he further sold 1,790 shares at an average price of 29.98 yuan per share, amounting to 536,600 yuan, with his holdings remaining at 297,500 shares afterward [4]