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 ...

Core Insights - The report emphasizes the upward synchronization of performance cycles and technology cycles in the computer industry, driven by AI empowerment and structural improvements in fundamentals [1][2][3] - The computer sector is characterized as a "bull market leader," with a significant resonance between fundamentals and liquidity, reflecting strong market recognition of revenue expansion potential [3][20] - The report forecasts substantial growth in various AI applications, including AI Coding, AI in office software, AI in finance, network security, intelligent driving, and industrial software, indicating a broad market opportunity [3][11][12][13][14][16][17] Group 1: AI Applications - AI Coding is projected to reshape software development paradigms, with a global market value expected to grow from $6.7 billion in 2024 to $25.7 billion by 2030, reflecting a compound annual growth rate (CAGR) of 25.2% [3][11][12] - The Chinese AI code generation market is anticipated to expand from 6.5 billion RMB in 2023 to 33 billion RMB by 2028, with a CAGR of 38.4% [3][12] - AI in office software is expected to reach a market size of 30.86 billion RMB in 2024, growing to 191.14 billion RMB by 2028, with a CAGR of 57.75% [3][12] - The network security market is projected to grow to $1.6 billion by 2028, with a CAGR exceeding 230%, driven by the integration of AI technologies [3][14] - Intelligent driving technologies are evolving towards L3 commercial applications, with significant growth in high-speed NOA penetration from 8.7% to 35.7% between 2023 and 2025 [3][16] Group 2: Investment Recommendations - The report suggests focusing on companies involved in AI Coding, such as Zhuoyi Information, and those in AI office software like Kingsoft Office and Foxit Software [3][11][12] - In the AI finance sector, companies like Tonghuashun and Jiufang Zhitu are highlighted for their innovative applications [3][13] - For network security, firms such as Deepin and Anheng Information are recommended due to their advancements in AI-driven security solutions [3][14] - In the intelligent driving space, companies like Desay SV and Zhongke Chuangda are noted for their leadership in high-performance driving solutions [3][16] - Industrial software firms like Zhongkong Technology and Rongzhi Rixin are recognized for their contributions to AI-driven industrial transformations [3][17]

Group 1: Software ETF Performance - The software ETF has a turnover rate of 4.16% and a transaction volume of 238 million yuan, with a total scale of 5.677 billion yuan, ranking first among comparable funds [3] - The software ETF experienced a net outflow of 54.0446 million yuan recently, but over the past 10 trading days, it has attracted a total of 417 million yuan [3] - As of October 24, 2025, the software ETF's net value has increased by 14.66% over the past three years, with the highest monthly return since inception being 39.35% and an average monthly return of 10.06% [3] Group 2: Key Holdings in Software Sector - As of September 30, 2025, the top ten weighted stocks in the CSI Software Service Index (930601) include iFlytek, Tonghuashun, Kingsoft Office, and others, accounting for a total of 62.41% of the index [3] Group 3: Industry Trends and Developments - The domestic operating system market is expected to reach 25 billion yuan by 2025, with significant growth in domestic IDE tools, such as SnapDevelop, which has attracted over 20,000 registered users [4] - The core industrial software market in China is projected to grow from 31.86 billion yuan in 2024 to 76.5 billion yuan by 2029, with a compound annual growth rate of approximately 19.1% [4] - The development of the domestic software industry is accelerating due to the national push for localization in the context of major technological competition [4]

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].

Core Viewpoint - The recent financial report of Zhuoyi Information (688258) shows a positive trend in revenue and profit growth, indicating improved profitability and operational efficiency [1][2]. Financial Performance - As of the end of the reporting period, the company's total revenue reached 174 million yuan, a year-on-year increase of 11.07% - The net profit attributable to shareholders was 27.13 million yuan, up 40.66% year-on-year - In Q2, total revenue was 88.89 million yuan, reflecting a 2.99% increase year-on-year, while net profit for the quarter was 8.33 million yuan, soaring 252.71% year-on-year - Gross margin improved to 54.95%, up 13.75% year-on-year, and net margin increased to 16.07%, up 5.95% year-on-year [1]. Cost Management - Total selling, administrative, and financial expenses amounted to 31.95 million yuan, accounting for 18.35% of revenue, a decrease of 14.69% year-on-year - The company's earnings per share rose to 0.22 yuan, a 37.5% increase year-on-year, while operating cash flow per share increased by 68.5% to 0.30 yuan [1]. Debt and Cash Flow - The company has a healthy cash position, with cash assets being robust - The cash flow situation is noteworthy, with cash assets to current liabilities ratio at 94.07% and the average operating cash flow to current liabilities ratio at 17.52% over the past three years [2][3]. Business Model and R&D - The company's performance is primarily driven by research and development, necessitating a thorough examination of the underlying drivers of this growth [2]. - The IDE product EazyDevelop was launched in public beta, featuring capabilities for natural language development and multi-agent collaboration, aimed at reducing development barriers for non-professionals [6]. Market Position and Analyst Expectations - Analysts expect the company's performance in 2025 to reach 88 million yuan, with an average earnings per share forecast of 0.73 yuan - The company is held by notable fund managers, with the largest holding being the Guotai Jinlong Industry Mixed Fund [4][5].

Core Viewpoint - Jiangsu Eazytec Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by increased demand for its integrated development environment (IDE) tools and cloud computing services [3][4][16]. Financial Performance - The company's operating income for the first half of 2025 was approximately 174.1 million RMB, an increase of 11.07% compared to the same period last year [4]. - Total profit reached approximately 29.9 million RMB, reflecting a year-on-year growth of 25.12% [4]. - Net profit attributable to shareholders was approximately 27.1 million RMB, up 40.66% year-on-year [4]. - The net cash flow from operating activities was approximately 36.2 million RMB, a significant increase of 68.50% compared to the previous year [4]. R&D and Innovation - The company invested approximately 40.6 million RMB in R&D during the first half of 2025, representing a 19.41% increase from the previous year [16]. - R&D expenses accounted for 23.33% of operating income, an increase of 1.63 percentage points year-on-year [4][16]. - The company applied for 4 patents and received 2 patent grants during the reporting period, along with 21 software copyright applications, of which 12 were granted [16]. IDE Business Development - The IDE business focuses on providing integrated development tools and related services to large enterprises, independent software vendors (ISVs), and small to medium-sized enterprises, primarily in North America, Europe, and Asia [10]. - The company launched two new IDE products: SnapDevelop, which integrates AI programming assistance, and EazyDevelop, which focuses on AI programming and rapid application development [11][12]. - The global software development tools market is projected to reach approximately 5.765 billion USD in 2024, with major players including Microsoft and Jetbrains [7]. Cloud Computing and Firmware - The company provides BIOS and BMC firmware for computing devices, with a focus on meeting the growing demand for AI computing power [13][14]. - The global cloud computing market is expected to reach approximately 692.9 billion USD in 2024, with a compound annual growth rate of 20.3% [13]. - The company is positioned as a key player in the domestic market for cloud computing device firmware, with capabilities to adapt to mainstream domestic chip platforms [13][14].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a potential increase in stock prices relative to benchmark indices by over 15% within the next 12 months [5]. Core Insights - The AI programming sector is rapidly evolving, with significant advancements in AI coding products, particularly with the anticipated release of GPT-5, which is expected to accelerate the development of AI programming [2][15]. - Domestic AI programming has become a core direction for AI application development, with major companies launching innovative products that enhance coding capabilities and streamline software development processes [3][4]. - The digital economy in China is transitioning from an "Internet+" phase to an "AI+" phase, with AI programming emerging as a key application area, suggesting a high potential for growth similar to the previous internet boom [4][34]. Summary by Sections 1. International Developments - AI coding products are continuously improving, with the release of Claude 4 series models, particularly Claude Opus 4, which leads in performance benchmarks such as SWE-bench (72.5%) and Terminal-bench (43.2%) [2][10]. - OpenAI's GPT-5 is expected to be released soon, with features that allow developers to generate websites and modify games more efficiently [15]. - Cursor has launched version 1.0, introducing significant features like a code review tool and a backend agent for efficient coding tasks [16]. 2. Domestic Developments - AI coding has become a mainstream focus for major models, with Tencent's CodeBuddy IDE integrating multiple advanced models to enhance software development [21]. - The Qwen3-Coder model has been released, showcasing advanced capabilities with 480 billion parameters and support for extensive context [22][23]. - TRAE SOLO has introduced a comprehensive solution for software development, enabling a full-cycle process from requirement gathering to deployment [26][28]. - EazyDevelop by 卓易信息 aims to automate the entire software development process, leveraging AI and multi-agent technology [30][31]. 3. Investment Recommendations - The report suggests focusing on leading domestic companies such as 卓易信息, 普元信息, 商汤-W, and 金现代, as they are well-positioned to capitalize on the growth of AI programming [4][34].