证券研究报告：计算机 | 公司点评报告 发布时间：2025-11-06 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 57.51 | | --- | --- | | 总股本/流通股本（亿股）2.61 / 2.61 | | | 总市值/流通市值（亿元）150 / 150 | | | 52 周内最高/最低价 | 81.50 / 41.80 | | 资产负债率(%) | 44.9% | | 市盈率 | 73.73 | | 第一大股东 | 韦利东 | 研究所 2025 年前三季度，公司实现营收 12.99 亿元，同比-6.26%；实现 归母净利润 1.00 亿元，同比+15.99%；实现扣非归母净利润 0.85 亿 元，同比+31.93%。2025 年三季度单季，公司实现营收 4.91 亿元，同 比-1.78%；实现归母净利润 0.34 亿元，同比-11.51%；扣非后归属母 公司股东的净利润为 0.28 亿元，同比-15.44%。 ⚫ 降本增效措施见效，利润率显著提升 2025 年前三季度，销售费用降幅显著（6.67%至 8.81 亿元），研 发费用微降 3.79%至 2.2 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company reported a revenue of 808 million yuan for the first half of 2025, a year-on-year decrease of 8.79%, while the net profit attributable to shareholders increased by 38.46% to 66 million yuan [5]. - The company has achieved significant cost reduction and efficiency improvements, leading to an increase in net profit margin by 2.8 percentage points to 8.1% [6]. - The company is embracing AI and the domestic innovation trend, optimizing its marketing channels both domestically and internationally [7]. - The company is expected to achieve revenues of 2.437 billion yuan, 2.640 billion yuan, and 2.887 billion yuan from 2025 to 2027, with corresponding net profits of 262 million yuan, 363 million yuan, and 439 million yuan [8]. Financial Performance - The latest closing price of the company's stock is 61.30 yuan, with a total market capitalization of 16 billion yuan [4]. - The company’s earnings per share (EPS) are projected to grow from 0.78 yuan in 2024 to 1.68 yuan in 2027 [10]. - The company’s asset-liability ratio stands at 44.9%, indicating a stable financial structure [4].

Investment Rating - Investment Rating: Buy [2] Core Viewpoints - The company is a leader in the collaborative management software industry, with a rich product ecosystem that supports both enterprise and government users, and offers various deployment modes including desktop, mobile, and cloud [15][18] - The integration of AI Agent into the collaborative office sector opens a new wave of intelligent office solutions, significantly expanding the company's long-term growth potential [15][8] - The AI Agent market is expected to grow from 55.4 billion yuan in 2023 to 852 billion yuan by 2028, with a compound annual growth rate of 72.7%, primarily driven by B-end applications [15][6] - The company has a strong market position, benefiting from digital transformation policies and the increasing demand for domestic software replacements, particularly in government and state-owned enterprises [15][17] Summary by Sections Main Business and Financial Analysis - The company has been focused on the collaborative management software sector for over 20 years, with more than 80,000 users across 87 industries [18][9] - The main products include e-cology (a digital operation platform for large and medium-sized clients), e-office (a standardized collaborative platform for small and medium-sized clients), e-teams (a mobile office cloud platform), e-nation (a government-focused product), and Xiaoe.AI (an AI-driven intelligent brain) [15][25] - The revenue from technical services is increasing, reflecting high customer retention and ongoing demand for upgrades and maintenance [63][70] Industry Trends - The collaborative management software industry is experiencing growth due to the expansion of business boundaries and the acceleration of digital transformation policies [15][17] - The company is well-positioned to benefit from the increasing demand for software that adapts to domestic hardware and software systems, particularly in the context of government digitalization [15][17] Profit Forecast and Valuation - The company is expected to achieve earnings per share (EPS) of 0.94, 1.13, and 1.34 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 62.83, 52.48, and 44.08 [8][7] - The company maintains a high gross margin, with software development revenue primarily coming from e-cology and e-office, which have consistently high profit margins [63][70]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leader in collaborative management software, focusing on innovation and providing high-quality products for over 20 years. It has established a strong market presence with a 25.7% market share in China's enterprise team collaboration software market as of the first half of 2023 [5][9]. - The company is expected to benefit from the ongoing trends in domestic innovation (信创) and AI integration, which are anticipated to enhance growth potential in the collaborative management software sector [5][37]. - Revenue and profit forecasts indicate a positive growth trajectory, with expected revenues of 2.607 billion, 2.896 billion, and 3.207 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 283 million, 354 million, and 431 million yuan for the same years [5][4]. Summary by Sections 1. Collaborative Management Software Leader - The company has focused on collaborative management for over 20 years, gradually becoming an industry leader. It serves over 80,000 clients across 87 different sectors and has established more than 200 branches nationwide [5][9]. - The founder and management team have long tenures, ensuring stability and continuity in leadership [12]. - The company has a strong cash flow, with operating cash flow consistently around 110% of revenue, which supports sustainable growth [25]. 2. Industry Competitive Landscape - The collaborative management software industry is fragmented, with a low market concentration. The company, as a comprehensive leader, is well-positioned to capture market share as competition intensifies [27][33]. - The domestic innovation policy is expected to drive demand for domestic OA software, with projections indicating a market size of 319 billion yuan by 2027, growing at a CAGR of 20.61% from 2023 to 2027 [37][47]. 3. Product and Channel Transformation - The company has developed a modular product system that meets diverse business needs and has launched numerous specialized products to enhance revenue potential [5][9]. - The unique EBU mechanism has contributed to maintaining high gross margins, with software product margins at 99.26% and service margins at 94.30% in 2024 [22]. 4. Profit Forecast and Valuation - The company is projected to achieve significant revenue and profit growth from 2025 to 2027, with a PE ratio of 61.0, 48.8, and 40.1 for those years based on the stock price as of April 25, 2025 [5][4].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leader in the collaborative management software sector, with a strong focus on innovation and a healthy cash flow that creates a secure boundary for future growth [5]. - The integration of domestic innovation (信创) and AI technologies is expected to enhance the growth potential of the company's products, particularly in the OA (Office Automation) market [5]. - The company is anticipated to benefit from the increasing demand for domestic OA software as the market shifts towards local solutions due to policy changes [5]. Summary by Sections 1. Collaborative Management Software Leader - The company has over 20 years of experience in collaborative management, focusing on R&D to provide high-quality products [9]. - It has established over 200 branches nationwide and has begun setting up service points overseas, serving more than 80,000 clients across 87 industries [9]. - According to IDC, the company holds a 25.7% market share in the Chinese enterprise team collaboration software market as of the first half of 2023, ranking first [9][33]. 2. Industry Competitive Landscape Improvement - The collaborative management software industry is characterized by a fragmented market with low concentration, but the company, as a comprehensive leader, is expected to improve its competitive advantage [27]. - The domestic innovation policy is driving the demand for OA software replacements, with the market projected to reach 319 billion yuan by 2027, growing at a CAGR of 20.61% from 2023 to 2027 [37][47]. 3. Product and Channel Transformation - The company has developed a modular product system supported by its low-code development platform, e-builder, which meets diverse business needs [5]. - It has launched a series of specialized products and expanded its ecosystem to adapt to domestic innovation and AI trends, enhancing its market position [5]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 2.607 billion yuan, 2.896 billion yuan, and 3.207 billion yuan from 2025 to 2027, with year-on-year growth rates of 10.38%, 11.09%, and 10.72% respectively [5]. - The net profit attributable to the parent company is expected to reach 283 million yuan, 354 million yuan, and 431 million yuan during the same period, with growth rates of 39.69%, 24.87%, and 21.74% respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% over the next 6 to 12 months [5][13]. Core Insights - In 2024, the company achieved revenue of 2.362 billion RMB, a decrease of 1.31% year-on-year, while the net profit attributable to shareholders was 203 million RMB, an increase of 13.58% [2]. - The company's software product revenue decreased by 13.95% due to fluctuations in downstream customer demand, while technical services revenue grew by 7.87% to 1.438 billion RMB [3]. - The company has upgraded its AI-enabled products, which are expected to drive revenue growth, and has launched various applications integrating AI functionalities [4]. - The marketing system is continuously improving, with a strategic goal to expand into overseas markets, establishing localized service teams in several countries [4]. Financial Performance Summary - The company forecasts revenues of 2.631 billion RMB, 2.923 billion RMB, and 3.239 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11.40%, 11.10%, and 10.80% [5][10]. - The projected net profit for 2025, 2026, and 2027 is 276 million RMB, 319 million RMB, and 368 million RMB, reflecting growth rates of 36.06%, 15.46%, and 15.44% [5][10]. - The report indicates a decrease in employee numbers by 13.4% and a reduction in sales, management, and R&D expense ratios [3].