计算机/IT 服务Ⅱ 卓易信息（688258.SH） 扣非利润高增长，AI+IDE 前景光明 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 46.20 | | 一年最高最低(元) | 51.48/19.81 | | 总市值(亿元) | 55.97 | | 流通市值(亿元) | 55.97 | | 总股本(亿股) | 1.21 | | 流通股本(亿股) | 1.21 | | 近 3 个月换手率(%) | 309.64 | 股价走势图 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 卓易信息 沪深300 数据来源：聚源 相关研究报告 《业绩符合预期，AI+IDE 值得期待 —公司信息更新报告》-2025.4.18 《强强联合 Dcloud，打造 AI 编程时代 基础软件 —公司信息更新报告》 -2025.3.24 《拟收购艾普阳剩余 48%股权，深化 IDE 产业布局—公司信息更新报告》 -2024.9.17 陈宝健（分析师） 李海强（分析师） chenbaoji ...

计算机/IT 服务Ⅱ 卓易信息（688258.SH） 扣非利润高增长，AI+IDE 前景光明 2025 年 04 月 30 日 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 卓易信息 沪深300 数据来源：聚源 相关研究报告 《业绩符合预期，AI+IDE 值得期待 —公司信息更新报告》-2025.4.18 《强强联合 Dcloud，打造 AI 编程时代 基础软件 —公司信息更新报告》 -2025.3.24 《拟收购艾普阳剩余 48%股权，深化 IDE 产业布局—公司信息更新报告》 -2024.9.17 陈宝健（分析师） 李海强（分析师） chenbaojian@kysec.cn 证书编号：S0790520080001 lihaiqiang@kysec.cn 证书编号：S0790524070003 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 46.20 | | 一年最高最低(元) | 51.48/19.81 | | 总市值(亿元) | 55.97 | | 流通市值(亿元) | 55.97 | ...

最新盈利预测明细如下： 扣非归母净利润高速增长，毛利率大幅提升。扣非归母净利润增长原因：公司营业收入及毛利润增加，带 动公司扣非归母净利润快速增长。毛利率方面，公司2025Q1毛利率达到61.53%，较2024Q1增长约18个百 分点。公司2024年完成对艾普阳的收购，艾普阳商业模式是SaaS模式，利润率较高，因此并表后对公司毛 利率提升有帮助。同时公司其他业务也在持续健康发展，共同推动公司收入以及利润提升。 国产IDE具有较高壁垒，顺应AI大趋势有望不断提升成长性。1)技术壁垒：开发IDE软件是一项极具挑战 性的工作，开发周期非常长、技术难度较高，在开发过程中，需要攻克诸多核心技术难题。以编译技术为 例，开发团队需要深入理解每一种编程语言的特性，才能开发出高效、准确的编译器。2) SnapDevelop具有云原生、低代码的特性：艾普阳科技基于其多年技术积累独立自主低代码IDE产品 SnapDevelop在云原生领域具有明显优势，具有快速迭代、高并发、分布式等特点。低代码IDE通过专门为 云原生应用开发设计的开发组件和模板，开发者可以快速搭建云原生应用的架构，自动生成与云服务集 成、分布式部署等相关的代码，较 ...

卓易信息（688258.SH）2025 年一季报点评 推荐 维持评级 当前价格： 44.79 元 [Table_Author] 扣非利润大幅增长，AI 编程龙头成长性不断提升 2025 年 04 月 29 日 ➢ 事件概述：2025 年 4 月 28 日公司发布 2025 年一季报，2025 年一季度公 司营收 0.85 亿元，同比增长 20.98%。2025 年一季度归母净利润 0.19 亿元，同 比增长 11.08%；扣非归母净利润 0.17 亿元，同比增长 581.73%。 ➢ 扣非归母净利润高速增长，毛利率大幅提升。扣非归母净利润增长原因：公 司营业收入及毛利润增加，带动公司扣非归母净利润快速增长。毛利率方面，公 司 2025Q1 毛利率达到 61.53%，较 2024Q1 增长约 18 个百分点。公司 2024 年完成对艾普阳的收购，艾普阳商业模式是 SaaS 模式，利润率较高，因此并表 后对公司毛利率提升有帮助。同时公司其他业务也在持续健康发展，共同推动公 司收入以及利润提升。 ➢ 国产 IDE 具有较高壁垒，顺应 AI 大趋势有望不断提升成长性。1）技术壁 垒：开发 IDE 软件是一项极具挑战性 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥85,215,616.85, representing a year-on-year increase of 20.98% compared to ¥70,438,700.11 in the same period last year[3] - Net profit attributable to shareholders was ¥18,798,741.85, an increase of 11.08% from ¥16,923,969.20 in the previous year[3] - The net profit after deducting non-recurring gains and losses surged by 581.73%, reaching ¥16,951,702.74 compared to ¥2,486,557.07 in the previous year[3] - Net profit for Q1 2025 was ¥18,803,807.56, down 6.1% from ¥20,038,964.14 in Q1 2024[20] - The basic earnings per share for Q1 2025 was ¥0.16, up from ¥0.14 in Q1 2024, reflecting a 14.3% increase[20] Cash Flow - The net cash flow from operating activities was ¥18,671,610.53, up 20.77% from ¥15,460,067.09 in the same period last year[3] - Cash flow from operating activities generated a net amount of ¥18,671,610.53 in Q1 2025, compared to ¥15,460,067.09 in Q1 2024, indicating a 20.5% increase[22] - Cash flow from investing activities showed a net inflow of ¥52,152,174.35 in Q1 2025, a significant recovery from a net outflow of -¥33,339,170.18 in Q1 2024[23] - Cash and cash equivalents at the end of Q1 2025 totaled ¥320,662,504.30, an increase from ¥412,178,771.45 at the end of Q1 2024[23] Research and Development - Research and development expenses totaled ¥19,396,455.14, accounting for 22.76% of operating revenue, which is an increase from 22.47% in the previous year[4] - Research and development expenses increased to ¥19,396,455.14 in Q1 2025, up 22.5% from ¥15,826,411.88 in Q1 2024[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,532,266,853.25, a decrease of 1.28% from ¥1,552,080,331.40 at the end of the previous year[4] - The company's current assets totaled RMB 660,185,485.26, down from RMB 676,027,644.81, indicating a decrease of about 2.3%[15] - The total liabilities decreased to RMB 664,348,180.74 from RMB 700,434,206.60, a reduction of approximately 5.2%[16] - The company's non-current assets totaled RMB 872,081,367.99, slightly down from RMB 876,052,686.59, reflecting a decrease of about 0.5%[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 7,567[10] - The largest shareholder, Xie Qian, holds 39.35% of the shares, totaling 47,667,923 shares[10] Other Financial Metrics - The weighted average return on equity increased to 2.21%, up from 1.63% in the previous year, reflecting a rise of 0.58 percentage points[4] - The company received government subsidies amounting to ¥2,278,550.88, which are closely related to its normal operations[6] - The company's inventory increased to RMB 13,276,665.11 from RMB 9,067,759.75, indicating a significant rise of approximately 46.5%[14] - The company reported a decrease in tax expenses to ¥1,904,882.18 in Q1 2025 from ¥1,281,976.18 in Q1 2024, a 48.5% increase in tax burden[20] - The company experienced a foreign exchange loss of -¥515,439.66 in Q1 2025, contrasting with a gain of ¥1,011,360.13 in Q1 2024[23]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Insights - The company reported a total revenue of 323 million yuan in 2024, a year-on-year increase of 0.99%, while the net profit attributable to shareholders decreased by 41.52% to 33 million yuan. The significant drop in net profit is attributed to a high base effect from 2023's equity transfer investment income [2][8]. - The company's core business profitability has improved, with a gross margin increase to 52.20%, up 6.04 percentage points year-on-year. The non-GAAP net profit reached 15 million yuan, reflecting a substantial year-on-year growth of 144.46% [8]. - The acquisition of the remaining 48% stake in Aipuyang has been completed, establishing it as a wholly-owned subsidiary. This acquisition is expected to enhance the company's low-code IDE business, SnapDevelop, which is set to launch its first GA version in June 2024 [8]. - The company has invested in AI capabilities, integrating them into its product ecosystem, which includes IDE, cloud services, and operation platforms. This AI-driven approach aims to enhance development efficiency and support various industry applications [8]. Financial Summary - The company forecasts revenue growth from 402 million yuan in 2025 to 576 million yuan in 2027, with net profit expected to rise from 84 million yuan to 120 million yuan during the same period [4][8]. - The projected earnings per share (EPS) are expected to increase from 0.70 yuan in 2025 to 0.99 yuan in 2027, with a price-to-earnings (P/E) ratio projected to decrease from 63 to 44 over the same period [4][8]. - The company’s total assets are projected to grow from 1,737 million yuan in 2025 to 2,172 million yuan in 2027, indicating a solid growth trajectory [9].

Group 1 - The core viewpoint of the announcement is that Zhuoyi Information reported a revenue of 85.22 million yuan for the first quarter of 2025, representing a year-on-year growth of 20.98% [1] - The net profit for the same period was 18.80 million yuan, showing a year-on-year increase of 11.08% [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Insights - The company reported a total revenue of 323 million yuan in 2024, a year-on-year increase of 0.99%, while the net profit attributable to shareholders decreased by 41.52% to 33 million yuan due to a high base effect from 2023's equity transfer investment income [2][8]. - The company's core business profitability has significantly improved, with a gross margin increase to 52.20%, up 6.04 percentage points year-on-year [8]. - The acquisition of the remaining 48% stake in Aipuyang has been completed, positioning it as a wholly-owned subsidiary and enhancing the company's low-code IDE business, which is expected to drive future growth [8]. - The company has developed an AI-driven three-layer architecture to enhance its product offerings, integrating AI capabilities into its IDE, cloud services, and operation platforms, which is anticipated to improve development efficiency significantly [8]. Financial Summary - For 2024, the company achieved a total revenue of 323 million yuan, with projected revenues of 402 million yuan in 2025, 494 million yuan in 2026, and 576 million yuan in 2027, reflecting growth rates of 24.3%, 22.9%, and 16.5% respectively [4][8]. - The net profit attributable to shareholders is expected to rebound to 84 million yuan in 2025, 105 million yuan in 2026, and 120 million yuan in 2027, with growth rates of 156.8%, 24.2%, and 14.5% respectively [4][8]. - The report projects an earnings per share (EPS) of 0.70 yuan in 2025, 0.86 yuan in 2026, and 0.99 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 63, 51, and 44 [4][8].

证券代码：688258 证券简称：卓易信息 公告编号：2025-015 江苏卓易信息科技股份有限公司 关于参加 2024 年度科创板人工智能及软件行业 集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 江苏卓易信息科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 18 日发布公司 2024 年年度报告，为便于广大投资者更全面深 入地了解公司 2024 年年度经营成果、财务状况，公司计划于 2025 年 04 月 29 日（星期二）15:00-17:00 参加 2024 年度科创板人工智能及 软件行业集体业绩说明会，就投资者关心的问题进行交流。 （三）会议召开方式：上证路演中心线上网络文字互动 三、 参加人员 公司参加此次说明会人员包括：董事长兼总经理谢乾先生、副总 经理兼董事会秘书王娟女士、独立董事徐建忠先生、财务总监黄吉丽 女士。（如有特殊情况，参会人员将可能进行调整） 四、 投资者参加方式 （一）投资者可在 2025 年 04 月 29 日（星期二）15:00-17:0 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Insights - The company has shown significant growth in its non-GAAP net profit, which increased by 144.46% year-on-year, despite a decline in net profit attributable to shareholders by 41.52% [1][4]. - The acquisition of the remaining 48% stake in Aipuyang Technology has positioned the company as a leader in the domestic AI programming software market, with promising growth potential in its IDE business [2][4]. - The company is actively integrating AI into its firmware business and is expected to benefit from the trend of domestic substitution in the semiconductor industry [4]. Financial Performance - In 2024, the company reported total revenue of 323 million yuan, a year-on-year increase of 0.99%, while the net profit attributable to shareholders was 32.84 million yuan [1]. - The forecast for 2025-2027 indicates a significant recovery in net profit, projected at 86 million yuan in 2025, 119 million yuan in 2026, and 167 million yuan in 2027, with corresponding PE ratios of 60X, 43X, and 31X [5][4]. Business Strategy - The company is focusing on creating a dual layout of "AI + IDE," with its SnapDevelop tool deeply integrated with leading AI models, enhancing its software development capabilities [3][4]. - Strategic collaboration with DCloud, which has over 9 million front-end developer users, is expected to accelerate the promotion of SnapDevelop and expand the company's market reach [2][4].