Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Insights - The company has shown significant growth in its non-recurring net profit, with a 144.46% increase year-on-year, despite a 41.52% decline in net profit attributable to shareholders [1][4]. - The acquisition of the remaining 48% stake in Aipuyang Technology has positioned the company as a leader in the "AI + IDE" programming software sector, 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 an operating income of 323 million yuan, a year-on-year increase of 0.99%, while the net profit attributable to shareholders was 33 million yuan [1][5]. - The projected net profit for 2025-2027 is expected to be 86 million, 119 million, and 167 million yuan, respectively, with corresponding PE ratios of 60X, 43X, and 31X [4][5]. - The company’s gross profit margin is projected to improve from 52.20% in 2024 to 57.16% by 2027 [11].

Group 1 - The company reported an operating income of 323.39 million yuan, a year-on-year increase of 0.99% [41] - The net profit attributable to the parent company was 32.84 million yuan, a decrease of 41.52% compared to the previous year, primarily due to a reduction in investment income [41] - The total assets of the company at the end of the reporting period were 1.552 billion yuan, a decrease of 5.34% from the beginning of the period [42] Group 2 - The main business of the company includes providing core firmware development and product sales for CPU and computing device manufacturers, supported by cloud service technology [5][6] - The company offers integrated development tools (IDE) and customized software solutions for government and enterprise clients, as well as small software companies [5][11] - The company’s IDE products include SnapDevelop, a low-code tool for rapid development of cloud-native applications, and PowerBuilder, a visual database development environment [8][9][32] Group 3 - The global cloud computing market reached a scale of 586.4 billion USD in 2023, with a growth rate of 19.4% [38] - The cloud computing market in China was valued at 616.5 billion yuan in 2023, growing by 35.5% compared to 2022 [38] - The company’s cloud service business primarily focuses on government and enterprise clients, providing customized software and system development solutions [11][34] Group 4 - The company is positioned as a key player in the BIOS and BMC firmware market, with a focus on the X86 architecture [28][33] - The demand for AI computing power has surged, with the AI computing power market in China expected to reach 19 billion USD in 2024, growing by 36.32% year-on-year [27] - The company has established a competitive advantage in the domestic market for firmware products, particularly in the context of national security and self-sufficiency strategies [33]

Fund Management and Usage - The company has established a fund management system to ensure the proper use and efficiency of raised funds, in compliance with relevant laws and regulations [1][2] - A special account for raised funds has been set up in banks, with a tripartite supervision agreement signed with the underwriter and banks [1] - As of December 31, 2024, the company has opened special settlement accounts for financial products in designated banks [3] Fund Usage and Projects - The company approved the completion of the "Domestic BIOS Firmware and BMC Firmware Product Series Development Project" and decided to permanently supplement working capital with the remaining funds [2] - There were no instances of advance investment or replacement of funds for investment projects during the reporting period [5] - The company has not used idle funds to temporarily supplement working capital during the reporting period [7] Cash Management of Idle Funds - The company approved the use of up to RMB 180 million of temporarily idle raised funds for cash management, investing in safe and liquid financial products [7][8] - As of December 31, 2024, the company has engaged in cash management for idle funds, with specific investment details provided [9] Changes in Fund Projects - The company has not changed any investment projects during the reporting period, but it did change the project from "Data-based Government and Enterprise Cloud Service Product Series Construction Project" to "Zhuoling Digital Twin Cloud Platform Construction Project" [13] Financial Reports and Audits - The company has disclosed its fund usage in a timely and accurate manner, with no violations in fund management [14] - The accounting firm Tianheng issued a report confirming that the company's fund management complies with regulatory requirements [15] - The underwriter, CITIC Jianan Securities, also confirmed that the fund storage and usage are in accordance with regulations [15] Profit Distribution and Dividends - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares, with a total expected distribution of RMB 11.9 million [20] - The profit distribution plan and the 2025 mid-term dividend plan have been approved by the board and will be submitted for shareholder approval [22][23]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's growth prospects are promising, driven by both firmware and IDE businesses, leading to a maintained "Buy" rating [4] - The company reported a revenue of 3.23 billion yuan in 2024, a year-on-year increase of 0.99%, while the net profit attributable to the parent company was 328.41 million yuan, a year-on-year decrease of 41.52% [5] - The company plans to raise up to 300 million yuan through a simplified procedure for financing related to its main business projects [5] Financial Performance - The company expects net profits attributable to the parent company for 2025-2027 to be 88 million, 114 million, and 144 million yuan respectively, with corresponding EPS of 0.73, 0.94, and 1.19 yuan [4] - The current price-to-earnings (P/E) ratios are projected to be 58.4, 45.3, and 35.8 for 2025, 2026, and 2027 respectively [4] - The company's revenue from the core firmware business was 1.21 billion yuan in 2024, a year-on-year decrease of 15.87%, while the PB business revenue grew by 105.94% to 985.58 million yuan [6] Market Potential - The AI + IDE market has significant potential, with the SnapDevelop IDE expected to attract over 300,000 paying users based on market estimates [7] - The collaboration with DCloud is anticipated to enhance the company's growth trajectory in the AI + IDE sector [7] Financial Summary and Valuation Metrics - The company's projected revenues for 2025-2027 are 4.18 billion, 5.42 billion, and 7 billion yuan, with year-on-year growth rates of 29.4%, 29.2%, and 25.0% respectively [8] - The gross margin is expected to stabilize around 50% by 2027, with net profit margins projected at 21.1% for 2025 and 20.6% for 2027 [8][10]

对于社保基金，本期较上一期持股增加的社保基金共1个，即华夏基金管理有限公司-社保基金四二二组 合，持股增加占比小幅上涨。 2025年4月18日，卓易信息(688258.SH)发布2024年年度报告。截至2025年4月17日，共有44个机构投资 者披露持有卓易信息A股股份，合计持股量达1653.88万股，占卓易信息总股本的13.65%。其中，前十 大机构投资者包括中国银行股份有限公司-华夏行业景气混合型证券投资基金、宜兴中恒企业管理有限 公司、宜兴市金啸铜业有限公司、中信证券资产管理(香港)有限公司-客户资金、法国兴业银行、深圳聚 联汇投资有限公司-聚联汇6号私募证券投资基金、MORGAN STANLEY & CO.INTERNATIONAL PLC.、华夏基金管理有限公司-社保基金四二二组合、中证2000、华夏招鑫鸿瑞混合A，前十大机构投 资者合计持股比例达12.97%。相较于上一季度，前十大机构持股比例合计下跌了2.49个百分点。 公募基金方面本期较上一季度持股减少的公募基金共计1个，即华夏行业景气混合，持股减少占比达 1.27%。本期较上一季度新披露的公募基金共计36个，主要包括中证2000、华夏招鑫鸿瑞 ...

江苏卓易信息科技股份有限公司（以下简称"卓易信息"）近日发布2024年年度报告，报告期内公司实现 营业收入323,392,632.95元，同比增长0.99%；归属于上市公司股东的净利润为32,841,483.65元，同比下 降41.52%。本文将基于年报数据，对卓易信息的财务状况、经营成果及潜在风险进行深入解读。 财务关键指标解读 营收微增，净利润大幅下滑营业收入：2024年公司营业收入为323,392,632.95元，较上年同期的 320,223,831.27元增长0.99%，增长幅度较为有限。从业务板块来看，PB业务的增长成为营收增长的主 要动力。然而，云计算设备核心固件业务和云服务业务收入均有所下降，其中云计算设备核心固件业务 收入120,678,039.84元，同比下降15.87%；云服务业务收入92,664,030.06元，同比下降16.07%。净利 润：归属于上市公司股东的净利润为32,841,483.65元，同比下降41.52%。主要原因是2023年公司转让子 公司卓易文化10.83%的股权，确认股权转让投资收益41,277,900元，而本期无相关事项，使得2024年投 资收益相比2023年大幅 ...

证券代码：688258 证券简称：卓易信息 公告编号：2025-012 江苏卓易信息科技股份有限公司 关于召开 2024 年年度股东大会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024 年年度股东大会 召开日期时间：2025 年 5 月 13 日 14 点 30 分 召开地点：江苏省宜兴市兴业路 298 号卓易信息 19 楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 5 月 13 日 至 2025 年 5 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年5月13日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 ...

证券代码：688258 证券简称：卓易信息 公告编号：2025-010 江苏卓易信息科技股份有限公司 2024 年年度利润分配及 2025 年中期分红规划的公告 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： 一、 利润分配方案内容 1 每 10 股派发现金红利 1.00 元（含税），不进行资本公积转增股本，不送 红股。 本次利润分配以实施权益分派股权登记日登记的总股本扣除公司回购专 户中的股份数后为基数，具体日期将在权益分派实施公告中明确。 如在本公告披露日至实施权益分派股权登记日期间，因可转债转股/回购 股份/股权激励授予股份回购注销/重大资产重组股份回购注销等致使 公司总股本发生变动的，公司拟维持应分配每股比例不变，相应调整分 配总额，并将另行公告具体调整情况。 鉴于公司 2024 年度实施了股份回购，公司本次利润分配实施差异化分 红，公司通过回购专用证券账户所持有的公司股份不参与本次利润分 配。 本次利润分配预案及 2025 年中期分红规划已经公司第四届董事会第二 十四次会议、第四届监事会第二十次会 ...

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。 一、本次授权事项概述 根据《上市公司证券发行注册管理办法》《上海证券交易所上市公司证券发 行上市审核规则》《上海证券交易所上市公司证券发行与承销业务实施细则》等 法律法规和规范性文件的有关规定，江苏卓易信息科技股份有限公司(以下简称 "公司")于 2025 年 4 月 16 日召开第四届董事会第二十四次会议，审议通过了 《关于提请股东大会授权董事会以简易程序向特定对象发行股票的议案》，同意 公司董事会提请股东大会授权董事会全权办理以简易程序向特定对象发行融资 总额不超过人民币 3 亿元且不超过最近一年末净资产 20%的股票，授权期限为自 2024 年年度股东大会通过之日起至 2025 年年度股东大会召开之日止。本议案尚 需提交公司年度股东大会审议。 二、本次授权具体内容 证券代码：688258 证券简称：卓易信息 公告编号：2025-011 江苏卓易信息科技股份有限公司 关于提请公司股东大会授权董事会以简易程序 向特定对象发行股票的公告 本次提请股东大会授权事宜包括以下内容： ...

江苏卓易信息科技股份有限公司 2024 年度财务报表审计报告 天衡审字(2025)00428 号 天衡会计师事务所(特殊普通合伙) 【右换业许可的合计 您可使用手机"扫一扫"或进入 注册 我们审计了江苏卓易信息科技股份有限公司(以下简称卓易信息公司)财务报表,包 括 2024年 12月 31日的合并及母公司资产负债表,2024年度合并及母公司利润表、合并及 母公司现金流量表、合并及母公司所有者权益变动表,以及财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 卓易信息公司2024年12月31日的合并及母公司财务状况以及2024年度合并及母公司经营成 果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职 业道德守则,我们独立于卓易信息公司,并履行了职业道德方面的其他责任。我们相信,我 们获取的审计证据是充分、适当的,为发表审计意见提供了基础。 三、关键审计事项 关键审计事项是我们根据职业判断,认为对本期财务报表审计最为重要的事 ...