Eazytec(688258) 信达证券·2025-02-17 08:44Investment Rating - The report assigns a "Buy" rating to the company [2] Core Insights - The company, Zhuoyi Information, is a leading player in the domestic BIOS/BMC firmware market and offers a rare AI programming platform, indicating strong growth potential driven by dual engines [5][9] - The company has a projected market size of nearly 80 billion RMB for its AI programming platform and approximately 6.5 billion RMB for the firmware industry, highlighting significant opportunities for expansion [5][46] - The newly launched low-code IDE platform, SnapDevelop, is expected to enhance development efficiency by 2-3 times compared to traditional methods, positioning the company favorably against international competitors [22][30] Company Overview - Zhuoyi Information was established in 2008 and focuses on the "independent, secure, and controllable" cloud computing industry chain, primarily providing integrated development tools (IDE) and firmware development for computing devices [9][11] - The company has a strong foothold in the cloud computing firmware market, being one of the few firms capable of developing BIOS technologies across multiple architectures, including X86, ARM, and MIPS [11][49] Financial Analysis - The company reported total revenue of 320 million RMB in 2023, a year-on-year increase of 13.5%, with a compound annual growth rate of approximately 8.48% from 2019 to 2023 [13][14] - The projected earnings per share (EPS) for 2024-2026 are 0.38, 0.53, and 0.66 RMB, respectively, with corresponding price-to-earnings (P/E) ratios of 112.09, 81.82, and 65.23 [6] IDE Business - The company has acquired Aipuyang Technology to enhance its application development capabilities, focusing on integrated development tools (IDE) [20] - SnapDevelop, the company's self-developed low-code IDE platform, is designed to facilitate rapid cloud-native application development and is expected to fill a gap in the domestic market for such tools [22][30] Firmware Industry - The firmware business is characterized by high barriers to entry, with a market size of approximately 6.5 billion RMB, driven by the increasing demand for BIOS and BMC firmware in PCs, servers, and IoT devices [5][46] - The company is the only major authorized supplier of Intel's X86 architecture BIOS in mainland China, which provides a competitive edge in the domestic market [49]