Eazytec(688258) 开源证券·2025-04-18 01:43Investment 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]