Eazytec(688258) 民生证券·2025-04-19 08:05Investment 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].