DIGIWIN SOFTWARE(300378) 开源证券·2025-04-27 04:15Investment Rating - The investment rating for the company is "Buy" (maintained) [4][13]. Core Views - The company is a leading provider of digital transformation and smart manufacturing integration planning services in China, expected to benefit from downstream economic recovery and overseas opportunities. The acceleration of AI commercialization is anticipated to open up growth space for the company [4][6]. - The company has slightly adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 201 million, 240 million, and 289 million yuan for 2025-2027, respectively [4][6]. Financial Performance Summary - In 2024, the company achieved operating revenue of 2.331 billion yuan, a year-on-year increase of 4.62%, and a net profit attributable to shareholders of 156 million yuan, up 3.59% year-on-year. The first quarter of 2025 saw operating revenue of 423 million yuan, a 4.33% increase year-on-year, with a net profit loss of 8.33 million yuan, but a 14.04% increase year-on-year in the same quarter [5][8]. - The company's revenue is projected to grow from 2.331 billion yuan in 2024 to 3.581 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.6% [8][10]. AI Integration and Growth - The company has integrated AI capabilities with its business scenarios, leading to a 135.07% year-on-year increase in AI business revenue in Taiwan in 2024. The introduction of AI technology in its PLM product has resulted in a 30% increase in average transaction value for R&D and design services [6][7]. - The company reported a 57.54% year-on-year increase in net profit in Taiwan in 2024, indicating the effectiveness of AI in enhancing operational efficiency [6][7]. Regional Performance - In the first quarter of 2025, the company achieved operating revenue of 175 million yuan in mainland China, a 6.46% year-on-year increase, while Taiwan's AI applications and integration solutions continued to deepen, leading to a nearly 10% year-on-year increase in new customer signings [7][8]. - The Southeast Asia region saw a 33% year-on-year increase in signed contracts, reflecting the company's enhanced localization service capabilities [7].