DIGIWIN SOFTWARE(300378) 开源证券·2025-04-28 01:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][16] 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 new growth avenues [4][6][7] - The company has slightly adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, estimating net profits of 201 million, 240 million, and 289 million yuan for 2025-2027, respectively [4][9] Financial Performance - 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 the parent company of 156 million yuan, up 3.59% year-on-year [5][9] - For Q1 2025, the company reported operating revenue of 423 million yuan, a year-on-year increase of 4.33%, with a net profit attributable to the parent company of -8.33 million yuan, reflecting a 14.04% year-on-year growth [5][9] AI Integration and Growth - The company has integrated AI capabilities with its business scenarios, leading to a 135.07% year-on-year growth 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 has seen a 57.54% year-on-year increase in net profit in Taiwan for 2024, and a narrowing of non-GAAP net profit loss by 31.92% in Q1 2025 [6][7] Regional Performance - In Q1 2025, the company reported operating revenue of 175 million yuan in mainland China, a year-on-year increase of 6.46%, supported by the expansion of industry solutions [7] - The company has enhanced its localized service capabilities in Southeast Asia, achieving a 33% year-on-year increase in signed contracts [7]