DIGIWIN SOFTWARE(300378) 德邦证券·2025-04-28 09:26Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is experiencing robust growth in its AI business, with revenue from AI operations in Taiwan increasing by 135.07% year-on-year in 2024. The PLM product's contract value grew over 20% in Q1 2025 due to AI enhancements, while AIOT applications saw revenue growth exceeding 50% [6] - Internally, AI has improved operational efficiency, leading to a reduction in sales, management, and R&D expense ratios in 2024. The net profit loss, adjusted for non-recurring items, narrowed by 31.92% in Q1 2025, and marketing conversion rates improved by 54% year-on-year [6] - The company is capitalizing on the global manufacturing shift, with non-mainland revenue reaching 1.154 billion yuan in 2024, a 7.53% increase. The local teams in Southeast Asia have a localization rate exceeding 90%, driving significant revenue growth in Thailand and Vietnam [7] - The company reported steady growth in its 2024 annual report, with revenues, net profit, and adjusted net profit reaching 2.331 billion yuan, 156 million yuan, and 138 million yuan respectively, reflecting year-on-year increases of 4.62%, 3.59%, and 13.18% [8] - The revenue forecast for 2025-2027 has been slightly adjusted downwards due to anticipated delays in downstream demand, with projected revenues of 2.677 billion yuan, 3.122 billion yuan, and 3.623 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 14.8%, 16.6%, and 16.1% [9] Financial Data Summary - In 2024, the company achieved total revenue of 2.331 billion yuan, with a net profit of 156 million yuan, and an adjusted net profit of 138 million yuan [8] - The projected total revenue for 2025 is 2.677 billion yuan, with net profits expected to reach 205 million yuan, reflecting a year-on-year growth of 31.4% [10] - The company’s gross margin is projected to decline from 58.3% in 2024 to 53.7% by 2027, indicating a gradual decrease in profitability margins over the forecast period [11]