DIGIWIN SOFTWARE(300378) 海通国际·2024-06-04 11:00Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of RMB 30.66 for the next six months, based on a projected PE of 45 for 2024 [19]. Core Insights - The company's AIoT business and international expansion are driving steady growth, with expectations for significant advancements in AIGC product deployment in 2024 [19][24]. - The company achieved a revenue of RMB 2.228 billion in 2023, marking a 12% year-on-year increase, and a net profit of RMB 150 million, also up 12% [15][19]. - The AIoT revenue reached RMB 517 million, a 42.02% increase, with contract values growing by 92% [16][24]. Financial Performance Summary - Revenue and profit forecasts for 2024-2026 are projected at RMB 2.667 billion, RMB 3.135 billion, and RMB 3.744 billion, with net profits of RMB 184 million, RMB 208 million, and RMB 267 million respectively [19][22]. - The company’s gross margin is expected to improve from 61.9% in 2023 to 66.2% by 2026, while net profit margin is projected to be around 7.1% in 2026 [22]. - Earnings per share (EPS) are forecasted to grow from RMB 0.56 in 2023 to RMB 0.99 in 2026 [22]. Business Expansion and Innovations - The company has doubled its Southeast Asian customer orders, with significant growth in both continental and non-continental revenues [28][35]. - A new generation PLM system was launched, contributing to a 34% increase in revenue from R&D and design services [29]. - The Athena platform has developed nearly 20 new digital applications, enhancing data interaction and knowledge access for over 120 customers [31][36].