Gelonhui, May 24, 丨 Dongfang Fortune Securities Research Report said that Xinzhi Software (688590.SH) earned 317 million yuan in 2023Q1, an increase of 24.75% over the previous year; achieved net profit of 0.7 billion yuan, an increase of 101.36% over the previous year; and achieved net profit of Fumo after deduction of 100 million yuan, an increase of 17.29% over the previous year. The corporate insurance industry achieved revenue of 421 million yuan in 2022, an increase of 5.47% over the previous year, and the income of the insurance industry maintained steady growth. The company's innovative business achieved revenue of 907.053 million yuan. In 2022, the company's artificial intelligence and blockchain laboratory jointly released the “New Knowledge Platform”. AI technology and all aspects of the insurance industry can be deeply integrated. The big model can solve many pain points in the process of using channel software. The channel business combined with AI will bring new business models. The company deeply integrates AI technology with business capabilities to create the company's second growth curve. The company's estimated revenue for 2023/2024/2024/2025 was 1,672/21.28/2,690 million yuan respectively; the estimated net profit returned to the mother was 1.08/1.62/213 million yuan respectively; EPS was 0.45/0.68/0.89 yuan respectively; and the corresponding PE was 30/20/15 times respectively, giving an “increase in holdings” rating.