Minsheng Securities research report points out that NANCAL is best positioned in AI + military industry, and employee stock ownership demonstrates confidence. The company strengthens the exploration of AI technology in industrial software applications, continuously optimizing the two core product systems of "Le Series" and "Ling Series," with AI products and services achieving breakthrough growth. While the four main businesses are steadily growing, the company is actively exploring new business directions such as data asset business, robot services, and supporting businesses, which is expected to usher in new development opportunities. It is predicted that the company's revenue for 2025-2027 will be 1.725 billion, 1.987 billion, and 2.321 billion yuan respectively; EPS will be 0.93, 1.11, and 1.34 yuan respectively, with the closing price on July 28, 2025 corresponding to PE ratios of 40X, 34X, and 28X, maintaining a "recommend" rating