Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 5.50, which represents a potential upside from the current price of HKD 3.28 [34]. Core Insights - The company is positioned to benefit from the acceleration of domestic ERP (Enterprise Resource Planning) software adoption, driven by national policies promoting digital transformation and the replacement of imported software with domestic alternatives [2][13]. - Cloud services have become a significant growth driver, with revenue from this segment growing at a compound annual growth rate (CAGR) of 50.7% from 2019 to 2023, and expected to continue increasing [10][18]. - The company’s revenue is projected to grow by 20.7% in FY24 and 20.1% in FY25, with net profit expected to increase by 77.0% and 45.0% respectively during the same periods [2][18]. Summary by Sections Investment Highlights - Cloud service revenue has significantly increased, from RMB 390 million in 2019 to RMB 2 billion in 2023, with its share of total revenue rising from 13.4% to 24.1% [10][11]. - The company’s management software revenue has also grown, albeit at a slower pace, indicating a shift towards cloud-based solutions [10]. - The company is leveraging synergies with its parent company, Inspur Group, to enhance its market position in the domestic ERP sector [2][13]. Industry Context - The domestic ERP market has a market share of nearly 70%, with major players including Yonyou, Inspur, and Kingdee, while high-end segments remain dominated by foreign firms [15]. - Recent government policies have accelerated the push for domestic software solutions, with a target for state-owned enterprises to fully transition to domestic products by 2027 [2][13]. Financial Projections and Valuation - Revenue is expected to reach RMB 10 billion in FY24, with cloud services projected to contribute significantly to this growth [18]. - The company’s gross margin is anticipated to improve from 23.1% in FY23 to 26.4% by FY26, driven by the scaling of cloud services [18][31]. - The net profit is forecasted to grow from RMB 357 million in FY24 to RMB 702 million by FY26, reflecting a robust growth trajectory [19][31]. Company Background - The company, established in 2003 and listed on the Hong Kong Stock Exchange, has transitioned from hardware to software, focusing on ERP solutions and cloud services [21]. - It operates under the auspices of Inspur Group, which holds a significant stake, providing it with a strong resource base and market credibility [21][22].

Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry involved in the conference call [1] Core Points and Arguments - The document does not provide any core points or arguments from the conference call [1] Other Important but Possibly Overlooked Content - The document only contains a brief introduction thanking participants for attending the meeting and indicating that the meeting will begin shortly [1]

Financial Performance - For the six months ended June 30, 2024, the group's revenue was RMB 4,141,171,000, representing a year-on-year increase of 1.09% compared to RMB 4,096,650,000 in the same period last year[10]. - The gross profit for the same period was RMB 911,681,000, an increase of 8.71% from RMB 838,615,000 year-on-year, with an overall gross margin of 22.02%, up 1.55 percentage points from 20.47%[11]. - The pre-tax profit for the period was RMB 106,708,000, significantly up from RMB 48,611,000 in the previous year, largely due to a 19.29% increase in operating profit from the management software segment[15]. - The profit attributable to the owners of the company was RMB 105,702,000, compared to RMB 49,241,000 in the same period last year, with basic and diluted earnings per share at RMB 0.0926[16]. - The company reported a net profit of RMB 105,702 thousand for the six months ended June 30, 2024, compared to RMB 48,611 thousand for the same period in 2023, representing a significant increase[60]. - The net profit attributable to the company's owners was RMB 105,702 thousand, significantly increasing by 114.4% from RMB 49,241 thousand in the previous year[50]. Revenue Breakdown - Revenue from software and cloud services was RMB 2,182,093,000, a growth of 18.63% year-on-year, with cloud services contributing RMB 980,201,000, up 36.01% from RMB 720,677,000[10]. - The cloud services business achieved revenue of RMB 980,201,000, representing a year-on-year growth of 36.0% compared to RMB 720,677,000 in the same period last year[25]. - The management software business recorded revenue of RMB 1,201,892,000, representing a year-on-year growth of 7.4% compared to RMB 1,118,811,000 in the same period last year[30]. - The IoT solutions business generated revenue of RMB 1,959,078,000, showing a decline of 13.2% from RMB 2,257,162,000 in the previous year[32]. Expenses and Costs - Administrative expenses increased by 0.80% to RMB 200,318,000, while R&D expenses rose by 5.18% to RMB 435,791,000, driven by increased investment in cloud services[12]. - The cost of goods sold for the period was RMB 1,834,047 thousand, down from RMB 2,098,102 thousand in the previous year, indicating a decrease of 12.6%[67]. Assets and Liabilities - As of June 30, 2024, current assets were RMB 4,594,429,000, with current liabilities at RMB 3,865,910,000, resulting in a current ratio of 1.19[17]. - The debt-to-equity ratio as of June 30, 2024, was 1.9, down from 2.0 in 2023[18]. - The company's total assets as of June 30, 2024, were RMB 4,594,429 thousand, slightly up from RMB 4,565,601 thousand at the end of 2023[52]. - The company’s total liabilities increased to RMB 1,921,103 thousand as of June 30, 2024, from RMB 1,877,967 thousand as of January 1, 2024[54]. - Current liabilities decreased to RMB 3,865,910 thousand from RMB 3,915,078 thousand, a reduction of 1.3%[53]. Strategic Initiatives - The company launched 6 new products and made breakthroughs in 9 new technologies, enhancing its core product competitiveness[23]. - The company has signed strategic partnerships with over 200 new partners in the first half of the year, focusing on enhancing customer acquisition and delivery capabilities[29]. - The launch of the iGIX7.0 PaaS platform aims to drive intelligent transformation across seven sub-platforms, enhancing smart operations and automation capabilities[27]. - The company is actively serving major state-owned enterprises, assisting them in digital transformation, including partnerships with Dongfang Electric and China National Power[23]. - The company has established strategic collaborations with major banks to support their digital transformation efforts[29]. Research and Development - Research and development expenses totaled RMB 435,791 thousand, an increase of 5.2% from RMB 414,333 thousand in the previous year[50]. - The company applied for 658 patents and was granted 131, further strengthening its core competitiveness[23]. Market Presence and Recognition - The company has served over 120,000 enterprises, including 79 central enterprises and 190 of China's top 500 companies, in their digital transformation efforts[34]. - The company has been recognized as a leading contributor to the software industry in China over the past 40 years[23]. - The digital supply chain has covered over 1,200 business scenarios across various industries, maintaining the second position in the SCM software market nationally and first among domestic vendors[31]. Cash Flow and Financing - Cash flow from operating activities was negative RMB 742,252 thousand for the six months ended June 30, 2024, compared to negative RMB 588,991 thousand for the same period in 2023[55]. - The company’s financing activities generated cash inflow of RMB 10,722 thousand for the six months ended June 30, 2024, down from RMB 97,738 thousand for the same period in 2023[55]. Stock Options and Share Capital - The company has a total of 621,679,686 shares, with 37.50% owned by Inspur Group Co., Ltd. and 16.94% by Inspur Qilu Overseas Investment Development Co., Ltd.[39]. - The company granted 30 million stock options under the 2008 stock option plan at an exercise price of HKD 3.16 per share, with no options exercised during the reporting period[43]. - A total of 33.88 million stock options were granted, with 31.81 million remaining unexercised as of June 30, 2024[44]. - The company has not set any performance targets for the stock options granted, which may lead to automatic expiration if targets are not met[46]. Compliance and Governance - The company has adhered to the corporate governance code as of June 30, 2024, confirming compliance with the relevant regulations[49].

Investment Rating - Maintains an "Overweight" rating with a target price of HKD 4.41 [2] Core Views - The company's overall revenue remains stable, with net profit doubling year-over-year [2] - Cloud services have become the primary growth driver, with significant contributions to revenue and profit [2] - Intelligent upgrades are expected to drive business development beyond expectations [2] Financial Performance - Revenue for H1 2024 reached RMB 4.165 billion, a 1.03% YoY increase [2] - Net profit attributable to shareholders surged to RMB 106 million, a 114.66% YoY growth [2] - Cloud services revenue grew 36.01% YoY to RMB 980 million, accounting for 23.67% of total revenue [2] - Enterprise management software revenue increased 7.43% YoY to RMB 1.202 billion, representing 29.02% of total revenue [2] - IoT business revenue declined 13.21% YoY to RMB 1.959 billion [2] - Gross margin improved to 22.02%, up 1.55 percentage points YoY [2] Business Development - The company has made significant investments in intelligent ERP and PaaS platform products [2] - Launched 6 new products and achieved breakthroughs in 9 new technologies [2] - Introduced the iGIX7.0 PaaS platform and the Haoyue Large Model 2.0, enhancing product automation capabilities [2] Market Data - Current stock price: HKD 2.75 [4] - 52-week price range: HKD 1.67 - 4.36 [4] - Current market capitalization: HKD 3.14 billion [4] Financial Projections - Revenue for 2024E is projected at RMB 10.005 billion, a 20.57% YoY increase [3] - Net profit for 2024E is expected to reach RMB 337.53 million, a 67.40% YoY increase [3] - PE ratio for 2024E is estimated at 10.57 [3]

Financial Performance - Revenue for the six months ended June 30, 2024, increased by 1.09% to RMB 4,141,171,000 compared to RMB 4,096,650,000 for the same period in 2023[2] - Profit attributable to owners of the company for the period was RMB 105,702,000, up from RMB 49,241,000 in the same period last year[3] - Basic earnings per share for the period was RMB 9.26, compared to RMB 4.31 for the same period in 2023[3] - Gross profit for the six months ended June 30, 2024, was RMB 911,681,000, an increase from RMB 838,615,000 in the previous year[3] - The company reported a total comprehensive income of RMB 105,752,000 for the period, compared to RMB 46,530,000 in the same period last year[4] - The company reported a net profit attributable to owners of RMB 105,702 thousand for the six months ended June 30, 2024, compared to RMB 49,241 thousand for the same period in 2023, reflecting a growth of 114.4%[20] - The gross profit margin for the cloud services segment was negative, with a loss of RMB 108,997 thousand, while the IoT solutions segment achieved a profit of RMB 145,825 thousand[16] Revenue Breakdown - For the six months ended June 30, 2024, total revenue reached RMB 4,141,171 thousand, with cloud services contributing RMB 980,201 thousand, management software RMB 1,201,892 thousand, and IoT solutions RMB 1,959,078 thousand[14] - Software and cloud services revenue reached RMB 2,182,093,000, growing by 18.63% from RMB 1,839,488,000, with cloud services contributing RMB 980,201,000, a 36.01% increase year-on-year[39] - The IoT solutions business revenue decreased by 13.21% to RMB 1,959,078,000 from RMB 2,257,162,000 year-on-year[39] - The management software business recorded revenue of RMB 1,201,892,000, representing a year-on-year growth of 7.4% compared to RMB 1,118,811,000 in the same period last year[57] Expenses and Liabilities - Research and development expenses for the period were RMB 435,791,000, compared to RMB 414,333,000 in the same period last year[3] - Current liabilities increased to RMB 3,865,910,000 from RMB 3,915,078,000 at the end of the previous year[6] - The company’s total liabilities as of June 30, 2024, included significant financial expenses amounting to RMB 3,199 thousand[14] - Administrative expenses were RMB 200,318,000, a slight increase of 0.80% from RMB 198,725,000, mainly due to rising personnel costs[41] Cash Flow and Assets - Cash flow from operating activities for the six months ended June 30, 2024, was a negative RMB 742,252 thousand, compared to a negative RMB 588,991 thousand for the same period in 2023[8] - The net cash flow from financing activities was RMB 10,722 thousand for the six months ended June 30, 2024, a significant decrease from RMB 97,738 thousand in the previous year[8] - The company’s cash and cash equivalents decreased to RMB 528,702,000 from RMB 1,264,504,000 at the end of the previous year[5] - As of June 30, 2024, current assets amounted to RMB 4,594,429,000, with current liabilities at RMB 3,865,910,000, resulting in a current ratio of 1.19, up from 1.17 on December 31, 2023[46] Investments and Innovations - The company has established a financial services framework agreement with Inspur Financial Company, allowing for deposits and loans up to RMB 500,000,000, with outstanding loans totaling RMB 83,704,000 as of June 30, 2024[37] - The company launched 6 new products and achieved breakthroughs in 9 new technologies, enhancing its core product competitiveness[51] - The company has applied for 658 patents, with 131 granted, to strengthen its core competitiveness[51] - The company is focusing on digital transformation opportunities in state-owned enterprises, assisting major groups like Dongfang Electric and Datang Group[51] Strategic Partnerships and Market Expansion - The company signed strategic partnerships with major banks, including Postal Savings Bank and China CITIC Bank, to support digital transformation in the financial sector[56] - The company is focusing on expanding its overseas market presence, signing key projects in countries such as Saudi Arabia and Indonesia[61] - The company has served over 120,000 enterprises, including 79 central enterprises and 190 of China's top 500 companies, in their digital transformation efforts[62] Awards and Recognition - The company has received over 10 national and provincial awards for its achievements in the computing network and AI capabilities[59] - The company is enhancing its data asset valuation service capabilities, recognized as a leading service provider in Shandong Province[58] Future Outlook - The company plans to continue expanding its cloud services and IoT solutions, focusing on enhancing product offerings and market reach[9] - The company is committed to innovation-driven growth, aiming to accelerate digital transformation with advanced technologies and comprehensive applications[62]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [25][55]. Core Insights - The report highlights the significant potential for domestic substitution in the ERP market, with the company benefiting from its state-owned background, which enhances its competitive edge in government and state-owned enterprise projects [4][69]. - The company's cloud business is expected to gradually release its performance, with projections indicating substantial revenue growth in the coming years [15][25]. - The report emphasizes the company's strong client base, primarily consisting of large state-owned enterprises, which provides stability and a competitive advantage compared to peers [20][51]. Summary by Sections 1. Domestic Substitution Potential - The company, as a state-owned ERP vendor, is well-positioned to benefit from the ongoing domestic substitution trend in the ERP market, which is expected to accelerate due to government policies [4][69]. - The ERP market is projected to grow significantly, with a current low penetration rate of domestic solutions, indicating a long-term growth opportunity [71][72]. 2. Cloud Business Performance - The cloud business has seen a gradual release of performance, with expectations of turning profitable by 2024, following a period of high initial investment [10][25]. - Revenue from cloud services is projected to grow at rates of 40%, 35%, and 30% from 2024 to 2026, reflecting the increasing demand for cloud solutions [15][23]. 3. Financial Forecast and Valuation - The company is expected to achieve revenues of 101.06 billion, 120.47 billion, and 140.07 billion yuan from 2024 to 2026, with corresponding net profits of 389.65 million, 530.04 million, and 747.98 million yuan [55][92]. - The report suggests a valuation based on a price-to-sales (P/S) ratio of 1.5 for its cloud and management software business, leading to a target market value of approximately 82.5 billion yuan [25][94].

Investment Rating - The report assigns an "Outperform" rating to the company, indicating expected performance above the market average [13]. Core Insights - The company is positioned as a leader in the enterprise resource planning (ERP) sector, focusing on enterprise software and cloud services, with a comprehensive upgrade of its cloud product system [13][15]. - The company achieved significant revenue growth in 2023, with total revenue reaching 82.94 billion yuan, a year-on-year increase of 19.1%, and a net profit of approximately 2.02 billion yuan, reflecting a 69.9% increase [14][17]. - The company has a strong competitive edge in the state-owned enterprise and large enterprise markets, driven by continuous investment in research and development, particularly in cloud services and digital transformation solutions [7][8]. Financial Performance Summary - Revenue projections for 2024-2026 are 97.24 billion yuan, 113.91 billion yuan, and 131.40 billion yuan, with year-on-year growth rates of 17.2%, 17.1%, and 15.4% respectively [8][19]. - Net profit forecasts for the same period are 3.06 billion yuan, 4.39 billion yuan, and 6.22 billion yuan, with growth rates of 51.6%, 43.7%, and 41.7% respectively [8][19]. - The company’s earnings per share (EPS) are projected to be 0.27 yuan, 0.38 yuan, and 0.55 yuan for 2024, 2025, and 2026 respectively [8][17]. Business Segmentation - The cloud services segment is expected to grow significantly, with projected revenues of 2.80 billion yuan in 2024, 3.86 billion yuan in 2025, and 5.10 billion yuan in 2026, reflecting growth rates of 40%, 38%, and 32% respectively [19]. - The enterprise management software segment is projected to grow steadily, with revenues of 4.21 billion yuan in 2024, 4.55 billion yuan in 2025, and 4.78 billion yuan in 2026, with growth rates of 10%, 9.8%, and 9.6% respectively [19]. - The Internet of Things (IoT) segment is expected to see slower growth, with revenues of 0.83 billion yuan in 2024, 0.97 billion yuan in 2025, and 1.31 billion yuan in 2026, with growth rates of 10%, 8%, and 5% respectively [19].

Corporate Governance - The board confirmed that there are no significant uncertainties affecting the company's ability to continue as a going concern[4]. - The board is led by an independent chairman and general manager, ensuring a balanced distribution of power and authority[8]. - The board has established a nomination committee consisting of one executive director and two independent non-executive directors[20]. - The board is responsible for overseeing compliance with legal and regulatory requirements[14]. - The audit committee is composed entirely of independent non-executive directors, enhancing governance oversight[12]. - The company has a policy for board diversity, considering various factors such as gender, age, and professional experience[13]. - The board of directors consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[128]. - The board has established three specialized committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, to handle various company affairs[136]. - The independent non-executive directors represent more than one-third of the board, confirming their independence according to listing rules[153]. - The company aims to enhance corporate governance standards and regularly reviews these standards to ensure compliance with legal and professional requirements[152]. - The company has built a strong independent board structure to ensure effective governance and enhance shareholder value[129]. - The company is committed to providing independent professional advice to directors on related party transactions and internal controls[177]. - The company has established a corporate responsibility insurance policy with AIG Insurance Hong Kong Limited to protect directors against legal actions[158]. - The company encourages communication between the board and shareholders during the annual general meeting, providing opportunities for questions and discussions[197]. Financial Performance - The total revenue for the fiscal year ending December 31, 2023, was RMB 8,294,446,000, representing a 19.1% increase from RMB 6,966,590,000 in 2022[42]. - The net profit attributable to shareholders for the year was RMB 201,630,000, a significant increase from RMB 118,690,000 in 2022, driven by a 68.9% growth in operating profit from the management software segment[42][53]. - The operating profit from the IoT and solutions segment increased to RMB 55,023,000, up 11.9% from RMB 49,154,000 in the previous year[42]. - The cloud services segment reported an operating loss of RMB 56,201,000, which is a 57.8% improvement compared to a loss of RMB 133,257,000 in 2022[42]. - The gross profit for the year increased by 33.1% compared to the previous year[48]. - Basic earnings per share for 2023 were RMB 0.1766, compared to RMB 0.1039 in 2022, representing a growth of 69.0%[75]. - The company's gross profit for the reporting period was RMB 1,917,802,000, representing a 33.1% increase compared to RMB 1,441,224,000 in the previous year, with an overall gross margin of 23.1%, up 2.4 percentage points year-on-year[93]. - Other income increased by 2.8% to RMB 222,098,000, primarily due to government subsidies rising by 23.3% to RMB 72,249,000 from RMB 58,594,000 in the previous year[95]. Revenue Breakdown - Cloud service revenue reached RMB 2,000,073,000, marking a significant growth of 59.0% year-over-year[70]. - The management software revenue was RMB 2,465,326,000, reflecting a 9.0% increase compared to the previous year[70]. - The Internet of Things solutions revenue grew by 11.1% to RMB 3,829,047,000[70]. - The gross profit from the management software segment increased by 68.9% to RMB 377,781,000, indicating strong operational performance despite market competition[74]. - Investment income from associates increased by 26.9% to RMB 7,677,000, while income from joint ventures decreased by 98.0% to RMB 895,000[52]. Research and Development - The company plans to continue increasing R&D investment in 2024 to enhance technological innovation and expand its market presence[67]. - Research and development expenses increased by 16.8% to RMB 859,197,000 from RMB 735,792,000 in the previous year, driven by the company's continued push towards cloud transformation and an increase in R&D personnel[94]. - The company launched several upgraded products, including GSCloud 6.0, MOM 6.0, and the iGIX 6.0 PaaS platform, enhancing its technological competitiveness[43]. - The launch of the "Inspur Haiyue" software brand aims to support digital transformation across various industries, with a focus on smart ERP and industrial software[79]. - The company launched the Haiyue PaaS platform iGIX 6.0, which includes seven sub-platforms aimed at enhancing automation, connectivity, flexibility, and openness for digital innovation[107]. - The company introduced the inSuite 3.0 ERP system, featuring an enterprise-level AI model, which received awards for product satisfaction and was recognized as a demonstration platform for small and medium enterprises[184]. Market Position and Strategy - The company maintained its position as the market leader in China's group management software sector and ranked first in user satisfaction according to CCW Research[44]. - The company aims to strengthen its presence in both large enterprises and small to medium-sized enterprises markets while also focusing on overseas business development[67]. - The company has established partnerships with multiple central enterprises to deepen digital transformation efforts, enhancing its market position[66]. - The IoT solutions business has expanded to cover 12 provinces in China, with the launch of the Smart Water Cloud Platform 2.0, which won a first-class award at the International Data Expo[141]. - The company secured contracts with 11 central enterprises, including China Rare Earth and China National Machinery, and achieved the highest market share in the financial shared services sector[105]. - The company signed contracts for big data projects with major clients such as Shanxi Coking Coal and China National Gold, enhancing its strategic customer relationships[166]. Risk Management and Compliance - The company is focusing on enhancing its risk management and internal control systems as part of its governance practices[161]. - The company has a comprehensive risk management and internal control system aimed at managing and mitigating identified risks[200]. - The risk management system integrates COSO and ISO 31000 frameworks, focusing on risk identification, assessment, response, and monitoring[200]. - The company's overall financial condition, debt-to-equity ratio, and retained earnings are regularly reviewed to ensure compliance with applicable laws and regulations[196]. - The audit committee reviewed the financial reports for the first half of 2023 and submitted them for board approval[164]. - The company is actively coordinating the work of internal and external auditors to ensure effective financial reporting and compliance[162]. Awards and Recognition - The company won the first prize at the "Huacai Cup" computing power competition and the National Advanced Computing Technology Innovation Competition[87]. - The company received multiple awards, including recognition as a leading enterprise in financial software technology in China[111]. Shareholder Engagement - The company emphasizes maintaining investor relations through various channels, including investor meetings and conference calls[7]. - The company plans to update its website to improve communication channels with investors[7]. - The company has held seven board meetings and one shareholders' meeting in the fiscal year ending December 31, 2023[175].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][14]. Core Views - The company is expected to benefit from the domestic substitution trend in ERP software, with continuous improvement in product competitiveness and industry customer coverage. The cloud business is experiencing high growth, and the improvement in profitability is likely to drive a rapid increase in overall net profit, maintaining the "Buy" rating [5][32]. Financial Summary - The company achieved a revenue of 82.94 billion yuan in 2023, representing a year-on-year growth of 19.1%. The net profit attributable to shareholders was 2.02 billion yuan, with a year-on-year increase of 69.9%, which is in line with previous expectations [27]. - The company has adjusted its net profit forecasts for 2024 and 2025 to 3.21 billion yuan and 4.81 billion yuan, respectively, down from previous estimates of 4.21 billion yuan and 7.76 billion yuan. A new forecast for 2026 net profit is set at 6.78 billion yuan, with corresponding year-on-year growth rates of 59.3%, 49.7%, and 40.9% [5][12]. - The company's cloud business generated revenue of 2 billion yuan in 2023, with a year-on-year growth of 59%, significantly outpacing the overall revenue growth of 19.1% [34]. Valuation Metrics - The latest stock price is 3.26 HKD, corresponding to price-to-earnings (P/E) ratios of 9.6, 6.4, and 4.5 for the years 2024, 2025, and 2026, respectively [5][31]. - The company's gross profit margin is projected to improve from 20.7% in 2022 to 27.2% by 2026, while the net profit margin is expected to increase from 1.7% to 4.7% over the same period [12].

股 票 研 究 证 券 研 究 报 告 国资 ERP 领军者，乘国产化浪潮加速云转型 本报告导读： 着国资国企客户实现新突破，叠加中小型企业市场逐步发力，未来营收增速或超预期。 摘要： [Table_Summary] 首次覆盖，给予"增持"评级，目标价 4.41 元。预计公司 2024-2026 年 营收分别为 100.00、121.69、143.25 亿元，归母净利润分别为 3.38、 6.22、7.75 亿元，EPS 分别为 0.30/0.54/0.68 元。公司作为企业级服务 领军企业，按照 PE 估值，给予目标价 4.41 元，对应 2024 年 14.92 倍 PE。首次覆盖，给予"增持"评级。 国资 ERP 领军企业背靠浪潮集团，企业云转型稳步向好。浪潮数字 企业的实控人为山东省国资委，大型 ERP 企业国资背景具备天然信 任背书优势以及具备一站式的集成供应优势和生态协同优势，因而公 司有望在国产替代领域构建护城河。公司业务主要包括传统 ERP 与 云产品业务两部分，2017 年实行云转型战略，2019-2022 年云业务 CARG 达 48%，已成为公司的主要增长点，且云业务占比持续提升。 考虑 ...