Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [83]. Core Insights - The company is a core strategic partner of Huawei, transitioning from IT services to a full-stack integration of software and hardware, with a focus on digital infrastructure and emerging business areas [2][7]. - The company completed the acquisition of Tongfang Computer and Tongfang International in February 2024, which is expected to enhance revenue and profit margins through integration [2][16]. - The software segment is leveraging HarmonyOS, Euler, and Gauss to penetrate the domestic software market, with significant advancements in the development and deployment of these systems [2][25][54]. - The hardware segment is benefiting from the acquisition, with a focus on creating a synergistic ecosystem that combines software and hardware solutions [2][57]. Summary by Sections Company Overview - The company has a stable shareholding structure, with the top five shareholders holding over 45% of the shares, and the management team has extensive industry experience [13][16]. - The company has evolved from IT services to a full-stack service provider, enhancing its capabilities through strategic partnerships and acquisitions [7][9]. Software Segment - The software and digital technology services form the core of the company's business, covering various sectors including technology, finance, and manufacturing [9][26]. - The company is a leader in IT consulting and has developed over 100 industry-specific solutions, particularly in the insurance and financial sectors [10][30]. - The domestic digital economy is growing, with the company's software services expected to benefit from increased IT spending and digital transformation initiatives [25][26]. Hardware Segment - The acquisition of Tongfang Computer and Tongfang International has strengthened the company's hardware capabilities, allowing it to offer comprehensive IT infrastructure solutions [57][58]. - The company is positioned as a partner for Huawei's Kunpeng and Ascend products, enhancing its product offerings in the AI and server markets [62][66]. - The company is actively developing AI PCs and other hardware products, with significant market potential as AI PC shipments are projected to grow rapidly [66][69]. Financial Projections - The company forecasts significant revenue growth from 2024 to 2026, with expected revenues of 31,043 million, 35,014 million, and 40,012 million respectively [2][69]. - Net profit is projected to increase from 5.63 billion in 2024 to 7.81 billion in 2026, reflecting a recovery in profitability following recent acquisitions [2][77]. - The report anticipates improvements in gross margins across various business segments, driven by operational efficiencies and market demand [73][74].

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [2][10]. Core Insights - The company reported a significant increase in revenue for Q3 2024, achieving 9.682 billion yuan, a growth of 127.75%, and a net profit attributable to shareholders of 230 million yuan, up 53.82% [2]. - The new business structure has stabilized, leading to steady improvements in overall operational performance [2]. - The company is expanding its new business architecture, focusing on six major sub-brands, and is actively involved in various strategic projects, including AI and digital energy solutions [2]. - The company has seen substantial growth in its mechanical revolution PC shipments, with a year-on-year increase of 86% in Q2 2024, leading to a significant market share gain [2]. - The company is committed to long-term strategies focusing on intelligent, autonomous, green, and international development [2]. Financial Performance Summary - For 2024, the company expects revenues of 29.82 billion yuan, with a growth rate of 69.62%, and net profits of 679 million yuan, reflecting a growth rate of 27.19% [6]. - The projected revenues for 2025 and 2026 are 33.04 billion yuan and 37.20 billion yuan, respectively, with corresponding net profits of 773 million yuan and 1.03 billion yuan [6]. - The company’s earnings per share (EPS) are forecasted to be 0.71 yuan in 2024, increasing to 1.08 yuan by 2026 [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5][7]. Core Insights - The company reported a revenue of 22.2 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 73.1%. The net profit attributable to shareholders was 75.94 million yuan, down 78.4% year-over-year [5][6]. - In Q3 2024, the company achieved a revenue of 9.68 billion yuan, a significant year-over-year increase of 127.8%, with a net profit of 230 million yuan, up 53.8% year-over-year [5][6]. - The growth in revenue was driven by both software and hardware segments, with notable demand from clients like Huawei and increased sales of gaming PCs [5][7]. - The company's gross margin for Q3 2024 was 11.9%, showing a slight decline due to the higher growth rate in hardware sales, which typically have lower margins [5][6]. - The integration of software and hardware capabilities, along with advancements in their operating systems and AI products, is expected to support long-term growth [7]. Financial Summary - The total revenue for 2023 was 17.58 billion yuan, with projections of 28.96 billion yuan for 2024, reflecting a growth rate of 64.7% [4][9]. - The net profit for 2024 is projected to be 699 million yuan, with an expected increase to 1.08 billion yuan by 2026 [4][9]. - The company’s operating cash flow showed a net outflow of 770 million yuan for the first three quarters of 2024, attributed to rapid growth in both software and hardware businesses [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, citing its strategic positioning within the Huawei ecosystem and its forward-looking layout in the Xinchuang field [1][3] Core Views - The company achieved a significant revenue growth of 73.07% YoY in the first three quarters, reaching 22.208 billion yuan, despite a 78.44% YoY decline in net profit attributable to the parent company, which was 75.9443 million yuan [4] - Q3 performance was particularly strong, with a 127.75% YoY increase in revenue to 9.682 billion yuan and a 53.82% YoY increase in net profit attributable to the parent company to 230 million yuan, driven by cost reduction and efficiency improvement measures [4] - The company is actively involved in the development of the OpenHarmony ecosystem, having launched SwanLinkOS 5 and introduced innovative products like Xinchuang AI PC and OpenHarmony AI PC/smart interactive tablets [5] Financial Performance Summary - The company's revenue for 2024E is projected to be 26.766 billion yuan, with a YoY growth of 52.2%, while net profit attributable to the parent company is expected to be 372 million yuan, a 30.3% decline YoY [6] - Gross margin is forecasted to decrease to 15.2% in 2024E from 19.3% in 2023A, with net margin also declining to 1.4% from 3.0% [6] - The company's P/E ratio for 2024E is 163.2x, with a P/B ratio of 5.6x [6] Strategic Initiatives - The company is leveraging its position as a key partner in the Huawei ecosystem, particularly in the OpenHarmony project, to drive innovation and commercialization in the Xinchuang field [5] - The launch of HarmonyOS NEXT 5.0 by Huawei provides new opportunities for the company to further integrate and expand its product offerings within the ecosystem [5] Financial Projections - The company's revenue is expected to grow steadily, reaching 32.825 billion yuan by 2026E, with a CAGR of 10.3% from 2024E to 2026E [6] - Net profit attributable to the parent company is projected to recover, reaching 778 million yuan by 2026E, with a CAGR of 24.7% from 2024E to 2026E [6] - The company's EPS is forecasted to increase from 0.39 yuan in 2024E to 0.82 yuan in 2026E [6]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 63.72 CNY [4]. Core Insights - The company reported significant improvement in quarterly performance, with Q3 2024 revenue reaching 9.682 billion CNY, a year-on-year increase of 128%, and a net profit of 230 million CNY, up 54% year-on-year [2][3]. - The company has strengthened its hardware capabilities, with its "Mechanical Revolution" brand ranking second in the gaming laptop market in 2023, and a 86% year-on-year increase in PC shipments in Q2 2024 [2]. - The company is deepening its integration with Huawei's core technologies, developing a comprehensive software ecosystem based on OpenHarmony, and has made significant contributions to the OpenHarmony project [2]. - The investment suggestion highlights the company's unique positioning with its hardware and software integration, projecting net profits of 625 million CNY, 885 million CNY, and 1.171 billion CNY for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 97X, 69X, and 52X [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 22.208 billion CNY, a 73.07% increase year-on-year, while the net profit attributable to shareholders decreased by 78.44% to 75.944 million CNY [2]. - The company’s revenue and profit have shown a clear recovery trend, with quarterly improvements in net profit from Q2 to Q3 2024 [2]. - The financial forecast indicates a steady growth trajectory, with expected revenues of 30.766 billion CNY, 36.996 billion CNY, and 44.525 billion CNY for 2024, 2025, and 2026 respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Insights - The company reported impressive Q3 performance with revenue of 9.68 billion yuan, a year-on-year increase of 127.75%, and a net profit of 230 million yuan, up 53.82% year-on-year [1][2] - The decline in net profit for the first three quarters is attributed to increased costs from mergers and acquisitions, including Softcom Computing and Zhihong International, as well as rising interest expenses and the expiration of VAT rebate policies [1][2] - The launch of the "pure-blood" HarmonyOS marks a significant upgrade, with over 1 billion devices and more than 15,000 native applications now available [2] - The company is positioned as a rare vendor of integrated hardware and software products in the Harmony ecosystem, expected to benefit from the acceleration of Harmony's industrialization [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 22.21 billion yuan, a year-on-year increase of 73.07%, while the net profit attributable to shareholders decreased by 78.44% to 76 million yuan [1] - The company forecasts revenue growth to 34.24 billion yuan in 2024, with a projected net profit of 714 million yuan, reflecting a growth rate of 33.72% [1][2] - The earnings per share (EPS) is expected to be 0.75 yuan in 2024, with a price-to-earnings (P/E) ratio of 85.05 based on the current price [1][2] Market Position and Strategy - The company has seen a significant increase in PC shipments, with a year-on-year growth rate of 86%, ranking first in the domestic market [2] - The company has launched several new products, including the Tianhe multimodal database and the Tianhong operating system, which are compatible with HarmonyOS NEXT [2] - The report emphasizes the company's strong capabilities in both hardware and software integration, positioning it well for future growth in the Harmony ecosystem [2]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q3 2024 revenue reached 9,682 million yuan, a year-on-year increase of 127.75%, with net profit attributable to shareholders of 230 million yuan, up 53.82% year-on-year [3] - The company's revenue for the first three quarters of 2024 was 22,208 million yuan, a year-on-year increase of 73.07%, while net profit attributable to shareholders was 76 million yuan, a year-on-year decrease of 78.44% [3] - The company's Q3 net profit growth turned positive, indicating improved efficiency and quality, with sales/management/R&D expense ratios decreasing year-on-year and quarter-on-quarter [4] - The company has achieved a full-stack layout in the HarmonyOS ecosystem, benefiting from its prosperity, with subsidiaries launching new intelligent products and commercial versions in multiple industries [4] - The company's subsidiaries, Softcom Computing and Zhitong International, have seen significant growth in server and PC businesses, with Mechanical Revolution PC shipments increasing by 86% year-on-year in Q2 2024 [7] Financial Performance and Forecast - The company's revenue for 2024-2026 is forecasted to be 30,355/34,242/38,541 million yuan, with net profit attributable to shareholders of 571/828/1,113 million yuan, and EPS of 0.60/0.87/1.17 yuan per share [7] - The company's ROE is expected to be 5%/7%/9% for 2024-2026, with P/E ratios of 106/73/55X [8] - The company's gross margin is projected to be 16%/16%/17% for 2024-2026, with sales net margins of 2%/2%/3% [10] Business Highlights - The company has launched AI servers based on Ascend, including the A800I, A800T A2, and A900P A2 series, and has seen continuous growth in ODM business for PCs [7] - The company's subsidiaries have released SwanLinkOS 5, an open-source HarmonyOS AI PC, and have completed over 50 commercial device adaptations in various industries [4] - The company has over 15,000 HarmonyOS native applications and services, with significant improvements in performance, battery life, and camera clarity [4]

证券研究报告 | 公司点评 | IT 服务Ⅱ | --- | --- | |--------------------------------------|------------------------------------------| | 软通动力 (301236) | 报告日期： 2024 年 10 月 26 日 | | 营收利润双双超预期，扭亏为盈已然实现 | | | ——软通动力 2024 三季报点评 | | 业绩表现 ❑ 公司于 20241025 发布 2024 年三季报 1、【整体业绩】 （1）24Q1-Q3 营收 222.08 亿（+73.07%），归母净利润 0.76 亿（-78.44%），扣非 归母净利润-0.04 亿。 （2）24Q3 单季营收 96.82 亿（+127.75%），归母净利润 2.30 亿（+53.82%），扣 非归母净利润 2.07 亿（+78.99%）。 2、【毛利率、现金流】 （1）24Q1-Q3 毛利率 12.28%，同比下降 6.92pct；24Q3 单季毛利率 11.92%，同 比下降 8.17pct。 （2）24Q1-Q3 经营活动现金流净额-7.70 亿 ...

证券代码：301236 证券简称：软通动力 公告编号：2024-072 经中国证券监督管理委员会《关于同意软通动力信息技术（集团）股份有限 公司首次公开发行股票注册的批复》（证监许可〔2022〕123号）同意注册，公司 首次公开发行人民币普通股（A股）股票6,352.9412万股，每股面值人民币1.00元， 每股发行价格为人民币72.88元，募集资金总额为人民币463,002.35万元，扣除发 行费用（不含税）后实际募集资金净额为人民币434,231.79万元。上述募集资金 到位情况已经中汇会计师事务所（特殊普通合伙）于2022年3月10日出具的中汇 会验[2022]0626号《验资报告》验证。募集资金到账后，公司已全部存放于募集 资金专项账户内，并与保荐机构中信建投证券股份有限公司及专户存储募集资金 的商业银行签订了募集资金专户监管协议。 软通动力信息技术（集团）股份有限公司 关于首次公开发行股票部分募投项目结项并将节余募集资金 永久补充流动资金及注销募集资金专户的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 软通动力信息技术（集团）股份有限公司（以 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥9.68 billion, representing a 127.75% increase year-over-year[3]. - Net profit attributable to shareholders for Q3 2024 was ¥230.27 million, up 53.82% compared to the same period last year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥206.72 million, an increase of 78.99% year-over-year[3]. - The company reported a basic earnings per share of ¥0.24 for Q3 2024, a 50.00% increase from the previous year[3]. - The company experienced a significant increase in revenue due to its integrated software and hardware strategy, leading to a 73.07% increase in revenue for the first three quarters of 2024[6]. - The company’s net profit turned positive by the end of Q3 2024, with a quarter-over-quarter growth of 144.38% and 86.99% in Q2 and Q3 respectively[6]. - The net profit attributable to shareholders of the parent company for Q3 2024 is CNY 75,944,304.98, a decrease from CNY 352,309,717.26 in the same period last year, representing a decline of approximately 78.5%[15]. - The total comprehensive income for Q3 2024 is CNY 37,397,218.93, significantly lower than CNY 322,069,369.14 in Q3 2023, indicating a decrease of about 88.4%[15]. - Operating profit for Q3 2024 is CNY 3,043,278.40, a sharp decline from CNY 325,312,354.37 in Q3 2023, reflecting a decrease of approximately 99.1%[15]. Assets and Liabilities - Total assets as of the end of Q3 2024 amounted to ¥23.06 billion, reflecting a 47.67% growth compared to the end of the previous year[3]. - The company's total assets increased to ¥23,062,718,055.57, up from ¥15,617,529,162.45, indicating a growth of approximately 47.5%[12]. - Current assets totaled ¥19,319,389,056.41, compared to ¥12,635,189,261.14 in the previous year, marking an increase of around 53.1%[12]. - Non-current assets reached ¥3,743,328,999.16, up from ¥2,982,339,901.31, which is an increase of about 25.5%[12]. - The total liabilities increased to ¥12,500,348,708.39, compared to ¥5,018,054,569.05, representing an increase of about 149.5%[13]. - The equity attributable to shareholders of the parent company decreased slightly to ¥10,463,124,518.80 from ¥10,560,921,112.60, a decline of approximately 0.9%[13]. - The company reported a goodwill of ¥216,438,411.98, significantly up from ¥46,793,102.32, indicating a growth of about 362.5%[12]. - Deferred tax assets increased to ¥301,654,048.02 from ¥71,319,774.83, reflecting an increase of approximately 323.5%[12]. Cash Flow - The net cash flow from operating activities for the year-to-date period was negative at ¥770.24 million, a decrease of 112.82% year-over-year[3]. - The cash flow from operating activities for the current period is CNY 22,407,116,721.69, compared to CNY 12,845,199,974.30 in the previous year, showing an increase of about 74.5%[16]. - The net cash flow from operating activities was -770,242,423.16 CNY, compared to -361,928,303.58 CNY in the previous year, indicating a decline in operational performance[17]. - Total cash inflow from investment activities was 3,736,533,146.16 CNY, down from 4,687,499,736.24 CNY year-over-year[17]. - The net cash flow from investment activities was -2,527,465,668.70 CNY, worsening from -1,448,481,360.86 CNY in the same period last year[17]. - Cash inflow from financing activities totaled 6,411,983,785.68 CNY, significantly higher than 1,350,580,346.21 CNY in the previous year[18]. - The net cash flow from financing activities was 1,984,907,409.35 CNY, a recovery from -851,587,283.50 CNY year-over-year[18]. - The cash and cash equivalents at the end of the period were 4,805,397,954.85 CNY, compared to 3,639,644,914.20 CNY at the end of the previous year[18]. - The total cash outflow from financing activities was 4,427,076,376.33 CNY, up from 2,202,167,629.71 CNY in the previous year[18]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 117,318[7]. - The company plans to distribute a cash dividend of ¥1.80 per 10 shares, totaling ¥171,529,411.86, based on a total share capital of 952,941,177 shares as of December 31, 2023[10]. - The company completed the transfer of equity related to Tongfang Computer and Zhitong International, with the relevant ownership change registration procedures finalized[10]. - The company held a shareholder meeting on May 17, 2024, to approve the profit distribution plan for the fiscal year 2023[10]. - The company elected Liu Huifu as a non-independent director during the second extraordinary general meeting of shareholders held on September 24, 2024[10]. Accounts Receivable and Payable - Accounts receivable increased significantly to ¥7,502,574,713.53 from ¥5,070,146,353.91, marking an increase of about 47.9%[11]. - The company’s prepayments increased to ¥300,254,033.84 from ¥91,777,010.87, reflecting a growth of approximately 226.5%[11]. - The company’s financing receivables rose to ¥802,879,334.79 from ¥320,374,854.72, indicating an increase of about 150.0%[11].