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]
软通动力：公司信息更新报告：Q3业绩高增长，降本增效效果落地