Investment Rating - The report assigns an "Accumulate" rating to the company [1][5]. Core Insights - The company, Softcom Power, is a core partner of Huawei and is poised to enter a new chapter in humanoid robotics, presenting significant growth opportunities in the future [3][8]. - The company has adopted a "soft and hard integration" strategy following its acquisition of Tongfang Computer, which is expected to enhance its growth prospects amid the acceleration of HarmonyOS development and the implementation of domestic innovation policies [3][8]. - The company is expected to benefit from the increasing demand for PC products powered by HarmonyOS, especially in light of the U.S. sanctions affecting Huawei's supply chain [41][44]. Summary by Sections Company Overview - Softcom Power is a leading domestic IT service provider, having served over 1,100 clients across more than ten key industries, including major firms like Huawei, Alibaba, and Tencent [16][31]. - The company has undergone significant transformations over the years, evolving from a startup to a publicly listed entity with a strong focus on digital technology services and infrastructure [18][27]. Financial Projections - Revenue projections for 2024-2026 are estimated at RMB 314.1 billion, RMB 348.8 billion, and RMB 398.5 billion, respectively, with net profits expected to be RMB 1.7 billion, RMB 3.9 billion, and RMB 5.7 billion [5][7]. - The company anticipates a significant revenue increase of 78.6% in 2024, followed by growth rates of 11.1% and 14.2% in the subsequent years [7][8]. Business Segments - The company operates four main business segments: software and digital technology services, computing products and digital infrastructure services, digital energy and intelligent computing services, and international business [30][31]. - The software and digital technology services segment accounts for over 90% of total revenue, with a focus on consulting, digital technology services, and general technical services [30][31]. Strategic Partnerships and Innovations - Softcom Power has established a deep collaboration with Huawei, participating in the development of HarmonyOS and contributing significantly to the OpenHarmony project [44][46]. - The company is actively involved in the humanoid robotics sector, having launched its first humanoid robot, Tianhe C1, in January 2025, and is leveraging NVIDIA's technology to enhance training capabilities [8][49]. Market Position and Competitive Advantage - The company maintains a strong market position as a key supplier for major internet firms and is well-positioned to capitalize on the growth of AI and digital transformation initiatives across various industries [31][32]. - With a concentrated shareholding structure, the company benefits from stable management and strategic decision-making [21].
软通动力（301236）：华为核心合作伙伴，开启人形机器人新篇章