Core Viewpoint - The report from Shenwan Hongyuan maintains the profit forecast for China Software International (00354), projecting revenues of 17.8 billion, 19.46 billion, and 22.14 billion yuan for 2025-2027, with net profits attributable to ordinary shareholders of 610 million, 730 million, and 890 million yuan respectively, and maintains a "buy" rating [1] Group 1: Hongmeng Ecosystem Development - The company has been selected as a city partner for the open-source Hongmeng innovation application and ecosystem construction in the field of intelligent transportation in Xi'an, playing a full-stack service role in "hardware access + software adaptation + scenario development" within the Hongmeng ecosystem [1] - The company has deep-rooted core technologies in operating systems, building an IoT digital foundation based on KaihongOS and releasing the distributed heterogeneous robot operating system M-Robots OS, while continuing to lead in code contributions to the open-source Hongmeng community [1] - The company has a significant advantage in the PC ecosystem, having developed the "Hongyun Virtual Machine" solution to achieve compatibility with the Windows ecosystem, providing crucial support for the initial promotion of Hongmeng in the PC sector and the trust-based market expansion [1] Group 2: ERP Business and New Orders - The company has recently won a bid for the centralized procurement project for human outsourcing services from Sinochem Information Technology Co., Ltd. for 2025-2027, covering three key categories: consulting services, ERP, and implementation and operation maintenance [1] Group 3: AI Model Implementation and Cloud Computing - On June 21, the company collaborated with Silicon-based Flow to launch a joint solution that includes four core platforms: a high-performance AI platform integrating heterogeneous computing power and vector databases, a graph database, and a search engine, unifying model training and deployment processes to facilitate efficient knowledge retrieval [1] - The company is developing a native AI digital foundation by integrating cloud and computing power, with Huawei Cloud continuing to lead in cloud business scale, ecosystem share, and CTSP cloud transformation service provider share [1] - The company's computing power operation business is expanding its footprint in collaboration with Huawei and local governments [1]

Group 1 - The core viewpoint of the report is that China Software International (00354) maintains its profit forecast, expecting revenues of 17.8 billion, 19.46 billion, and 22.14 billion yuan for 2025-2027, with net profits attributable to ordinary shareholders of 610 million, 730 million, and 890 million yuan respectively, and maintains a "Buy" rating [1] - The chairman of China Software International, Dr. Chen Yuhong, has shown confidence in the company's long-term development by increasing his shareholding, acquiring 2 million shares on July 18 and an additional 1.5 million shares on September 23 [1] Group 2 - The company has been recognized as a city partner in the open-source HarmonyOS innovation application and ecosystem construction in the intelligent transportation sector in Xi'an, positioning itself as a full-stack service provider in the Harmony ecosystem [2] - The company has deep-rooted technology in operating systems, having developed a digital foundation based on KaihongOS and released a distributed heterogeneous robot operating system, M-Robots OS, while leading in code contributions to the open-source Harmony community [2] - The company has a significant advantage in the PC ecosystem, having developed a "Hongyun Virtual Machine" solution that ensures compatibility with the Windows ecosystem, supporting the initial promotion of HarmonyOS in the PC sector [2] Group 3 - The company has successfully secured a place in the centralized procurement project for human outsourcing services from Sinochem Information Technology Co., Ltd. for 2025-2027, covering key areas such as consulting services, ERP, and implementation operations [3] - This win further consolidates the company's penetration advantage in state-owned enterprises and lays a solid foundation for advancing its strategic layout [3] Group 4 - The company is developing an AI-native digital intelligence foundation by integrating cloud and computing power, leading in the Huawei cloud ecosystem in terms of business scale and market share [4] - The company is expanding its computing power operations by collaborating with Huawei and local governments to establish a "new triangle" model for domestic computing power, transitioning from simple computing power leasing to comprehensive AI services including model training and scenario development [4]

Group 1 - The core viewpoint of the report maintains the profit forecast for China Software International, expecting revenues of 17.8 billion, 19.46 billion, and 22.14 billion yuan for 2025-2027, with net profits attributable to ordinary shareholders of 610 million, 730 million, and 890 million yuan respectively, and maintains a "buy" rating [1] - The chairman of China Software International, Dr. Chen Yuhong, has increased his shareholding in the company, demonstrating confidence in its long-term development by purchasing 2 million shares on July 18 and an additional 1.5 million shares on September 23 [1] Group 2 - The company has been selected as a city partner for the open-source HarmonyOS innovation application and ecosystem construction in the intelligent transportation field in Xi'an, positioning itself as a full-stack service provider in the HarmonyOS ecosystem [2] - The company has deep-rooted technology in operating systems, having developed a digital foundation based on KaihongOS and released the M-Robots OS for distributed heterogeneous robotic systems, leading in code contributions to the open-source Harmony community [2] - The company has a significant advantage in the PC ecosystem by developing the "Hongyun Virtual Machine" solution, which ensures compatibility with the Windows ecosystem, supporting the initial promotion of HarmonyOS in the PC sector [2] Group 3 - The company has successfully secured a new order for human resource outsourcing services from Sinochem Information Technology Co., covering consulting, ERP, and implementation services, further solidifying its penetration in state-owned enterprises [3] - The collaboration with Silicon-based Flow aims to implement a high-performance AI platform that integrates heterogeneous computing power and vector databases, facilitating the large-scale deployment of intelligent agents across various industries such as manufacturing, healthcare, and finance [3] Group 4 - The company is developing an AI-native digital intelligence foundation by integrating cloud and computing power, leading in Huawei's cloud ecosystem in terms of scale and market share [4] - The company is expanding its computing power operations by collaborating with Huawei and local governments to establish a "new triangle" model for domestic computing power, transitioning from simple computing power leasing to comprehensive AI services [4]

Investment Rating - The report maintains a "Buy" rating for China Software International [2][6] Core Views - The chairman's recent share purchases demonstrate long-term confidence in the company's prospects [6] - The company is positioned as a full-stack service provider in the Hongmeng ecosystem, contributing to hardware access, software adaptation, and scenario development [6] - The company has a strong foundation in operating system technology, with advancements in IoT and distributed heterogeneous robot operating systems [6] - The self-developed "Hongyun Virtual Machine" enhances compatibility with the Windows ecosystem, supporting the initial promotion of Hongmeng in the PC sector [6] - Recent success in securing new orders for ERP services strengthens the company's penetration in state-owned enterprises [6] - Collaboration with Silicon-based Flow aims to establish a high-performance AI platform, facilitating the deployment of AI solutions across various industries [6] - The company is developing a cloud and computing operation model to create an AI-native digital foundation, leading in the Huawei cloud ecosystem [6] Financial Data and Profit Forecast - Revenue projections for 2025-2027 are estimated at 177.98 billion, 194.64 billion, and 221.43 billion RMB respectively, with corresponding net profits of 6.06 billion, 7.26 billion, and 8.82 billion RMB [3][7] - The company expects a revenue growth rate of 5% in 2025, 9% in 2026, and 14% in 2027, while net profit is projected to grow by 19% in 2025, 20% in 2026, and 21% in 2027 [3][7] - The earnings per share (EPS) is forecasted to be 0.22 RMB in 2025, 0.27 RMB in 2026, and 0.32 RMB in 2027 [3][7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the successful IPO application of Moore Threads, which is expected to accelerate its development with the support of the capital market. The company has launched four generations of GPU chip architectures and achieved a revenue of 702 million yuan in the first half of 2025, surpassing the total revenue of the previous three years, with a compound annual growth rate exceeding 208% [5][11] - The report emphasizes the national policy promoting the construction of a nationwide integrated computing power network, which is expected to drive the development of domestic computing power infrastructure. The integration of computing power resources across 31 provinces is expected to enhance the efficiency of resource discovery and matching [6][12] Summary by Sections Market Review - During the week of September 22-26, 2025, the CSI 300 index rose by 1.07%, while the computer index fell by 0.02% [4][14] Company Dynamics - State Grid Information's wholly-owned subsidiary won a contract worth 600 million yuan [15] - Chuangshi Huikang announced a draft employee stock ownership plan for 2025 [16] Industry Dynamics - Alibaba released the Qwen3-Max large model, outperforming GPT-5, and JD.com announced plans to invest in building a trillion-scale AI ecosystem over the next three years [25][26] - OpenAI, Oracle, and SoftBank announced the establishment of five new AI data centers in the U.S. as part of the Stargate project, with a total investment of up to 500 billion dollars [30][33]

香港联交所最新资料显示，9月23日，董事会主席陈宇红增持中软国际(00354)150万股，每股作价6.0412 港元，总金额为906.18万港元。增持后最新持股数目约为3.19亿股，最新持股比例为11.68%。 ...

智通财经APP获悉，香港联交所最新资料显示，9月23日，董事会主席陈宇红增持中软国际(00354)150万 股，每股作价6.0412港元，总金额为906.18万港元。增持后最新持股数目约为3.19亿股，最新持股比例 为11.68%。 ...

云智能业务增长显著，全栈AI 产品落地凸显增长潜力 （1）基石业务：ICT 服务是公司的基石业务，贡献主要收入和利润，2024 年下半年基石业务营收修 复，公司员工总人数回暖，大客户数达到2020 年来第二高，大客户拓展效果显著。（2）云智能业务： 疫情引发的市场波动已回归常态，随着云计算与原生人工智能、大模型以及算力资源的深度整合，下游 需求将快速增长。 公司在行业场景化领域占据优势，深度合作华为云能力，拓展全栈AI 产品落地可能性，2024 年公司全 栈AI 产品收入达9.57 亿元，增长曲线初步显现，未来将加速云智能业务增长。 机构：开源证券 研究员：陈宝健 国内IT 服务领军者，维持"买入"评级 公司是国内IT 服务领军者，是华为深度合作伙伴，华为贡献公司40%以上收入。 公司云智能业务增长显著，鸿蒙生态闭环初步完成，随着与华为云合作深入，公司有望持续受益。考虑 鸿蒙生态、AI 业务发展均在初期阶段，我们下调2025 年并新增2026-2027 年盈利预测，预计公司2025- 2027 年归母净利润为5.64、6.28、7.08亿元（2025 原值为13.42 亿元），对应EPS 分别为0.21、0. ...

Core Insights - China Software International (00354) is a leading IT service provider in China and a deep partner of Huawei, with over 40% of its revenue contributed by Huawei [1] Group 1: Business Performance - The cloud intelligence business shows significant growth, with full-stack AI products highlighting growth potential [1] - The cornerstone business, ICT services, is the main source of revenue and profit, with a recovery in revenue expected in the second half of 2024 [1] - The total number of employees is rebounding, and the number of major clients has reached the second highest level since 2020, indicating effective client expansion [1] Group 2: Strategic Partnerships - The company is a top-level partner of Huawei Cloud and is expected to benefit from the development of the HarmonyOS ecosystem [1] - The partnership with Huawei began in 2009, and the company has been deeply involved in Huawei's various strategic layouts, making it one of Huawei's core IT service outsourcing providers in China [1] - The company is closely tied to the construction of the Harmony IoT ecosystem, with expectations for further collaboration in 2024 [1]

消息面上，中国软件国际发布公告，紧接主要股东、主席兼执行董事陈宇红博士于7月18日收购200万股 公司普通股后，陈博士已于9月23日再次收购合共150万股份，总金额约为906.18万港元。于紧随股权增 加后，陈博士持有3.19亿股股份，相当于公司于本公布日期之已发行股份总数约11.68%。 开源证券发布研报称，中软国际是华为最高级别合作伙伴，有望受益于鸿蒙生态发展。公司与华为于 2009年开始合作，深入参与华为各领域布局，是华为在国内最核心的IT服务外包商之一。2024年华为终 端业务业绩修复，原生鸿蒙发布、鸿蒙PC发布后"1+8+N"物联生态实现闭环，软件生态重构需求快速增 长。原生鸿蒙软件重构、智能物联网设备持续发展，推动鸿蒙生态需求激增。公司是开源鸿蒙生态的核 心服务商，推出了适合开源鸿蒙开发者的工具，联合深圳市天使母基金等机构助力创业鸿蒙开发者。公 司占据鸿蒙生态先发优势，有望持续受益。 中软国际(00354)再涨超5%，截至发稿，涨4.33%，报6.51港元，成交额3.09亿港元。 ...