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%。 ...

Core Viewpoint - The company is a leading player in the domestic IT services sector and maintains a "buy" rating due to its strong partnership with Huawei, which contributes over 40% of its revenue [1][2]. Group 1: Financial Performance - The company has adjusted its profit forecasts for 2025 and introduced projections for 2026-2027, expecting net profits of 564 million, 628 million, and 708 million yuan respectively, with corresponding EPS of 0.21, 0.23, and 0.26 yuan per share [1]. - The current price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 26.9, 24.1, and 21.4 times respectively [1]. Group 2: Business Growth - The company's cloud intelligence business is experiencing significant growth, with a projected revenue of 957 million yuan from its full-stack AI products in 2024, indicating an initial growth curve [2]. - The ICT services remain the cornerstone of the company's revenue and profit, with a recovery expected in the second half of 2024, alongside an increase in the number of major clients [1][2]. Group 3: Strategic Partnerships - The company has been a core partner of Huawei since 2009, deeply involved in various fields of Huawei's layout, making it one of the most critical IT service outsourcing providers in China [2]. - The company is positioned to benefit from the development of the HarmonyOS ecosystem, with the completion of the "1+8+N" IoT ecosystem expected to drive rapid growth in software ecosystem reconstruction demand [2].

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]

Core Viewpoint - China Software International (中软国际) has seen a stock price increase of over 5%, currently trading at 6.51 HKD, with a transaction volume of 309 million HKD, following significant share purchases by its major shareholder, Dr. Chen Yuhong [1] Group 1: Shareholder Activity - Dr. Chen Yuhong, the chairman and executive director, purchased 2 million shares on July 18 and an additional 1.5 million shares on September 23, totaling approximately 9.06 million HKD [1] - Following these transactions, Dr. Chen holds 319 million shares, representing about 11.68% of the company's total issued shares as of the announcement date [1] Group 2: Industry Position and Partnerships - China Software International is recognized as a top-level partner of Huawei, expected to benefit from the development of the HarmonyOS ecosystem [1] - The company has been collaborating with Huawei since 2009, playing a crucial role in Huawei's IT service outsourcing in various sectors [1] Group 3: Future Growth Potential - The recovery of Huawei's terminal business in 2024, along with the release of the native HarmonyOS and HarmonyPC, is anticipated to create a closed-loop for the "1+8+N" IoT ecosystem, leading to a rapid increase in software ecosystem restructuring demand [1] - The ongoing development of native HarmonyOS software and smart IoT devices is expected to drive a surge in demand for the HarmonyOS ecosystem [1] - As a core service provider for the open-source HarmonyOS ecosystem, the company has launched tools for open-source HarmonyOS developers and is collaborating with institutions like Shenzhen Angel Fund to support entrepreneurial developers [1]