2025 年 04 月 08 日 公司研究 评级：增持(首次覆盖) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 2024 年净利润同比+90.8%，云服务盈利 1.33 亿元 ——浪潮数字企业（00596）2024 年年报点评 最近一年走势 | 相对恒生指数表现 | | 2025/04/08 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 浪潮数字企 | -14.3% | 45.7% | 48.7% | | 业 | | | | | 恒生指数 | -16.9% | 4.4% | 20.3% | | 市场数据 | 2025/04/08 | | --- | --- | | 当前价格（港元） | 5.23 | | 周价格区间（港元） 52 | 2.58-7.24 | | 总市值（百万港元） | 5,972.25 | | 流通市值（百万港元） | 5,972.25 | | 总股本（万股） | 114,192.07 | | 流通股本（万股） | 114,192.07 | | 日均 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][13] Core Views - The company is expected to benefit from a market position upgrade and a continuous increase in net profit, driven by high-quality earnings in 2024 and significant valuation elasticity [4][6] - The company is the third-largest ERP industry leader in China, primarily serving large and medium-sized state-owned enterprises, with better growth potential and certainty compared to competitors [6][8] - The company's cloud business is expected to continue its rapid growth, contributing to double-digit revenue growth in core business [8] Financial Summary and Valuation Metrics - Revenue and net profit projections for 2025-2027 have been revised upwards, with expected net profits of 520 million, 679 million, and 849 million respectively, reflecting year-on-year growth rates of 35%, 30%, and 25% [6][9] - The company's revenue for 2024 is projected at 8,201 million, with a year-on-year growth of 0% [9] - The gross margin is expected to improve from 26.9% in 2024 to 31.1% in 2027, while the net profit margin is projected to increase from 4.7% to 7.7% over the same period [9]

Financial Performance - The company's revenue for the year ended December 31, 2024, decreased by approximately 1.1% to about RMB 8,200,805,000 compared to RMB 8,294,446,000 in 2023[2] - Profit attributable to the company's owners was approximately RMB 384,705,000, up from RMB 201,630,000 in 2023[2] - Basic earnings per share increased to RMB 33.69 from RMB 17.66 in the previous year[4] - Total comprehensive income for the year was RMB 460,741,000, compared to RMB 211,354,000 in 2023[5] - The company reported a pre-tax profit of RMB 480,391,000 for 2024, compared to RMB 278,664,000 in 2023, indicating a significant improvement[24] - Net profit attributable to shareholders surged to RMB 384,705,000 from RMB 201,630,000, with basic earnings per share increasing to RMB 33.69 from RMB 17.66[42] Revenue Breakdown - Cloud services revenue grew by approximately 38.1% to about RMB 2,761,458,000, while IoT solutions revenue decreased by approximately 24.7% to about RMB 2,883,231,000[2] - The IoT segment generated revenue of RMB 2,761,458,000, while the cloud services segment contributed RMB 2,556,116,000, and the management software segment brought in RMB 2,883,231,000 for 2024[23] - The group recorded revenue of RMB 8,200,805,000, a decrease of 1.1% compared to RMB 8,294,446,000 in the previous year, with cloud service revenue growing by 38.1% to RMB 2,761,458,000, accounting for 51.9% of total revenue[36] Expenses and Liabilities - Current liabilities rose to RMB 5,283,199,000 from RMB 3,915,078,000, indicating increased operational obligations[7] - The total administrative expenses for 2024 were RMB 26,046,000, a slight increase from RMB 24,594,000 in 2023[24] - The company recorded a net impairment loss of RMB 141,079,000 under the expected credit loss model for 2024, compared to RMB 66,245,000 in 2023[24] - The company’s trade payables increased to RMB 2,606,646,000 in 2024 from RMB 1,198,861,000 in 2023, indicating a rise in operational liabilities[34] Assets and Receivables - Trade receivables increased significantly to RMB 3,141,322,000 from RMB 1,605,229,000 in the previous year[6] - The company's total assets decreased slightly to RMB 2,584,747,000 from RMB 2,097,671,000[7] - The total trade receivables and notes receivable increased to RMB 3,310,183,000 in 2024 from RMB 1,699,610,000 in 2023, highlighting a growth in sales[31] Dividends - The board has proposed a final dividend of HKD 0.08 per share for the year, compared to HKD 0.03 per share in 2023, pending shareholder approval[2] - The company plans to distribute a final dividend of HKD 0.08 per share for the year ended December 31, 2024, amounting to approximately RMB 84,593,000[28] Research and Development - Research and development expenses remained stable at approximately RMB 864,719,000 compared to RMB 859,197,000 in 2023[4] - The group implemented an "AI First" strategy, focusing on AI technology and digital transformation to enhance software products and create high-value applications[49] - The company received approval for 15 national key R&D projects and completed the acceptance of 6 key R&D projects, enhancing its industry influence[50] Financial Reporting Standards - The group has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, including HKFRS 16 regarding lease liabilities[10] - The amendments to HKAS 1 clarify the classification of liabilities as current or non-current, with no significant impact on the group's financial position as of January 1, 2023, December 31, 2023, and December 31, 2024[12] - The group has not early adopted new standards that are yet to be effective, including HKFRS 18, which will be effective from January 1, 2027, focusing on the presentation and disclosure of financial statements[13] - HKFRS 19 allows qualifying entities to apply reduced disclosure requirements, effective from January 1, 2027, but the company does not qualify due to its publicly traded equity instruments[18] Strategic Initiatives - The company has significantly improved its financial shared services in areas such as intelligent scenarios, shared models, and operational management, achieving "international advanced level" recognition for its intelligent audit platform[61] - The company launched a comprehensive quality control platform 3.0 and an asset operation support platform 3.0, enhancing operational capabilities and achieving significant milestones in cloud network management[63] - The company plans to accelerate its "AI First" strategy by 2025, focusing on empowering high-quality development across all industries and expanding its market presence[68] Market Position and Recognition - The Haiyue Large Model was awarded the "Top Ten Innovative Technologies in Digital Economy" and recognized at the 2024 World Computing Conference, showcasing its breakthrough in software technology[53] - The Haiyue PaaS Platform 7.0 was released, enhancing enterprise intelligent operations and automation capabilities, and it has been recognized as a leader in the Chinese PaaS market[54] - The supply chain management product was recognized as the top domestic vendor in the SCM software market, with contracts signed with clients such as Tianshan Cement and Hubei Port[62]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.48, indicating a potential upside of 23% from the current price of HKD 6.10 [6][11]. Core Insights - The integration of the DeepSeek model into the company's cloud services is expected to enhance operational efficiency and product attractiveness, with a 20% improvement in content generation accuracy compared to other mainstream open-source models [1]. - The government's recent policy initiatives are set to foster a favorable environment for the digital transformation of traditional industries, which is anticipated to accelerate the growth of the intelligent software sector [2]. - The company's cloud service revenue is projected to grow at an annual rate of 30-40%, with revenue forecasts of RMB 100 billion for FY24E and RMB 120 billion for FY25E, alongside net profit estimates of RMB 3.6 billion and RMB 5.2 billion respectively [3]. Financial Summary - The company reported actual revenues of RMB 6,967 million in FY22, with projections of RMB 8,294 million in FY23, RMB 10,009 million in FY24, RMB 12,020 million in FY25, and RMB 14,301 million in FY26, reflecting a growth rate of 77.9% in FY22 and a forecasted growth rate of 19.0% in FY26 [5][9]. - Net profit increased from RMB 119 million in FY22 to a projected RMB 702 million in FY26, with a significant growth rate of 83.3% in FY22 and a forecasted 35.7% in FY26 [5][9]. - The company's diluted earnings per share are expected to rise from RMB 0.104 in FY22 to RMB 0.615 in FY26, with a net asset return rate projected to reach 22.4% by FY26 [5][9].

Investment Rating - The report suggests a focus on the company with a dynamic PE of approximately 10 times for 2025, indicating a significant advantage compared to peers [3]. Core Insights - The integration of the DeepSeek model into the company's existing AI framework enhances performance across various applications, including natural language understanding, SQL generation, and chart interpretation [3]. - DeepSeek's low inference cost allows the company to reduce computational requirements during model training and inference, leading to cost savings and improved project profit margins [3]. - The transition from "AI integration" to "AI native" signifies the company's rapid internalization of large models into its product and technical capabilities, fostering a broader AI ecosystem and promoting collaboration and innovation among upstream and downstream enterprises [3]. Summary by Sections Event - The DeepSeek model was released on January 20, showcasing significant advancements in performance for complex tasks, while also reducing training and inference costs [1]. - The company's AI applications, such as ChatBI and intelligent document processing, can now seamlessly switch to the DeepSeek model, enhancing their capabilities [1]. Technical Performance - The integration of DeepSeek-R1 has led to a 20% improvement in content generation accuracy compared to other mainstream open-source models, with a result usability rate of 95% [1][3]. - The enhanced reasoning capabilities of DeepSeek provide deeper insights and more reliable decision support for users [1]. Cost Efficiency - The low inference cost of DeepSeek is expected to lower the computational demands of the company's models, directly benefiting profit margins [3].

Investment Rating - The report does not provide a specific investment rating for Inspur Digital Enterprise (0596 HK) [7] Core Business Analysis - Inspur Digital Enterprise's core business revolves around three major segments: cloud services, management software, and IoT solutions, which drive enterprise digital transformation [7] - Cloud services is the fastest-growing segment, with H1 2024 revenue reaching RMB 980 million, a 36% YoY increase, accounting for 45% of total revenue [7] - Management software provides stable support, generating RMB 1 202 billion in revenue, a 7 4% YoY growth, playing a key role in digital management scenarios such as finance, HR, and supply chain [7] - IoT solutions contributed RMB 1 959 billion, nearly 50% of total revenue, despite a 13% YoY decline, maintaining strategic importance in smart manufacturing and industrial IoT scenarios [7] Client Base and Market Position - Inspur Digital Enterprise serves 79 central state-owned enterprises, 29 Fortune 500 companies, and 190 China 500 companies across key industries such as energy, manufacturing, and transportation [7] - Representative clients include TBEA, CRRC Industrial, Shanshui Group in smart manufacturing, and Shandong Port Group, Shandong Expressway in data asset innovation [7] - The company has established a leading position in large enterprise client groups through customized digital solutions [7] Competitive Advantages - Inspur Digital Enterprise has built competitive barriers through its proprietary technology system, Haiyue PaaS platform, and intelligent ERP products [7] - The company differentiates itself through deep customization services and multi-scenario solutions, competing against domestic players like Yonyou and Kingdee, and international giants like Alibaba Cloud, Tencent Cloud, SAP, and Oracle [7] Market Outlook and Growth Potential - The "Digital China" strategy drives rapid growth in cloud computing, IoT, and smart manufacturing demand [7] - Cloud services maintain 36% high growth rate, accounting for 45% of revenue, expected to benefit from AI and cloud technology adoption [7] - Smart manufacturing upgrades and IoT applications provide growth opportunities for IoT solutions [7] - National policies supporting data assetization and domestic technology substitution create further market expansion potential [7] Future Strategy - Cloud services are expected to further expand market share, benefiting from AI and large model adoption [7] - Smart manufacturing and industrial IoT applications will open new market spaces for IoT solutions [7] - The company aims to consolidate its industry position through proprietary technology, innovative platforms, and differentiated products [7] - Inspur Digital Enterprise plans to expand its core client base, particularly in central state-owned enterprises and Fortune 500 companies [7]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 5.50, which represents a potential upside from the current price of HKD 3.28 [34]. Core Insights - The company is positioned to benefit from the acceleration of domestic ERP (Enterprise Resource Planning) software adoption, driven by national policies promoting digital transformation and the replacement of imported software with domestic alternatives [2][13]. - Cloud services have become a significant growth driver, with revenue from this segment growing at a compound annual growth rate (CAGR) of 50.7% from 2019 to 2023, and expected to continue increasing [10][18]. - The company’s revenue is projected to grow by 20.7% in FY24 and 20.1% in FY25, with net profit expected to increase by 77.0% and 45.0% respectively during the same periods [2][18]. Summary by Sections Investment Highlights - Cloud service revenue has significantly increased, from RMB 390 million in 2019 to RMB 2 billion in 2023, with its share of total revenue rising from 13.4% to 24.1% [10][11]. - The company’s management software revenue has also grown, albeit at a slower pace, indicating a shift towards cloud-based solutions [10]. - The company is leveraging synergies with its parent company, Inspur Group, to enhance its market position in the domestic ERP sector [2][13]. Industry Context - The domestic ERP market has a market share of nearly 70%, with major players including Yonyou, Inspur, and Kingdee, while high-end segments remain dominated by foreign firms [15]. - Recent government policies have accelerated the push for domestic software solutions, with a target for state-owned enterprises to fully transition to domestic products by 2027 [2][13]. Financial Projections and Valuation - Revenue is expected to reach RMB 10 billion in FY24, with cloud services projected to contribute significantly to this growth [18]. - The company’s gross margin is anticipated to improve from 23.1% in FY23 to 26.4% by FY26, driven by the scaling of cloud services [18][31]. - The net profit is forecasted to grow from RMB 357 million in FY24 to RMB 702 million by FY26, reflecting a robust growth trajectory [19][31]. Company Background - The company, established in 2003 and listed on the Hong Kong Stock Exchange, has transitioned from hardware to software, focusing on ERP solutions and cloud services [21]. - It operates under the auspices of Inspur Group, which holds a significant stake, providing it with a strong resource base and market credibility [21][22].

Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry involved in the conference call [1] Core Points and Arguments - The document does not provide any core points or arguments from the conference call [1] Other Important but Possibly Overlooked Content - The document only contains a brief introduction thanking participants for attending the meeting and indicating that the meeting will begin shortly [1]

Financial Performance - For the six months ended June 30, 2024, the group's revenue was RMB 4,141,171,000, representing a year-on-year increase of 1.09% compared to RMB 4,096,650,000 in the same period last year[10]. - The gross profit for the same period was RMB 911,681,000, an increase of 8.71% from RMB 838,615,000 year-on-year, with an overall gross margin of 22.02%, up 1.55 percentage points from 20.47%[11]. - The pre-tax profit for the period was RMB 106,708,000, significantly up from RMB 48,611,000 in the previous year, largely due to a 19.29% increase in operating profit from the management software segment[15]. - The profit attributable to the owners of the company was RMB 105,702,000, compared to RMB 49,241,000 in the same period last year, with basic and diluted earnings per share at RMB 0.0926[16]. - The company reported a net profit of RMB 105,702 thousand for the six months ended June 30, 2024, compared to RMB 48,611 thousand for the same period in 2023, representing a significant increase[60]. - The net profit attributable to the company's owners was RMB 105,702 thousand, significantly increasing by 114.4% from RMB 49,241 thousand in the previous year[50]. Revenue Breakdown - Revenue from software and cloud services was RMB 2,182,093,000, a growth of 18.63% year-on-year, with cloud services contributing RMB 980,201,000, up 36.01% from RMB 720,677,000[10]. - The cloud services business achieved revenue of RMB 980,201,000, representing a year-on-year growth of 36.0% compared to RMB 720,677,000 in the same period last year[25]. - The management software business recorded revenue of RMB 1,201,892,000, representing a year-on-year growth of 7.4% compared to RMB 1,118,811,000 in the same period last year[30]. - The IoT solutions business generated revenue of RMB 1,959,078,000, showing a decline of 13.2% from RMB 2,257,162,000 in the previous year[32]. Expenses and Costs - Administrative expenses increased by 0.80% to RMB 200,318,000, while R&D expenses rose by 5.18% to RMB 435,791,000, driven by increased investment in cloud services[12]. - The cost of goods sold for the period was RMB 1,834,047 thousand, down from RMB 2,098,102 thousand in the previous year, indicating a decrease of 12.6%[67]. Assets and Liabilities - As of June 30, 2024, current assets were RMB 4,594,429,000, with current liabilities at RMB 3,865,910,000, resulting in a current ratio of 1.19[17]. - The debt-to-equity ratio as of June 30, 2024, was 1.9, down from 2.0 in 2023[18]. - The company's total assets as of June 30, 2024, were RMB 4,594,429 thousand, slightly up from RMB 4,565,601 thousand at the end of 2023[52]. - The company’s total liabilities increased to RMB 1,921,103 thousand as of June 30, 2024, from RMB 1,877,967 thousand as of January 1, 2024[54]. - Current liabilities decreased to RMB 3,865,910 thousand from RMB 3,915,078 thousand, a reduction of 1.3%[53]. Strategic Initiatives - The company launched 6 new products and made breakthroughs in 9 new technologies, enhancing its core product competitiveness[23]. - The company has signed strategic partnerships with over 200 new partners in the first half of the year, focusing on enhancing customer acquisition and delivery capabilities[29]. - The launch of the iGIX7.0 PaaS platform aims to drive intelligent transformation across seven sub-platforms, enhancing smart operations and automation capabilities[27]. - The company is actively serving major state-owned enterprises, assisting them in digital transformation, including partnerships with Dongfang Electric and China National Power[23]. - The company has established strategic collaborations with major banks to support their digital transformation efforts[29]. Research and Development - Research and development expenses totaled RMB 435,791 thousand, an increase of 5.2% from RMB 414,333 thousand in the previous year[50]. - The company applied for 658 patents and was granted 131, further strengthening its core competitiveness[23]. Market Presence and Recognition - The company has served over 120,000 enterprises, including 79 central enterprises and 190 of China's top 500 companies, in their digital transformation efforts[34]. - The company has been recognized as a leading contributor to the software industry in China over the past 40 years[23]. - The digital supply chain has covered over 1,200 business scenarios across various industries, maintaining the second position in the SCM software market nationally and first among domestic vendors[31]. Cash Flow and Financing - Cash flow from operating activities was negative RMB 742,252 thousand for the six months ended June 30, 2024, compared to negative RMB 588,991 thousand for the same period in 2023[55]. - The company’s financing activities generated cash inflow of RMB 10,722 thousand for the six months ended June 30, 2024, down from RMB 97,738 thousand for the same period in 2023[55]. Stock Options and Share Capital - The company has a total of 621,679,686 shares, with 37.50% owned by Inspur Group Co., Ltd. and 16.94% by Inspur Qilu Overseas Investment Development Co., Ltd.[39]. - The company granted 30 million stock options under the 2008 stock option plan at an exercise price of HKD 3.16 per share, with no options exercised during the reporting period[43]. - A total of 33.88 million stock options were granted, with 31.81 million remaining unexercised as of June 30, 2024[44]. - The company has not set any performance targets for the stock options granted, which may lead to automatic expiration if targets are not met[46]. Compliance and Governance - The company has adhered to the corporate governance code as of June 30, 2024, confirming compliance with the relevant regulations[49].

Investment Rating - Maintains an "Overweight" rating with a target price of HKD 4.41 [2] Core Views - The company's overall revenue remains stable, with net profit doubling year-over-year [2] - Cloud services have become the primary growth driver, with significant contributions to revenue and profit [2] - Intelligent upgrades are expected to drive business development beyond expectations [2] Financial Performance - Revenue for H1 2024 reached RMB 4.165 billion, a 1.03% YoY increase [2] - Net profit attributable to shareholders surged to RMB 106 million, a 114.66% YoY growth [2] - Cloud services revenue grew 36.01% YoY to RMB 980 million, accounting for 23.67% of total revenue [2] - Enterprise management software revenue increased 7.43% YoY to RMB 1.202 billion, representing 29.02% of total revenue [2] - IoT business revenue declined 13.21% YoY to RMB 1.959 billion [2] - Gross margin improved to 22.02%, up 1.55 percentage points YoY [2] Business Development - The company has made significant investments in intelligent ERP and PaaS platform products [2] - Launched 6 new products and achieved breakthroughs in 9 new technologies [2] - Introduced the iGIX7.0 PaaS platform and the Haoyue Large Model 2.0, enhancing product automation capabilities [2] Market Data - Current stock price: HKD 2.75 [4] - 52-week price range: HKD 1.67 - 4.36 [4] - Current market capitalization: HKD 3.14 billion [4] Financial Projections - Revenue for 2024E is projected at RMB 10.005 billion, a 20.57% YoY increase [3] - Net profit for 2024E is expected to reach RMB 337.53 million, a 67.40% YoY increase [3] - PE ratio for 2024E is estimated at 10.57 [3]