9 月26 日中国国际工业博览会在上海举办，公司联合达索系统发布"浪潮海岳inSuiteby DELMIAWorks"，打造端到端一体化工业软件，加速制造业"智造"升级。 投资要点： 维持"优于大市"评级。我们预计公司 2025/26/27 年归母净利润为5.53/7.03/8.92 亿元，EPS 为 0.48/0.61/0.77 元。给予公司2025 年动态PE 25 倍，目标价13.03 港元（按照1 港元=0.92 元人民币换 算），维持"优于大市"评级。 携手工业软件龙头达索，加速制造业"智造"升级。9 月23 日-27 日，第二十五届中国国际工业博览会在 上海举办，浪潮数字企业与达索系统联合推出inSuite by DELMIAWorks，达索作为基于 3DEXPERIENCE平台的一体化解决方案专家，在工程研发设计、仿真分析、生产制造和全生命周期管 理方面具有显著优势，两者合作实现本土实践与国际先进技术的深度融合。 机构：海通国际 研究员：Lin Yang/Liang Song 本报告导读： 技术赋能业务，构建离散制造数字化转型新引擎。成长型离散制造业具有流程复杂、协作链条长的特 点，这对工业软件 ...

Investment Rating - The report maintains an "Outperform" rating for the company, projecting a target price of 13.03 HKD based on a 2025 forward PE of 25x [4][9]. Core Insights - The company has partnered with Dassault Systems to launch "inSuite by DELMIAWorks," an integrated industrial software aimed at accelerating smart manufacturing upgrades [4][10]. - The software addresses key challenges in discrete manufacturing, such as data silos and business collaboration, by integrating R&D, production, and management processes [11][12]. - The report highlights significant growth opportunities for the software due to supportive government policies aimed at digital transformation in the machinery industry [12]. Financial Summary - Projected total revenue for 2023 is 8,294 million RMB, with a growth forecast of 19.1%. Revenue is expected to decline slightly in 2024 to 8,201 million RMB, before increasing to 9,863 million RMB in 2026 and 11,001 million RMB in 2027 [3][7]. - The report forecasts net profit attributable to shareholders to grow from 202 million RMB in 2023 to 892 million RMB by 2027, reflecting a compound annual growth rate of approximately 69.9% in 2024 [3][4]. - The projected EPS for 2025, 2026, and 2027 is 0.48, 0.61, and 0.77 RMB respectively [4][9]. Valuation Metrics - The report provides a comparison of PE ratios among peer companies, with the company’s PE projected to decrease from 22.06 in 2024 to 9.61 in 2027, indicating an attractive valuation relative to its growth prospects [5][7]. - The average PE for comparable companies is noted to be significantly higher, suggesting potential undervaluation of the company [5]. Market Context - The launch of inSuite by DELMIAWorks is positioned to leverage the growing demand for integrated industrial software solutions, particularly in light of recent government initiatives promoting smart manufacturing [10][12]. - The report emphasizes the importance of technological integration in enhancing operational efficiency and market responsiveness for discrete manufacturing firms [11].

携手达索推出 inSuite by DELMIAWorks， 打造端到端工业软件 浪潮数字企业跟踪报告 股票研究 /[Table_Date] 2025.10.10 2025-10-15 浪潮数字企业(0596) [Table_Industry] 计算机 [Table_Invest] [Table_CurPrice] [Table_Market] 本报告导读： 9 月 26 日中国国际工业博览会在上海举办，公司联合达索系统发布"浪潮海岳 inSuite by DELMIAWorks"，打造端到端一体化工业软件，加速制造业"智造"升级。 股 票 研 究 外 公 司 ( 中 国 香 港 ) 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 海 [Table_PicQuote] [Table_Report] 投资要点： | 财务摘要(百万人民币) | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 8,294 | 8,201 | 8,962 | 9,863 | 11,001 | | (+ ...

Core Viewpoint - The Hong Kong stock market saw a collective decline in the "Xinchuang" concept stocks on October 14, with significant drops in share prices for several companies [2] Company Summaries - Kingsoft Corporation (03888.HK) experienced a decline of 7.44%, trading at 33.84 HKD [2] - ChinaSoft International (00354.HK) fell by 4.75%, with shares priced at 5.81 HKD [2] - Inspur Digital Enterprise (00596.HK) saw a decrease of 4.94%, with its stock at 8.09 HKD [2]

Core Viewpoint - The announcement by former U.S. President Trump regarding export controls on key software to China has led to a decline in Chinese software stocks, with a strong market sentiment for "domestic substitution" in the software industry [1] Group 1: Stock Performance - Chinese software stocks collectively fell, with Kingsoft (03888) down 7.44% to HKD 33.84, ChinaSoft International (00354) down 4.75% to HKD 5.81, and Inspur Digital Enterprise (00596) down 4.94% to HKD 8.09 [1] Group 2: Market Reaction - The lack of a clear definition for "key software" in Trump's announcement has created uncertainty, and negotiations between the U.S. and China are expected to take place [1] - The sentiment for "domestic substitution" has been building since 2018, suggesting that the immediate impact on the fundamentals of Chinese software companies may be limited [1] Group 3: Future Outlook - If the export controls are implemented starting November 1, it is anticipated that Chinese industrial software, office software, and ERP software companies could benefit from the situation [1]

Core Viewpoint - The announcement by former President Trump regarding export controls on key software to China has led to a decline in Chinese software stocks, while also igniting strong market sentiment for "domestic substitution" within the industry [1] Group 1: Stock Performance - Chinese software stocks collectively fell, with Kingsoft (03888) down 7.44% to HKD 33.84, ChinaSoft International (00354) down 4.75% to HKD 5.81, and Inspur Digital Enterprise (00596) down 4.94% to HKD 8.09 [1] Group 2: Market Sentiment and Expectations - The lack of a clear definition for "key software" in Trump's announcement has led to uncertainty, with expectations that negotiations between the US and China will continue [1] - The sentiment for "domestic substitution" has been building since 2018, suggesting that the immediate impact on the fundamentals of Chinese software companies may be limited [1] Group 3: Future Implications - If the export controls are implemented as planned on November 1, it is anticipated that Chinese industrial software, office software, and ERP software companies could benefit from the situation [1]

每经AI快讯，10月13日，港股部分云计算概念股逆市走高，截至发稿，金山软件(03888.HK)涨15.13%， 报36.96港元；中国软件国际(00354.HK)涨6.1%，报6.26港元；浪潮数字企业(00596.HK)涨5.07%，报 8.49港元；金蝶国际(00268.HK)涨1.04%，报16.48港元。 ...

消息面上，10月12日，"商务部公告附件首次改为wps格式"词条登上微博热搜。10月9日，商务部发布 2025年第61号公告，对含有中国成分的部分境外稀土相关物项实施出口管制。 新规明确，军事用途出 口原则上不予许可。值得注意的是，除管制规则外，公告附件采用wps格式，申请文件须以中文提交两 大细节引发热议。据悉，此前公告附件都是word或pdf格式。 有分析指出，政府部门公文附件使用WPS，远不止是选择一款办公软件那么简单。特别是在这次商务 部的公告上使用，也是国家推动关键技术自主可控、保障信息安全的重要体现。开源证券指出，外部摩 擦不断升级，关键核心技术产品自主可控产业趋势明确。重视信创板块投资机会。 智通财经APP获悉，部分云计算概念股逆市走高，截至发稿，金山软件(03888)涨15.13%，报36.96港 元；中国软件国际(00354)涨6.1%，报6.26港元；浪潮数字企业(00596)涨5.07%，报8.49港元；金蝶国际 (00268)涨1.04%，报16.48港元。 ...

Group 1 - The core viewpoint of the report highlights that the cloud service business has turned profitable, driving overall profit growth for the company in the first half of 2025 [3][4] - The company reported a revenue of 4.343 billion yuan for the first half of 2025, representing a year-on-year increase of 4.88%, while the net profit attributable to shareholders reached 183 million yuan, up 73.26% year-on-year [3][4] - The gross profit margin for the first half of 2025 improved significantly to 23.37%, an increase of 1.35 percentage points year-on-year, primarily driven by the rapid growth of the cloud service business [4] Group 2 - The cloud service revenue for the first half of 2025 was 1.274 billion yuan, reflecting a year-on-year increase of 29.96%, while the management software and IoT solutions reported revenues of 1.198 billion yuan and 1.872 billion yuan, showing slight declines of 0.34% and 4.46% respectively [4] - The operating profit from the cloud service business was 20 million yuan in the first half of 2025, a turnaround from a loss of 71 million yuan in the same period last year [4] - The company has launched the Haiyue Model V3.0, which enhances the intelligence of cloud service products and has been applied in various enterprises, including Beijing Tongrentang [6][7] Group 3 - The company has signed contracts with major state-owned enterprises for its management software, indicating a successful penetration into the market [8] - The IoT solutions focus on equipment manufacturing, smart manufacturing, and communication information, with significant projects signed in these areas [9] - The company forecasts revenues of 9.076 billion yuan, 10.022 billion yuan, and 10.996 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 541 million yuan, 653 million yuan, and 893 million yuan [9]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 浪潮數字企業技術有限公司 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00596 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註 ...