Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [25][55]. Core Insights - The report highlights the significant potential for domestic substitution in the ERP market, with the company benefiting from its state-owned background, which enhances its competitive edge in government and state-owned enterprise projects [4][69]. - The company's cloud business is expected to gradually release its performance, with projections indicating substantial revenue growth in the coming years [15][25]. - The report emphasizes the company's strong client base, primarily consisting of large state-owned enterprises, which provides stability and a competitive advantage compared to peers [20][51]. Summary by Sections 1. Domestic Substitution Potential - The company, as a state-owned ERP vendor, is well-positioned to benefit from the ongoing domestic substitution trend in the ERP market, which is expected to accelerate due to government policies [4][69]. - The ERP market is projected to grow significantly, with a current low penetration rate of domestic solutions, indicating a long-term growth opportunity [71][72]. 2. Cloud Business Performance - The cloud business has seen a gradual release of performance, with expectations of turning profitable by 2024, following a period of high initial investment [10][25]. - Revenue from cloud services is projected to grow at rates of 40%, 35%, and 30% from 2024 to 2026, reflecting the increasing demand for cloud solutions [15][23]. 3. Financial Forecast and Valuation - The company is expected to achieve revenues of 101.06 billion, 120.47 billion, and 140.07 billion yuan from 2024 to 2026, with corresponding net profits of 389.65 million, 530.04 million, and 747.98 million yuan [55][92]. - The report suggests a valuation based on a price-to-sales (P/S) ratio of 1.5 for its cloud and management software business, leading to a target market value of approximately 82.5 billion yuan [25][94].

Investment Rating - The report assigns an "Outperform" rating to the company, indicating expected performance above the market average [13]. Core Insights - The company is positioned as a leader in the enterprise resource planning (ERP) sector, focusing on enterprise software and cloud services, with a comprehensive upgrade of its cloud product system [13][15]. - The company achieved significant revenue growth in 2023, with total revenue reaching 82.94 billion yuan, a year-on-year increase of 19.1%, and a net profit of approximately 2.02 billion yuan, reflecting a 69.9% increase [14][17]. - The company has a strong competitive edge in the state-owned enterprise and large enterprise markets, driven by continuous investment in research and development, particularly in cloud services and digital transformation solutions [7][8]. Financial Performance Summary - Revenue projections for 2024-2026 are 97.24 billion yuan, 113.91 billion yuan, and 131.40 billion yuan, with year-on-year growth rates of 17.2%, 17.1%, and 15.4% respectively [8][19]. - Net profit forecasts for the same period are 3.06 billion yuan, 4.39 billion yuan, and 6.22 billion yuan, with growth rates of 51.6%, 43.7%, and 41.7% respectively [8][19]. - The company’s earnings per share (EPS) are projected to be 0.27 yuan, 0.38 yuan, and 0.55 yuan for 2024, 2025, and 2026 respectively [8][17]. Business Segmentation - The cloud services segment is expected to grow significantly, with projected revenues of 2.80 billion yuan in 2024, 3.86 billion yuan in 2025, and 5.10 billion yuan in 2026, reflecting growth rates of 40%, 38%, and 32% respectively [19]. - The enterprise management software segment is projected to grow steadily, with revenues of 4.21 billion yuan in 2024, 4.55 billion yuan in 2025, and 4.78 billion yuan in 2026, with growth rates of 10%, 9.8%, and 9.6% respectively [19]. - The Internet of Things (IoT) segment is expected to see slower growth, with revenues of 0.83 billion yuan in 2024, 0.97 billion yuan in 2025, and 1.31 billion yuan in 2026, with growth rates of 10%, 8%, and 5% respectively [19].

Corporate Governance - The board confirmed that there are no significant uncertainties affecting the company's ability to continue as a going concern[4]. - The board is led by an independent chairman and general manager, ensuring a balanced distribution of power and authority[8]. - The board has established a nomination committee consisting of one executive director and two independent non-executive directors[20]. - The board is responsible for overseeing compliance with legal and regulatory requirements[14]. - The audit committee is composed entirely of independent non-executive directors, enhancing governance oversight[12]. - The company has a policy for board diversity, considering various factors such as gender, age, and professional experience[13]. - The board of directors consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[128]. - The board has established three specialized committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, to handle various company affairs[136]. - The independent non-executive directors represent more than one-third of the board, confirming their independence according to listing rules[153]. - The company aims to enhance corporate governance standards and regularly reviews these standards to ensure compliance with legal and professional requirements[152]. - The company has built a strong independent board structure to ensure effective governance and enhance shareholder value[129]. - The company is committed to providing independent professional advice to directors on related party transactions and internal controls[177]. - The company has established a corporate responsibility insurance policy with AIG Insurance Hong Kong Limited to protect directors against legal actions[158]. - The company encourages communication between the board and shareholders during the annual general meeting, providing opportunities for questions and discussions[197]. Financial Performance - The total revenue for the fiscal year ending December 31, 2023, was RMB 8,294,446,000, representing a 19.1% increase from RMB 6,966,590,000 in 2022[42]. - The net profit attributable to shareholders for the year was RMB 201,630,000, a significant increase from RMB 118,690,000 in 2022, driven by a 68.9% growth in operating profit from the management software segment[42][53]. - The operating profit from the IoT and solutions segment increased to RMB 55,023,000, up 11.9% from RMB 49,154,000 in the previous year[42]. - The cloud services segment reported an operating loss of RMB 56,201,000, which is a 57.8% improvement compared to a loss of RMB 133,257,000 in 2022[42]. - The gross profit for the year increased by 33.1% compared to the previous year[48]. - Basic earnings per share for 2023 were RMB 0.1766, compared to RMB 0.1039 in 2022, representing a growth of 69.0%[75]. - The company's gross profit for the reporting period was RMB 1,917,802,000, representing a 33.1% increase compared to RMB 1,441,224,000 in the previous year, with an overall gross margin of 23.1%, up 2.4 percentage points year-on-year[93]. - Other income increased by 2.8% to RMB 222,098,000, primarily due to government subsidies rising by 23.3% to RMB 72,249,000 from RMB 58,594,000 in the previous year[95]. Revenue Breakdown - Cloud service revenue reached RMB 2,000,073,000, marking a significant growth of 59.0% year-over-year[70]. - The management software revenue was RMB 2,465,326,000, reflecting a 9.0% increase compared to the previous year[70]. - The Internet of Things solutions revenue grew by 11.1% to RMB 3,829,047,000[70]. - The gross profit from the management software segment increased by 68.9% to RMB 377,781,000, indicating strong operational performance despite market competition[74]. - Investment income from associates increased by 26.9% to RMB 7,677,000, while income from joint ventures decreased by 98.0% to RMB 895,000[52]. Research and Development - The company plans to continue increasing R&D investment in 2024 to enhance technological innovation and expand its market presence[67]. - Research and development expenses increased by 16.8% to RMB 859,197,000 from RMB 735,792,000 in the previous year, driven by the company's continued push towards cloud transformation and an increase in R&D personnel[94]. - The company launched several upgraded products, including GSCloud 6.0, MOM 6.0, and the iGIX 6.0 PaaS platform, enhancing its technological competitiveness[43]. - The launch of the "Inspur Haiyue" software brand aims to support digital transformation across various industries, with a focus on smart ERP and industrial software[79]. - The company launched the Haiyue PaaS platform iGIX 6.0, which includes seven sub-platforms aimed at enhancing automation, connectivity, flexibility, and openness for digital innovation[107]. - The company introduced the inSuite 3.0 ERP system, featuring an enterprise-level AI model, which received awards for product satisfaction and was recognized as a demonstration platform for small and medium enterprises[184]. Market Position and Strategy - The company maintained its position as the market leader in China's group management software sector and ranked first in user satisfaction according to CCW Research[44]. - The company aims to strengthen its presence in both large enterprises and small to medium-sized enterprises markets while also focusing on overseas business development[67]. - The company has established partnerships with multiple central enterprises to deepen digital transformation efforts, enhancing its market position[66]. - The IoT solutions business has expanded to cover 12 provinces in China, with the launch of the Smart Water Cloud Platform 2.0, which won a first-class award at the International Data Expo[141]. - The company secured contracts with 11 central enterprises, including China Rare Earth and China National Machinery, and achieved the highest market share in the financial shared services sector[105]. - The company signed contracts for big data projects with major clients such as Shanxi Coking Coal and China National Gold, enhancing its strategic customer relationships[166]. Risk Management and Compliance - The company is focusing on enhancing its risk management and internal control systems as part of its governance practices[161]. - The company has a comprehensive risk management and internal control system aimed at managing and mitigating identified risks[200]. - The risk management system integrates COSO and ISO 31000 frameworks, focusing on risk identification, assessment, response, and monitoring[200]. - The company's overall financial condition, debt-to-equity ratio, and retained earnings are regularly reviewed to ensure compliance with applicable laws and regulations[196]. - The audit committee reviewed the financial reports for the first half of 2023 and submitted them for board approval[164]. - The company is actively coordinating the work of internal and external auditors to ensure effective financial reporting and compliance[162]. Awards and Recognition - The company won the first prize at the "Huacai Cup" computing power competition and the National Advanced Computing Technology Innovation Competition[87]. - The company received multiple awards, including recognition as a leading enterprise in financial software technology in China[111]. Shareholder Engagement - The company emphasizes maintaining investor relations through various channels, including investor meetings and conference calls[7]. - The company plans to update its website to improve communication channels with investors[7]. - The company has held seven board meetings and one shareholders' meeting in the fiscal year ending December 31, 2023[175].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][14]. Core Views - The company is expected to benefit from the domestic substitution trend in ERP software, with continuous improvement in product competitiveness and industry customer coverage. The cloud business is experiencing high growth, and the improvement in profitability is likely to drive a rapid increase in overall net profit, maintaining the "Buy" rating [5][32]. Financial Summary - The company achieved a revenue of 82.94 billion yuan in 2023, representing a year-on-year growth of 19.1%. The net profit attributable to shareholders was 2.02 billion yuan, with a year-on-year increase of 69.9%, which is in line with previous expectations [27]. - The company has adjusted its net profit forecasts for 2024 and 2025 to 3.21 billion yuan and 4.81 billion yuan, respectively, down from previous estimates of 4.21 billion yuan and 7.76 billion yuan. A new forecast for 2026 net profit is set at 6.78 billion yuan, with corresponding year-on-year growth rates of 59.3%, 49.7%, and 40.9% [5][12]. - The company's cloud business generated revenue of 2 billion yuan in 2023, with a year-on-year growth of 59%, significantly outpacing the overall revenue growth of 19.1% [34]. Valuation Metrics - The latest stock price is 3.26 HKD, corresponding to price-to-earnings (P/E) ratios of 9.6, 6.4, and 4.5 for the years 2024, 2025, and 2026, respectively [5][31]. - The company's gross profit margin is projected to improve from 20.7% in 2022 to 27.2% by 2026, while the net profit margin is expected to increase from 1.7% to 4.7% over the same period [12].

股 票 研 究 证 券 研 究 报 告 国资 ERP 领军者，乘国产化浪潮加速云转型 本报告导读： 着国资国企客户实现新突破，叠加中小型企业市场逐步发力，未来营收增速或超预期。 摘要： [Table_Summary] 首次覆盖，给予"增持"评级，目标价 4.41 元。预计公司 2024-2026 年 营收分别为 100.00、121.69、143.25 亿元，归母净利润分别为 3.38、 6.22、7.75 亿元，EPS 分别为 0.30/0.54/0.68 元。公司作为企业级服务 领军企业，按照 PE 估值，给予目标价 4.41 元，对应 2024 年 14.92 倍 PE。首次覆盖，给予"增持"评级。 国资 ERP 领军企业背靠浪潮集团，企业云转型稳步向好。浪潮数字 企业的实控人为山东省国资委，大型 ERP 企业国资背景具备天然信 任背书优势以及具备一站式的集成供应优势和生态协同优势，因而公 司有望在国产替代领域构建护城河。公司业务主要包括传统 ERP 与 云产品业务两部分，2017 年实行云转型战略，2019-2022 年云业务 CARG 达 48%，已成为公司的主要增长点，且云业务占比持续提升。 考虑 ...

Financial Performance - For the year ended December 31, 2023, the company reported revenue from external customers of RMB 8,294,446 thousand, an increase from RMB 6,966,590 thousand in 2022, representing a growth of approximately 19%[6] - The company recorded a pre-tax profit of RMB 278,664 thousand for the year ended December 31, 2023, compared to RMB 148,640 thousand in 2022, which is an increase of approximately 87%[11] - The profit attributable to the company's owners for the year was approximately RMB 201,630,000, up from RMB 118,690,000 in 2022[24] - The company reported a net profit of RMB 210,425,000 for the year, an increase from RMB 124,809,000 in the previous year[31] - The company's net profit attributable to shareholders was RMB 201,630,000, a substantial increase from RMB 118,690,000 in the previous year[87] - The company's income tax expense for the year was RMB 68,239,000, significantly higher than RMB 23,831,000 in 2022, reflecting increased profitability[66] Revenue Segments - The IoT solutions segment generated revenue of RMB 3,829,047 thousand for the year ended December 31, 2023, up from RMB 3,447,275 thousand in 2022, reflecting an increase of approximately 11%[11] - The cloud services segment reported revenue of RMB 2,000,073 thousand for the year ended December 31, 2023, compared to RMB 1,258,088 thousand in 2022, marking a significant increase of around 59%[11] - Cloud services revenue grew by approximately 59.0% to RMB 2,000,073,000, while management software revenue increased by about 9.0% to RMB 2,465,326,000, and IoT solutions revenue rose by 11.1% to RMB 3,829,047,000[24] - The management software segment's revenue grew by 9.0% to RMB 2,465,326,000, while the IoT solutions segment increased by 11.1% to RMB 3,829,047,000[91] Assets and Liabilities - The company’s non-current assets as of December 31, 2023, totaled RMB 1,758,818 thousand, up from RMB 1,576,536 thousand in 2022, representing an increase of approximately 11.5%[6] - Current liabilities increased to RMB 3,915,078,000 from RMB 2,628,409,000 in the previous year[34] - Trade receivables rose to RMB 1,605,229,000 from RMB 1,052,532,000 in 2022[33] - The company's cash and cash equivalents amounted to RMB 1,264,504,000, up from RMB 1,193,170,000 in the previous year[33] - The company's current assets were RMB 4,565,601,000, with current liabilities of RMB 3,915,078,000, resulting in a current ratio of approximately 1.17[102] Government Support - The company received government subsidies amounting to RMB 6,423,000 for the year ended December 31, 2023, compared to RMB 6,679,000 in 2022, indicating a decrease of about 3.8%[3] - The total amount of government grants received was RMB 65,826,000 for the year, compared to RMB 51,915,000 in 2022, supporting social development feasibility studies[40] - Other income increased by 2.8% to RMB 222,098,000, driven by government grants rising by 23.3% to RMB 72,249,000[95] Expenses - The group's administrative expenses increased by 30.6% to RMB 367,543,000 in 2023, compared to RMB 281,364,000 in 2022, primarily due to an increase in the number of administrative staff and related personnel costs[53] - Research and development expenses amounted to RMB 859,197,000, representing a 16.8% increase year-on-year, driven by the expansion of R&D personnel[84] - The total inventory cost recognized as cost of sales was RMB 2,743,322,000 for 2023, compared to RMB 2,600,227,000 in 2022, indicating growth in sales volume[64] Market Strategy and Growth - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[21] - The company aims to strengthen its software industry presence and expand into overseas markets while enhancing support capabilities for high-quality development in 2024[134] - The company is focusing on digital transformation and industry upgrades, aiming to solidify its advantages in the central state-owned enterprise market[134] Product Development and Innovation - The launch of the new "Haiyue" software brand and the GS Cloud product significantly enhanced the group's product and technology competitiveness, with major projects like China Energy Construction being successfully delivered[106] - The Haiyue PaaS platform iGIX 6.0 was released, enhancing capabilities across seven sub-platforms, including low-code and IoT platforms, to support digital innovation for enterprises[109] - The group has made significant advancements in technology innovation, focusing on smart manufacturing and digital transformation, which has further strengthened its position in the high-end market[106] - The company launched the integrated human resources service platform, Inspur HCM Cloud 5.0, featuring a new "4912" flexible hierarchical control business structure, covering 9 major HR management areas[125] - The industrial software MOM 6.0 was released, enhancing smart manufacturing solutions and achieving international advanced software standards in the equipment manufacturing sector[129] Client Contracts and Partnerships - The group signed contracts with 11 central enterprises, including China Rare Earth and China National Machinery, solidifying its market leadership with the highest market share and excellent acceptance ratings[108] - The group achieved strategic partnerships with major banks, including Postal Savings Bank and China Merchants Bank, to expand its SaaS market for small and micro enterprises[119] - The company signed contracts with major clients, including China Datang and China Rare Earth, and has built treasury systems for 25 central enterprises, leading the market share in this sector[130] Employee and Workforce - The group has 7,927 employees, with total employee compensation amounting to approximately RMB 2,328,258,000 during the reporting period[103]

inspur 浪潮 浪潮數字企業技術有限公司 INSPUR DIGITAL ENTERPRISE TECHNOLOGY LIMITED (於開曼群島結冊成立的有限公司) (Incorporated in the Cayman Islands with limited liability) (股份代號 Stock Code : 596) 11111 Interim Report 中期報告 目 錄 | --- | --- | |--------------------------------------|-------| | 公司資料 2 | | | 管理層討論及分析 3 | | | 其他資料 13 | | | 綜合損益表（未經審計） 17 | | | 綜合損益及其他全面收益表（未經審計） | 18 | | 綜合財務狀況表（未經審計） 19 | | | 綜合權益變動報表（未經審計） 21 | | | 綜合現金流量報表（未經審計） 22 | | | 綜合財務報表附註 23 | | 公司資料 執行董事 王興山先生 王玉森先生 崔洪志先生 非執行董事 李春香女士 獨立非執行董事 黃烈初先生 張瑞君女士 丁香乾先生 公司 ...

好 那个时间也差不多了感谢各位参加那个辣潮数字企业的这个交流那现在先由我把那个我们中期的业绩给各位朋友做一个介绍 我这个分为三个部分,第一部分是我们的业绩摘要。在我们的财报上,我们还是继续把我们的业务分为三个部分。第一部分是我们增长最快的,也就是转型的动力,就是我们的云服务业务,今年上半年录得了一个五十的增长。 我们的传统软件永远维持着一个双数的增长就云加软件是我们的核心的重点因为这两年可能看过财报的投资人也看到了我们的IoT业务这部分可以不关注我们的银额主要是看我们的EBITDA吧核心的增长我们是23.7对标我们的主要对手拥有GDA来看我们的增速应该还是不错的 按照公司的五年的云转型的一个规划也就是说到今年年底目标我们的云要占我们的核心要占到50但是因为这两年我们的传统软件仍然维持一个双位数的增长应该说稍稍比预期稍微低一点点但永远我们还是有信心到今年年底能够突破40%的占比 业务回顾,公司今年重塑了我们品牌的一个体系我们正式在三月底的时候启用了浪潮海岳这个品牌 浪潮海域取代了我们原来的英文的一些标识,同时公司也启动了一个221的战略。第一个二是说,公司会以平台加产品,就是我们的浪潮海域这个平台加海域的智能鸭 ...

Financial Performance - The profit attributable to the company's owners for the six months ended June 30, 2023, was RMB 49,241,000, compared to RMB 28,010,000 for the same period in 2022, representing an increase of 75.9%[2] - Revenue for the six months ended June 30, 2023, increased by 96.61% to RMB 4,096,650,000 compared to RMB 2,083,627,000 for the same period in 2022[42] - Total comprehensive income for the six months ended June 30, 2023, was RMB 46,530,000, compared to RMB 21,167,000 for the same period in 2022[44] - The net profit for the six months ended June 30, 2023, was RMB 47,367 thousand, compared to RMB 22,222 thousand in the previous year, reflecting a year-over-year increase of 112.6%[60] - The company recorded a profit before tax of RMB 48,611,000, compared to RMB 34,354,000 in the same period last year[82] Earnings Per Share - The basic earnings per share for the six months ended June 30, 2023, was calculated based on 1,141,921,000 shares, unchanged from the previous year[2] - The diluted earnings per share for the six months ended June 30, 2023, was based on 1,142,384,000 shares, compared to 1,142,115,000 shares in 2022[2] - Basic earnings per share for the six months ended June 30, 2023, was RMB 4.31, compared to RMB 2.45 for the same period in 2022[42] - The company’s basic and diluted earnings per share for the period were both RMB 4.31, compared to RMB 2.45 in the same period last year, marking a significant increase[60] Revenue Breakdown - The company reported a segment revenue of RMB 481,134,000 from cloud services, RMB 1,006,296,000 from management software, and RMB 596,197,000 from IoT solutions for the six months ended June 30, 2023[35] - Cloud services revenue reached RMB 720,677,000, up 49.79% from RMB 481,134,000 year-on-year, accounting for 39.18% of total revenue[77] - Internet of Things (IoT) solutions revenue surged by 278.59% to RMB 2,257,162,000 from RMB 596,197,000 in the previous year[77] - Revenue from the integrated management software business reached RMB 1,118,811,000, an increase of 11.18% from RMB 1,006,296,000 in the same period last year[118] Expenses and Costs - Research and development expenses increased significantly to RMB 414,333 thousand from RMB 230,816 thousand, highlighting the company's commitment to innovation[60] - Administrative expenses rose by 20.83% to RMB 198,725,000, primarily due to increased personnel costs[79] - Sales and distribution expenses increased by 6.75% to RMB 243,207,000 compared to RMB 227,827,000 in the same period last year, driven by expanded sales scale[96] - The company incurred an impairment loss of RMB 6,690,000 during the reporting period[34] Assets and Liabilities - Trade payables as of June 30, 2023, totaled RMB 701,344,000, an increase from RMB 598,008,000 as of December 31, 2022[28] - Trade receivables as of June 30, 2023, amounted to RMB 1,154,345,000, compared to RMB 1,052,532,000 as of December 31, 2022, indicating a growth of 9.7%[21] - The company’s non-current assets as of June 30, 2023, amounted to RMB 1,765,609,000, an increase from RMB 1,576,536,000 as of December 31, 2022[45] - The total assets as of June 30, 2023, amounted to RMB 3,142,302 thousand, slightly down from RMB 3,241,493 thousand at the end of the previous year[63] Cash Flow - Cash and cash equivalents decreased by RMB 714,165 thousand during the period, compared to a decrease of RMB 92,528 thousand in the prior year[50] - The company experienced a net cash outflow from operating activities of RMB 588,991 thousand, compared to RMB 71,431 thousand in the previous year[50] - The company’s cash and cash equivalents were RMB 479,082,000, a decrease from RMB 940,680,000[66] - The company’s financing activities generated cash inflow of RMB 97,738 thousand, contrasting with no inflow reported in the previous year[50] Related Party Transactions - The total amount of related party transactions for the six months ended June 30, 2023, was RMB 201,090,000 for supply transactions, significantly higher than RMB 86,745,000 in the previous year[31] Corporate Governance - The group has complied with the corporate governance code as per Appendix 14 of the Main Board Listing Rules as of June 30, 2023[167] - All directors have adhered to the standards set forth in the securities trading code as per Appendix 10 of the Listing Rules for the six months ending June 30, 2023[168] Strategic Initiatives - The group launched new products including the upgraded iGIX PaaS platform and various digital collaboration software, enhancing its digital transformation offerings[107] - The group expanded its ecosystem partnerships, signing strategic cooperation agreements with multiple banks to enhance financial service offerings[115] - The company aims to become a world-class provider of enterprise software and cloud services, emphasizing technological innovation and digital transformation[163]

Dividend Eligibility and Share Registration - The company will suspend share registration from July 5, 2023, to July 7, 2023, to determine eligibility for the proposed final dividend[3] - Shareholders must submit completed share transfer forms and relevant share certificates by July 4, 2023, at 4:30 PM to qualify for the proposed final dividend[3] Annual General Meeting (AGM) Eligibility and Share Registration - Share registration will be suspended from June 20, 2023, to June 26, 2023, to determine eligibility to attend and vote at the Annual General Meeting[6] - Shareholders must submit transfer documents and relevant share certificates by June 19, 2023, at 4:30 PM to qualify for attending the Annual General Meeting[6] Data Integrity in Annual Reports - The revised information does not affect other data in the 2022 Annual Results Announcement and the 2022 Annual Report[7]