Investment Rating - The report maintains an "Outperform" rating for the company, projecting significant growth in cloud business revenue and overall profits [4][7]. Core Insights - The company's cloud business is experiencing rapid growth, significantly boosting profits. The projected net profit attributable to shareholders for 2025, 2026, and 2027 is 522 million, 656 million, and 883 million RMB respectively, with EPS expected to be 0.46, 0.57, and 0.77 RMB [4][7]. - The overall revenue for 2024 is projected at 8.20 billion RMB, reflecting a slight decline of 1.1%. However, cloud services revenue is expected to grow by 38.1% to 2.76 billion RMB, while enterprise management software revenue is projected to increase by 3.7% to 2.56 billion RMB [8][9]. - The company is focusing on large enterprises and leveraging AI technology to enhance its product offerings, having enabled digital transformation for numerous central government-owned enterprises and top companies in China [9][10]. Financial Data and Forecast - Key financial metrics for the company include: - Revenue (in million RMB): 8,294 in 2023, projected to decline to 8,201 in 2024, then increase to 8,586 in 2025, 9,213 in 2026, and 10,291 in 2027 [3][6]. - Net profit (in million RMB): 1,918 in 2023, expected to rise to 2,208 in 2024, 2,447 in 2025, 2,718 in 2026, and 3,190 in 2027 [3][6]. - Gross profit margin is projected to improve from 26.9% in 2024 to 31.0% in 2027 [6]. - The company plans to continue returning value to shareholders with a proposed dividend of 0.08 HKD per share [8]. Market Position and Strategy - The company is deepening its presence in the large enterprise market and plans to release advanced AI-driven platforms in 2024, enhancing its competitive edge in the ERP sector [9][10]. - The introduction of foundation models is expected to improve the company's smart supply chain products, focusing on various industries such as pharmaceuticals and manufacturing [10].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][11][30]. Core Views - The company has shown significant improvement in net profit, with a year-on-year increase of 90.8% in 2024, despite a slight revenue decline of 1.62% [4][12]. - The cloud service business has been a key driver, achieving a revenue growth of 38.1% and turning a profit of 1.33 billion yuan [5][13]. - The overall financial outlook is positive, with projected revenue growth for 2025-2027 and a favorable price-to-earnings ratio [11][30]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 8.201 billion yuan, a decrease of 1.62% year-on-year, while net profit reached 385 million yuan, an increase of 90.8% [4][12]. - The adjusted net profit after excluding non-recurring items was 427 million yuan, reflecting a substantial growth of 632.47% [4][12]. Cloud Service Business - The cloud service segment generated revenues of 2.761 billion yuan, with a year-on-year growth of 38.1%, and achieved an operating profit of 1.33 billion yuan, recovering from a loss of 560 million yuan in the previous year [5][13]. - The management software and IoT solutions also contributed positively, with revenues of 2.556 billion yuan and 2.883 billion yuan, respectively [5][13]. Market Position and Strategy - The company is enhancing its cloud service offerings, integrating AI capabilities through platforms like the Haiyue model and DeepSeek, which have been successfully implemented in several large enterprises [6][23]. - It is also focusing on the small and medium-sized enterprise market, promoting integrated solutions and expanding its customer base in the financial sector [8][25]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 9.076 billion yuan, 10.022 billion yuan, and 10.996 billion yuan, respectively, with corresponding net profits of 520 million yuan, 695 million yuan, and 893 million yuan [11][30]. - The expected earnings per share (EPS) for the same period are projected to be 0.46 yuan, 0.61 yuan, and 0.78 yuan [11][30].

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]

EF001 EF001 免責聲明 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 浪潮數字企業技術有限公司 | | 股份代號 | 00596 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2024年12月31日止年度之末期股息 | | 公告日期 | 2025年3月31日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更新公告標題及日期 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2024年12月31日 | | 宣派股息的報告期末 | 2024年12月31日 | | 宣派股息 | 每 股 0.08 HKD | | 股東批准日期 | 2025年6月17日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | ...

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，董事會成員包括執行董事趙震先生、王玉森及崔洪志先生；非執行董事李春香女士；以及獨立非執行董事黃烈初先 生、張瑞君女士及丁香乾先生。 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 浪潮數字企業技術有限公司 | | 股份代號 | 00596 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2023年12月31日止年度之末期股息 | | 公告日期 | 2024年3月31日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 ...

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]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 INSPUR DIGITAL ENTERPRISE TECHNOLOGY LIMITED 浪潮數字企業技術有限公司 （於開曼群島註冊成立的有限公司） （股份代號：596） 進一步延遲寄發通函 (I) 有關二零二五年框架金融服務協議的 主要交易及持續關連交易 (II) 有關就重續現有持續關連交易及 修訂年度上限訂立框架協議的 持續關連交易 茲提述浪潮數字企業技術有限公司（「本公司」）日期為二零二四年十二月二十七日的 公佈，內容有關（其中包括）框架協議項下的採購交易、供應交易及銷售代理交易以 及二零二五年框架金融服務協議項下的存款服務及其他金融服務（「該公佈」），以及 本公司日期為二零二五年一月二十日及二零二五年二月二十八日的公佈，內容有關 延遲寄發通函（「延遲公佈」）。除另有界定者外，本公佈所用詞彙與該公佈所界定者 具有相同涵義。 誠如延遲公佈所載，一份載有（其中包括）(i)框架協議項下擬進行的採購交易、供 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公布之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公布全部或任何部份內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 INSPUR DIGITAL ENTERPRISE TECHNOLOGY LIMITED 浪潮數字企業技術有限公司 （於開曼群島註冊成立的有限公司） （股份代號：596） 內幕消息－正面盈利預告 本公司仍在編製及擬定本公司二零二四財政年度之綜合財務業績。本公告所載資料 僅依據本公司目前可得資料的初步評估而作出，而有關資料尚未經本公司核數師審 核或本公司審核委員會審閱。因此，本公司二零二四財政年度的實際業績或會輿本 公告所披露有所不同。本公司二零二四財政年度的財務業績詳情預期將於二零二五 年三月底前刊發之本公司二零二四財政年度全年業績公告中披露。 – 1 – 本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 浪潮數字企業技術有限公司 主席 趙震 香港，二零二五年三月二十日 浪潮數字企業技術有限公司（「本公司」，連同其附屬公司「本集團」）乃根據香港聯合 交易所有限公司證券上市規則（「上市規則 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 INSPUR DIGITAL ENTERPRISE TECHNOLOGY LIMITED 浪潮數字企業技術有限公司 （於開曼群島註冊成立的有限公司） （股份代號：596） 澄清公告 董事會會議通告 茲提述浪潮數字企業技術有限公司（「本公司」）於二零二五年三月十八日刊發的公佈 （「該公佈」）。 本公司董事（「董事」）會（「董事會」）注意到該公佈英文版不慎出現文書錯誤，謹此 澄清董事會會議日期將為二零二五年三月三十一日（星期一），而非二零二五年三月 三十一日（星期四）。 除上文所述者外，該公佈所載的所有其他資料及該公佈的中文版均正確無誤，並維 持不變。 承董事會命 浪潮數字企業技術有限公司 主席 於本公佈日期，董事會成員包括執行董事趙震先生、王玉森先生及崔洪志先生、非執行董事李春香 女士及獨立非執行董事黃烈初先生、張瑞君女士及丁香乾先生。 趙震 香港，二零二五年三月二十日 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 INSPUR DIGITAL ENTERPRISE TECHNOLOGY LIMITED 浪潮數字企業技術有限公司 （於開曼群島註冊成立的有限公司） （股份代號：596） 董事會會議通告 浪潮數字企業技術有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二 零二五年三月三十一日（星期一）舉行董事會會議，藉以通過（其中包括）本公司及其 附屬公司（「本集團」）截至二零二四年十二月三十一日止年度已審核之全年業績及考 慮派發末期股息（如有）。 承董事會命 浪潮數字企業技術有限公司 主席 趙震 香港，二零二五年三月十八日 於本公佈日期，董事會成員包括執行董事趙震先生、王玉森先生及崔洪志先生、非執行董事李春香 女士先生及獨立非執行董事黃烈初先生、張瑞君女士及丁香乾先生。 ...