Investment Rating - The report gives a "Buy" rating to the company, indicating a potential upside of more than 15% relative to the relevant market index [7] Core Views - The company's performance is under short-term pressure but is expected to benefit from improvements in the IT services sector [2] - In 2023, the company achieved revenue of 6.723 billion yuan, a year-on-year decrease of 30.26%, and a net loss attributable to the parent company of 233 million yuan [1] - In Q1 2024, the company's revenue was 703 million yuan, down 42.32% year-on-year, with a net loss attributable to the parent company of 111 million yuan [1] - The company's subsidiary, Kirin Software, achieved revenue of 1.273 billion yuan in 2023, a year-on-year increase of 10.16%, and a net profit of 422 million yuan, up 28.26% [3] Financial Performance - The company's revenue is expected to grow to 8.24 billion yuan in 2024, 10.056 billion yuan in 2025, and 12.168 billion yuan in 2026, with year-on-year growth rates of 22.6%, 22.0%, and 21.0% respectively [2] - Net profit attributable to the parent company is forecasted to be 135 million yuan in 2024, 186 million yuan in 2025, and 246 million yuan in 2026 [2] - The company's gross margin was 36.9% in 2023, with a slight decrease expected to 35.9% in 2024 and 2025, and 35.6% in 2026 [2] - ROE is projected to improve from -10.2% in 2023 to 5.4% in 2024, 7.1% in 2025, and 8.6% in 2026 [2] Business Segments - In 2023, the company's self-developed software products generated revenue of 1.637 billion yuan, a year-on-year increase of 2.61% [2] - Industry solutions contributed 3.451 billion yuan in revenue, down 40.41% year-on-year, while service-based business revenue was 1.6 billion yuan, a decrease of 28.05% [2] Valuation Metrics - The company's PE ratio is expected to be 201.6 in 2024, 146.6 in 2025, and 110.8 in 2026 [2] - The PB ratio is forecasted to decrease from 12.0 in 2023 to 10.9 in 2024, 10.4 in 2025, and 9.6 in 2026 [5] Cash Flow and Balance Sheet - The company's operating cash flow was -495 million yuan in 2023, but is expected to turn positive to 439 million yuan in 2024 [5] - Total assets are projected to grow from 9.256 billion yuan in 2023 to 13.017 billion yuan in 2026 [5] - The company's debt-to-asset ratio was 63.0% in 2023 and is expected to decrease slightly to 61.8% by 2026 [5]

Summary of China Software's 2023 Earnings Call Company Overview - **Company**: China Software and Technology Service Co., Ltd. - **Industry**: Software Industry - **Founded**: 1980 - **Stock Exchange**: Listed on Shanghai Stock Exchange - **Business Segments**: Basic software, tax business solutions, high-tech electronics Core Points and Arguments - **Performance Overview**: In 2023, the company faced challenges with a revenue of 6.723 billion yuan, a year-on-year decrease of 30.26% [4][6]. - **Strategic Focus**: The company is concentrating on specific sectors such as finance, customs, and taxation, aiming to provide innovative information solutions [2][3]. - **Response to National Strategy**: The company is aligning its operations with national strategies for optimizing state-owned enterprises and structural adjustments, emphasizing technology research and development [2][3]. - **Product Development**: The company has successfully built a complete product chain targeting key areas such as government services, enhancing its market competitiveness [4][6]. - **Investment in R&D**: Plans to increase R&D investment and improve business structure to achieve sustainable long-term growth [2][4]. Financial Highlights - **Revenue Breakdown**: - Self-developed software products: 1.637 billion yuan, up 2.61% year-on-year, with a gross margin of 75.08% [7]. - Industry solutions: 3.451 billion yuan, down 40.41% year-on-year, with a gross margin of 9.66% [7]. - Service industry: 1.6 billion yuan, down 28.05% year-on-year, with a gross margin of 55.44% [7]. - **Net Profit**: The net profit attributable to the parent company was -233 million yuan, a decrease of 606.53% year-on-year [6]. Future Outlook - **2024 Revenue Target**: The company aims to achieve a revenue of 6 billion yuan in 2024, with a cautionary note that this is not a performance commitment to investors [6]. - **Focus on Professional Development**: The company will continue to enhance operational efficiency and strengthen its professional development path [6]. Additional Important Points - **Kirin Software Achievements**: Kirin Software has made significant advancements in the operating system sector, maintaining a leading position in the Chinese market [5]. - **Independent Directors' Role**: The new independent director emphasized the importance of independent oversight and governance, ensuring the protection of shareholder rights [8]. This summary encapsulates the key insights from the earnings call, highlighting the company's strategic direction, financial performance, and future plans.

Summary of the Conference Call Company Overview - The conference call is hosted by China Software, focusing on the 2023 annual performance report [1] Key Points and Arguments - The meeting is conducted in a video live-streaming format, allowing for interactive communication with investors and supporters [1] Other Important Content - The call emphasizes the company's commitment to engaging with its stakeholders and providing transparency regarding its performance [1]

Investment Rating - The investment rating for the company is currently not explicitly stated in the provided content, but it suggests maintaining attention due to the company's leading position in the domestic operating system market [6]. Core Viewpoints - The company experienced a significant decline in revenue and profit in 2023, with a revenue of 6.723 billion yuan, down 30.26% year-on-year, and a net profit of -233 million yuan, indicating a shift from profit to loss [2]. - The company plans to raise 2 billion yuan through a private placement to enhance the core competitiveness of its operating system [5]. - The company’s self-developed software revenue showed a slight increase, while industry solutions and service businesses faced substantial declines [3]. - The company’s operating system, Kirin, continues to lead the Chinese Linux market, achieving a revenue of 1.273 billion yuan in 2023, up 10.16% year-on-year [4]. Financial Performance Summary - In 2023, the company reported a revenue of 6.723 billion yuan, with a gross margin of 36.89%, an increase of 5.47 percentage points year-on-year [2]. - The first quarter of 2024 saw a revenue of 703 million yuan, down 42.32% year-on-year, but the net loss narrowed to -111 million yuan [2]. - The forecast for 2024-2026 indicates expected revenues of 6.038 billion yuan, 6.431 billion yuan, and 7.019 billion yuan, with year-on-year growth rates of -10.19%, 6.51%, and 9.14% respectively [6]. - The projected net profit for 2024 is expected to be 114 million yuan, transitioning from loss to profit, with subsequent years showing significant growth [6]. Market Position and Strategy - The Kirin software operating system has maintained its leading market share in China for 12 consecutive years, with significant breakthroughs in key industries such as government, finance, and energy [4]. - The company is focusing on enhancing its operating system capabilities through targeted investments in product development [5].

证券代码：600536 证券简称：中国软件 公告编号：2024-050 中国软件与技术服务股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2024 年 5 月 16 日 （二）股东大会召开的地点：北京市海淀区学院南路 55 号中软大厦 C 座 1 层第一会议室。 （五）公司董事、监事和董事会秘书的出席情况 1、公司在任董事 7 人，出席 3 人，董事张尼先生，独立董事陈尚义先生、 李新明先生、宗刚先生因工作原因未出席； 2、公司在任监事 3 人，出席 1 人，监事会主席高慕群女士、监事唐大龙先 生因工作原因未出席； （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 421 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 338,450,607 | | 3、出席会议的股东所持有表决权股份数占 ...

北京市金杜律师事务所 关于中国软件与技术服务股份有限公司 2023 年年度股东大会的 法律意见书 致：中国软件与技术服务股份有限公司 北京市金杜律师事务所（以下简称本所）接受中国软件与技术服务股份有限公司 （以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上 市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）等中华人民 共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政 区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法规、规章、规范 性文件和现行有效的《中国软件与技术服务股份有限公司章程》（以下简称《公司章 程》）有关规定，指派律师出席了公司于 2024 年 5 月 16 日召开的 2023 年年度股 东大会（以下简称本次股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年第三次临时股东大会审议通过的《公司章程》； 2. 公司 2024 年 4 月 26 日刊登 ...

证券代码：600536 证券简称：中国软件 公告编号：2024-049 中国软件与技术服务股份有限公司 关于召开 2023 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 05 月 10 日(星期五) 至 05 月 16 日(星期四)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 cssnet@css.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 中国软件与技术服务股份有限公司（以下简称"公司"）已于 2024 年 4 月 26 日发布公司 2023 年年度报告，为便于广大投资者更全面深入地了解公司 2023 年度经营成果、财务状况，公司计划于 2024 年 05 月 17 日 上午 10:00- 11:30 举行 2023 年度业绩说明会，就投资者关心的问题进行交流。 会议召开时间：2024 年 ...

中国软件与技术服务股份有限公司 2023 年年度股东大会会议资料 中国软件与技术服务股份有限公司 2023 年年度股东大会会议资料 二○二四年五月十六日 中国软件与技术服务股份有限公司 2023 年年度股东大会会议资料 | | | | 目 | 录 | | - | 1 - | | --- | --- | --- | --- | --- | | | 会议议程 | | - | 2 - | | | 会议须知 | | - | 4 - | | 议案 | 1、《2023 年度财务决算报告》 | | - | 5 - | | 议案 | 2、独立董事 2023 年度述职报告 | | - | 6 - | | 议案 | 3、关于确认公司董事、监事 2023 年度在公司领取报酬情况的议案 - | | | 26 - | | 议案 | 4、《2023 年度董事会工作报告》 - | | | 27 - | | 议案 | 5、《2023 年度监事会工作报告》 - | | | 40 - | | 议案 | 6、《2023 年年度报告》 - | | | 43 - | | 议案 | 7、关于 年日常关联交易预计的议案 - | 2024 | | 44 - ...

证券代码：600536 证券简称：中国软件 公告编号：2024-047 中国软件与技术服务股份有限公司 关于以集中竞价交易方式回购股份暨回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 的公告》。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购期间应当在首次回购股份事实发生的次 日披露进展情况，并在每个月的前三个交易日内披露截至上月末的回购进展情况。 二、 回购股份的进展情况 公司截至上月末的回购进展如下: 2024 年 4 月，公司通过集中竞价交易方式回购公司股份 0 股。 截至 2024 年 4 月底，累计回购公司股份 3,104,143 股，已回购股份占公司当 前总股本的比例为 0.36%，购买的最高成交价为 33 元/股，最低成交价为 30.84 元 /股，已支付的总金额为 9,997.21 万元（不含交易佣金等交易费用）。 | 回购方案首次披露日 | 2024/2/7 | | --- | --- | | 回购方案实施期限 | ...

公司本次发行的总体方案需在获得公司 2023 年度股东大会的审议批准、上 海证券交易所审核通过和中国证券监督管理委员会同意发行注册后方可实施。公 司将根据本次发行的进展情况，严格按照相关法律法规的规定和要求及时履行信 息披露义务，敬请广大投资者注意投资风险。 特此公告。 中国软件与技术服务股份有限公司董事会 证券代码：600536 证券简称：中国软件 公告编号：2024-048 中国软件与技术服务股份有限公司 关于向特定对象发行 A 股股票获中国电子批复的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国软件与技术服务股份有限公司（简称"公司"或"中国软件"）于 2024 年 5 月 7 日收到公司实际控制人中国电子信息产业集团有限公司（简称"中国电 子"或"集团公司"）出具的《关于同意中国软件向特定对象发行股票的批复》， 同意公司非公开发行股票的方案，按照公司董事会决议公告日为定价基准日，发 行价格为 22.19 元/股，发行股数不超过 90,130,689 股（最终认购额度根据实际 发行股价确定），发行金额不超过 ...