Investment Rating - The report maintains a "Buy" rating for Runhe Software (300339 SZ) [2][4] Core Views - Runhe Software is a core partner of Huawei, with its independent innovation business around OpenHarmony and openEuler expected to grow rapidly [4] - The company's innovation business achieved sales revenue of approximately 481 million yuan in 2023, a year-on-year increase of 43 58%, accounting for 15 49% of total revenue [7] - The innovation business is expected to continue to expand and become the main driver of the next growth cycle [7] Financial Performance - In 2023, the company achieved operating revenue of 3 106 billion yuan, a year-on-year increase of 4 42%, and net profit attributable to the parent company of 164 million yuan, a year-on-year increase of 55 24% [5] - In Q1 2024, the company achieved operating revenue of 770 million yuan, a year-on-year increase of 4 49%, and net profit attributable to the parent company of 26 million yuan, a year-on-year decrease of 29 40% [5] - The company is expected to achieve net profit attributable to the parent company of 286 million yuan, 383 million yuan, and 495 million yuan in 2024, 2025, and 2026, respectively, with EPS of 0 36 yuan, 0 48 yuan, and 0 62 yuan per share [4] Innovation Business Progress - The company has made significant progress in product iteration and commercialization of its innovation business, particularly in OpenHarmony and openEuler [6] - The company has developed AI central platform-level products and industry-specific AI solutions, including NLP, CV, and cross-modal models [6] - The company's subsidiary, Run Kaihong, signed a strategic cooperation agreement with Ant Digital Technology to accelerate the commercialization of HarmonyOS [6] Financial Forecasts - The company's operating revenue is expected to grow from 3 106 billion yuan in 2023 to 5 877 billion yuan in 2026, with a CAGR of 24 3% [8] - The gross profit margin is expected to increase from 25 4% in 2023 to 27 5% in 2026, while the net profit margin is expected to rise from 5 3% to 8 4% over the same period [8] - The ROE is projected to increase from 4 9% in 2023 to 11 0% in 2026 [8]

2024 年 04 月 27 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 创新业务高增，受益鸿蒙生态加速发展 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn ——润和软件（ ） 年年报 年 300339 2023 &2024 一季报点评 事件 : 最近一年走势 2024年4月24日，公司发布2023年年报和2024年一季报。 2023年公司实现营收31.06亿元，同比+4.42%，归母净利润1.64亿元， 同比+55.24%；扣非后归母净利润0.56亿元，同比转正； 2024Q1，公司实现营收7.70亿元，同比+4.49%；归母净利润0.26亿元， 同比-29.40%；扣非后归母净利润0.21亿元，同比+22.79%。 投资要点 :  2023年公司控费能力提升，净利率增幅明显 相对沪深300表现 2024/04/26 2023年公司销售毛利率为25.4%，同比+0.7pct，毛利率提升的原因 表现 1M 3M 12M 主要系智能物联及智慧能源信息化业务毛利率提升明显；公司销售/管理/ 润和软件 -0.0% -0.6% 2.3% 研发费 ...

证券代码：300339 证券简称：润和软件 公告编号：2024-037 江苏润和软件股份有限公司 关于第二期员工持股计划第一个锁定期届满的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 江苏润和软件股份有限公司（以下简称"公司"、"本公司"、"润和软件"） 于2022年1月4日召开第六届董事会第十六次会议、第六届监事会第十四次会议， 并于2022年1月25日召开2022年第一次临时股东大会审议通过了《关于<江苏润和 软件股份有限公司第二期员工持股计划（草案）>及其摘要的议案》《关于<江苏 润和软件股份有限公司第二期员工持股计划管理办法>的议案》《关于提请股东 大会授权董事会全权办理公司员工持股计划相关事宜的议案》等相关议案，同意 公司实施第二期员工持股计划（以下简称"本员工持股计划"），并授权董事会 全权办理与本员工持股计划相关的事宜。公司于2023年2月20日召开了第六届董 事会第二十八次会议，并于2023年3月10日召开了2023年第一次临时股东大会， 审议通过了《关于修订公司第二期员工持股计划有关事项的议案》。以上具体内 容详见公司于2022 ...

江苏润和软件股份有限公司 章 程 二○二四年四月 1 | 第一章 | 则 总 | 3 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 4 | | 第三章 | 股份 | 4 | | 第一节 | | 股份发行 4 | | 第二节 | | 股份增减和回购 5 | | 第三节 | | 股份转让 6 | | 第四章 | | 股东和股东大会 7 | | 第一节 | | 股东 7 | | 第二节 | | 股东大会的一般规定 9 | | 第三节 | | 股东大会的召集 11 | | 第四节 | | 股东大会的提案与通知 13 | | 第五节 | | 股东大会的召开 14 | | 第六节 | | 股东大会的表决和决议 17 | | 第五章 | 董事会 | 21 | | 第一节 | | 董事 21 | | 第二节 | | 董事会 24 | | 第六章 | | 总裁及其他高级管理人员 28 | | 第七章 | 监事会 | 30 | | 第一节 | | 监事 30 | | 第二节 | | 监事会 30 | | 第八章 | | 财务会计制度、利润分配和审计 32 | | 第一节 | | 财务会计制度 3 ...

信永中和会计师事务所 北 京 市 东 城 区 朝 阳 门 北 大 街 8号 富 华 大 厦 A座 9层 联系电话: telephone: 江苏润和软件股份有限公司 2023 年 12 月 31 日 内部控制鉴证报告 | 索引 | 页码 | | --- | --- | | 内部控制鉴证报告 | 1-2 | | 内部控制自我评价报告 | 1-16 | +86(010)6554 2288 +86(010)6554 2288 certified public accountants 9/F, Block A, Fu Hua Mansion, No.8, ChaoyangmenBeidajie, Dongcheng District, Beij ing , 100027, P.R.China 传真: facsimile: +86(010)6554 7190 +86(010)6554 7190 11194/24/202419 内部控制鉴证报告 XYZH/2024NJAA2B0057 江苏润和软件股份有限公司 江苏润和软件股份有限公司全体股东： 我们接受委托，对后附的江苏润和软件股份有限公司（以下简称润和软件）董 事会按照 ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2023, representing a year-on-year increase of 15%[8]. - The net profit attributable to shareholders was RMB 200 million, which is a 10% increase compared to the previous year[8]. - The company's operating revenue for 2023 was ¥3,106,224,652.97, representing a 4.42% increase compared to ¥2,974,714,403.62 in 2022[14]. - The net profit attributable to shareholders for 2023 was ¥163,799,122.03, a significant increase of 55.24% from ¥105,410,115.26 in 2022[14]. - The net cash flow from operating activities for 2023 was ¥136,756,104.86, up 50.63% from ¥90,791,652.41 in 2022[14]. - The total assets of the company increased to RMB 3 billion, up 12% from the previous year[8]. - The total profit of the software industry reached 145.91 billion yuan in 2023, with a year-on-year increase of 13.6%[23]. - The company achieved total operating revenue of 3,106.22 million yuan, a year-on-year increase of 4.42%[107]. - The net profit attributable to shareholders was 163.80 million yuan, representing a year-on-year growth of 55.24%[107]. User Growth and Market Expansion - User data showed an increase in active users by 25%, reaching a total of 5 million users by the end of 2023[8]. - The company is expanding its market presence in Southeast Asia, with plans to establish two new offices in Singapore and Malaysia by mid-2024[8]. - The company plans to expand its overseas market presence and focus on large client strategies in 2024, targeting licensed financial clients in banking, insurance, and securities[31]. - The company is targeting an increase in market share by 5% in the next fiscal year through strategic partnerships[106]. Research and Development - The company plans to invest RMB 300 million in research and development for new products and technologies in 2024[8]. - The company reported a research and development (R&D) expenditure of approximately ¥370.35 million in 2023, which accounts for 11.92% of its operating revenue[72]. - The company aims to enhance its R&D capabilities, with a planned investment of 100 million yuan in new technologies over the next two years[103]. - The company has developed an AI-powered automated testing platform, significantly improving testing efficiency and accuracy[49]. Strategic Initiatives and Acquisitions - A strategic acquisition of a local software firm was completed for RMB 150 million, aimed at enhancing product offerings[8]. - The company has initiated a merger with a smaller tech firm, which is expected to enhance its product offerings and increase overall market competitiveness[102]. - The company completed a significant equity transfer of 4,000,000 RMB for a 8.82% stake in Aotuku Intelligent Technology, contributing a net profit of 1,446,320 RMB prior to the sale[88]. Future Guidance - Future guidance indicates expected revenue growth of 20% for 2024, targeting RMB 1.44 billion[8]. - The company provided a positive outlook for 2024, projecting a revenue growth of 18% and aiming to reach 1.42 billion yuan[104]. - The company aims to improve operational efficiency, targeting a reduction in costs by 10% through process optimization in 2024[104]. Corporate Governance and Shareholder Engagement - The governance structure has been improved to ensure clear responsibilities and effective decision-making processes, enhancing shareholder rights protection[109]. - The company emphasizes transparent and timely information disclosure to build market confidence and support investor decision-making[109]. - The company has established a robust internal management and control system to promote healthy development and protect shareholder rights[112]. - The company has implemented a performance evaluation and incentive mechanism for its board members and senior management, aligning with its development status[112]. Sustainability and Corporate Social Responsibility - The company is committed to reducing carbon emissions through innovative energy solutions, integrating renewable energy sources and IoT for efficient energy management[35]. - The company actively fulfills its corporate social responsibility while ensuring economic benefits[168]. - The company has not engaged in poverty alleviation or rural revitalization efforts during the reporting period[169]. Financial Management and Cash Flow - The company reported a strong cash flow position, with cash reserves of 300 million yuan, providing a solid foundation for future investments[105]. - The net cash flow from investment activities improved by 59.77% in 2023, attributed to increased cash received from the transfer of equity interests in associates and reduced cash payments for fixed assets and intangible assets[77]. - The company has committed to distributing at least 20% of its annual distributable profits in cash to shareholders[180]. Employee Management and Development - The total employee count at the end of the reporting period was 11,938, with 11,153 being technical personnel, representing 93.5% of the total[145]. - The company has established a high-efficiency human resources system, including employee career development and incentive mechanisms, to retain talent[94]. - The company plans to focus on training in innovative business areas, particularly in OpenHarmony and AI technologies, as part of its employee development strategy[148]. Related Party Transactions and Compliance - The company guarantees that its subsidiaries will maintain independent financial departments and accounting systems post-transaction completion[178]. - The company has committed to reducing and regulating related party transactions post-transaction completion, ensuring fair pricing in accordance with independent third-party transactions[176]. - The company has stated that there are no non-operating fund occupations by major shareholders during the reporting period[181].

江苏润和软件股份有限公司 2024 年第一季度报告 1 证券代码：300339 证券简称：润和软件 公告编号：2024-031 江苏润和软件股份有限公司 2024 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第一季度报告是否经过审计 □是 否 江苏润和软件股份有限公司 2024 年第一季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | |----------------------------------------------------|------------------|------------------|------------------------ ...

证券代码：300339 证券简称：润和软件 公告编号：2024-029 江苏润和软件股份有限公司 关于公司为子公司向银行申请综合授信提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 为发挥子公司市场融资功能，满足其正常生产经营需要，江苏润和软件股份 有限公司（以下简称"公司"或者"润和软件"）将根据子公司北京捷科智诚科 技有限公司（以下简称"捷科智诚"）、北京联创智融信息技术有限公司（以下 简称"联创智融"）、上海润和信息技术服务有限公司（以下简称"上海润和"） 及西安润和软件信息技术有限公司（以下简称"西安润和"）的实际情况及银行 要求，对捷科智诚、联创智融、上海润和及西安润和 2024 年度向银行申请综合 授信额度分别提供不超过人民币 3 亿元、1 亿元、1 亿元及 1 亿元的担保，提供 担保的方式均为保证担保。担保期限均为自 2023 年年度股东大会审议通过本议 案之日起至 2024 年年度股东大会召开前一日止。公司拟授权董事长或其指定的 授权代理人办理上述事宜，签署相关法律文件。 2024 年 4 月 24 日，公司召开 ...

江苏润和软件股份有限公司 董事会战略委员会工作细则 第一章 总则 第一条 为适应公司战略发展需要，增强公司核心竞争力，确定公司发展规 划，健全投资决策程序，加强决策科学性，提高重大投资决策的效益和决策的质 量，完善公司的治理结构，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司治理准则》、《江苏润和软件股份有限公司章程》（以下 简称"《公司章程》"）等有关法律、法规和规范性文件的有关规定，江苏润 和软件股份有限公司（以下简称"公司"）特设立董事会战略委员会，并制 定本工作细则。 第二条 董事会战略委员会是董事会设立的专门工作机构，主要负责对公司 长期发展战略和重大投资决策进行研究并提出建议。 第二章 人员组成 第三条 战略委员会成员由三名董事组成。 第四条 战略委员会委员由董事长、二分之一以上独立董事或者全体董事 的三分之一以上提名，并经董事会选举产生。 第六条 战略委员会任期与董事会任期一致。委员任期届满，连选可以连 任。期间如有委员不再担任公司董事职务，自动失去委员资格，并由委员会根据 上述第三至第五规定补足委员人数。 第七条 战略委员会下设投资评审小组，由公司总裁担任评审小组组长，另 ...

证券代码：300339 证券简称：润和软件 公告编号：2024-024 江苏润和软件股份有限公司 第七届监事会第七次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 江苏润和软件股份有限公司（以下简称"公司"、"润和软件"）第七届监 事会第七次会议于2024年4月24日上午11:00在公司会议室以现场表决方式召开， 会议通知及相关资料于2024年4月14日以电话、邮件、专人送达等方式发出，全 体监事已经知悉本次会议所议事项。本次会议应出席监事3人，实际出席3人，会 议由公司监事会主席赵澍先生主持。本次会议的召集、召开符合法律、行政法规、 部门规章和《公司章程》的有关规定。与会监事认真审议，形成如下决议： 一、审议通过《2023年度监事会工作报告》。 具体内容请详见公司于 2024 年 4 月 25 日在中国证监会指定的创业板信息 披露网站披露的《2023 年度监事会工作报告》。 本议案需提请公司 2023 年年度股东大会审议。 表决情况：同意 3 票，反对 0 票，弃权 0 票。表决结果：通过。 二、审议通过《2023年年度报告及其摘要》。 本议案 ...