Investment Rating - The report maintains a "Buy" rating for the company, with a recommendation to "Increase Holdings" [2][3]. Core Insights - The company completed the acquisition of Tongfang Computer, enhancing its hardware and software integration capabilities within the Huawei ecosystem. This strategic move aims to develop integrated intelligent computing solutions for both B-end and C-end markets [1]. - In 2023, the company reported a revenue of 17.581 billion yuan, a year-on-year decline of 8.0%, and a net profit attributable to shareholders of 534 million yuan, down 45.1%. However, in Q1 2024, revenue increased by 29.65% year-on-year to 5.449 billion yuan, although the net profit was a loss of 277 million yuan [3][4]. - The consulting and solutions segment showed growth, with a revenue of 1.319 billion yuan in 2023, up 24.08% year-on-year. However, the general technical services segment saw a decline of 16.43% [3]. Financial Summary - For the fiscal year 2023, the company achieved a gross margin of 19.3%, which is a decrease of 2.00 percentage points year-on-year. The overall expense ratio was 16.65%, slightly down by 0.03 percentage points [2][4]. - The forecast for net profit attributable to shareholders for 2024-2026 is projected at 657 million yuan, 788 million yuan, and 945 million yuan, respectively, indicating a recovery trend [3][4]. - The company's earnings per share (EPS) for 2023 was 0.56 yuan, with projections of 0.69 yuan for 2024, 0.83 yuan for 2025, and 0.99 yuan for 2026 [2][4].

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [1][8]. Core Insights - The company has shown resilience in its digital innovation business despite external challenges, with a new integrated "software service + computing power product" business model expected to enhance overall technical service solutions and market expansion capabilities [3][4]. - The company reported a revenue of 17.581 billion yuan in 2023, a decrease of 7.97%, while the net profit attributable to shareholders was approximately 534 million yuan, reflecting a significant decline of 45.15% [1]. - For Q1 2024, the company achieved a revenue of 5.449 billion yuan, marking a growth of 29.65%, although the net profit attributable to shareholders was a loss of 277 million yuan, a drastic decline of 557.51% [1]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 29.66 billion yuan, 32.70 billion yuan, and 36.83 billion yuan, respectively, with corresponding growth rates of 68.71%, 10.24%, and 12.65% [3][4]. - The net profit attributable to shareholders is expected to be 675 million yuan in 2024, 770 million yuan in 2025, and 1.022 billion yuan in 2026, with growth rates of 26.38%, 14.05%, and 32.82% respectively [4][6]. Business Development - The company is actively expanding its overseas business in markets such as the UAE, Saudi Arabia, and Vietnam, and has established a strong presence in Singapore and Malaysia [1]. - The company has successfully secured major contracts, including a significant share in the centralized procurement project for PC servers by China Mobile in 2024, indicating a robust market position in the smart computing sector [1][2]. Strategic Initiatives - The company has formed strategic partnerships and established a wholly-owned subsidiary in Liaoning to develop virtual power plants and charging stations, aiming to become a leading provider of integrated computing power services in China [2]. - The company is focusing on enhancing its domestic software and hardware ecosystem, actively participating in digital energy and intelligent computing services [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company faced pressure in Q1 2024, with a focus on four major business growth strategies: consulting and digital technology services, computing products and digital infrastructure, digital energy and intelligent computing services, and internationalization [1][4] - The company reported a revenue of 175.81 billion yuan in 2023, a year-on-year decrease of 7.97%, and a net profit attributable to shareholders of 5.34 billion yuan, down 45.15% year-on-year [4][5] - In Q1 2024, the company achieved a revenue of 54.49 billion yuan, a year-on-year increase of 29.65%, but reported a net loss of 277 million yuan, a significant decline of 557.51% year-on-year [4][5] Summary by Sections Financial Performance - The company’s gross profit margin for 2023 was 19.26%, a decrease of 2 percentage points year-on-year [5] - The sales, management, and R&D expense ratios were 3.29%, 7.82%, and 5.44%, respectively, with slight increases in sales and management expenses due to marketing capability expansion in over 40 key cities [5] - The company completed the consolidation of Tongfang Computer and Tongfang International in Q1 2024, driving high revenue growth, although hardware business impacted overall gross margin, which was 10.7% in Q1 2024, down 7.56 percentage points year-on-year [5] Business Strategy - The company has established a robust digital innovation business, with 2023 revenue of 83.48 billion yuan, including consulting and solution services revenue of 13.19 billion yuan, up 24.08% year-on-year [4][5] - In the strategic emerging industry sector, the company generated 64.11 billion yuan in revenue in 2023, with financial technology business revenue of 40.42 billion yuan, an increase of 6.31% year-on-year [4][5] Future Outlook - The company is expected to achieve revenues of 300.78 billion yuan, 339.30 billion yuan, and 381.91 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 6.51 billion yuan, 9.99 billion yuan, and 13.06 billion yuan [7][9] - The projected EPS for 2024, 2025, and 2026 is 0.68 yuan, 1.05 yuan, and 1.37 yuan per share, respectively, with corresponding P/E ratios of 62, 40, and 31 times [7][9]

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - The company achieved a revenue of 17.581 billion yuan in 2023, with a net profit attributable to shareholders of 534 million yuan, and a net profit of 5.449 billion yuan in Q1 2024, showing a year-on-year growth of 29.65% [2][3]. - The company is focusing on a fully integrated development model for domestic software and hardware, launching several self-developed products and solutions in collaboration with leading enterprises [2][3]. - The company is actively pursuing digital innovation and strategic emerging industries, with a significant increase in contract liabilities by 136.38% compared to the beginning of the year, indicating a positive trend for business development in 2024 [3]. Financial Performance Summary - In 2023, the company reported total revenue of 17.581 billion yuan, a decrease of 8% year-on-year, while the net profit attributable to shareholders fell by 45.1% to 534 million yuan [4][8]. - Forecasts for 2024 to 2026 predict revenues of 30.766 billion yuan, 36.996 billion yuan, and 44.525 billion yuan respectively, with expected growth rates of 75%, 20.3%, and 20.4% [4][8]. - The projected net profit for 2024 is 770 million yuan, with a growth rate of 44.3%, and is expected to reach 1.417 billion yuan by 2026 [4][8].

计算机/IT服务Ⅱ 公 司 研 软通动力（301236.SZ） 2024Q1 收入高速增长，战略新兴行业拓展成效显著 究 2024年04月29日 ——公司信息更新报告 投资评级：买入（维持） 陈宝健（分析师） 刘逍遥（分析师） chenbaojian@kysec.cn liuxiaoyao@kysec.cn 日期 2024/4/26 证 书编号：S0790520080001 证书编号：S0790520090001 当前股价(元) 44.42  国内领先的软件与信息技术服务商，维持“买入”评级 公 一年最高最低(元) 55.88/19.05 考虑下游行业景气度影响，我们下调公司2024-2025年归母净利润预测为6.54、 司 信 总市值(亿元) 423.30 8.17亿元（原预测为10.69、12.87亿元），新增2026年预测为10.03亿元，EPS 息 流通市值(亿元) 302.20 分别为0.69、0.86、1.05元/股，当前股价对应PE分别64.7、51.8、42.2倍。考 更 总股本(亿股) 9.53 虑公司在围绕华为生态在信创领域的前瞻布局，维持“买入”评级。 新 报 流通股本(亿股) 6.8 ...

上 市 公 司 计算机 2024 年04月 27 日 软通动力 (301236) 公 司 研 究 —— 23 年现金流亮眼，鸿蒙+计算战略坚定推进 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  公告： 根据年报，2023年软通动力实现营业收入175.8亿元（-8%），归母净利润5.3亿元（-45.2%）。 2023Q4实现营业收入 47.5亿元（-3.4%），归母净利润 1.8亿元（-39.7%）。2024Q1实现营业 证 市场数据： 2024年04月26日 收入54.5亿元（+29.7%），归母净利润-2.8亿元（盈转亏）。业绩略低于预期。 券 收盘价（元） 44.42 研 一年内最高/最低（元） 55.88/19.05  2023 年收入下滑主要系通讯设备行业、互联网行业的传统 IT外包业务下滑。根据年报，23年通讯 究 市净率 4.1 报 息率（分红/股价） - 设备行业收入70.5亿元（-18.4%），互联网行业收入32.9亿元（-9.3%）。通讯行业最大客户华为 告 流通A股市值（百万元） 30220 23H1外包存在降价情况，导致收入下滑，互联网行业主要系其BPO ...

1 目录 Contents | 关于本报告 | 01 | | --- | --- | | 董事长寄语 | 03 | | 关于我们 | 05 | | 年度荣誉 | 07 | | 年度 ESG 绩效 | 09 | | 可持续发展治理 | 11 | | 展望 | 85 | | 指标索引表 | 86 | 创新赋能 数智未来 | 持续研发创新 | 21 | | --- | --- | | 共建数字生态 | 25 | 15 39 65 | 创造数字价值 | 17 | 应对气候变化 | 41 | 培育数字人才 | 67 | | --- | --- | --- | --- | --- | --- | | 持续研发创新 | 21 | 把握清洁机遇 | 43 | 开展公益志愿 | 69 | 提供卓越服务 员工培育与发展 数据安全和隐私 人才吸引与留任 完善公司治理 27 49 75 安全可信 品质服务 凝才聚力 携手前行 高效治理 稳健致远 29 51 77 健康安全与关怀 35 57 62 低碳发展 绿色运营 美好社区 和谐共融 | 43 | 69 | | --- | --- | | 73 | 助力乡村振兴 | 恪守商业道德 ...

软通动力信息技术（集团）股份有限公司 会计师事务所选聘制度 第一章 总则 第一条 为规范软通动力信息技术（集团）股份有限公司（以下简称"公司"）选聘（含 续聘、改聘，下同）执行财务报表审计业务的会计师事务所相关行为，明确选聘会计师事 务所的政策、流程及相关内部控制制度，保证财务信息质量，维护股东利益，根据《国有 企业、上市公司选聘会计师事务所管理办法》以及证券监督管理部门的相关要求，结合公 司实际情况，制定本制度。 第二条 公司选聘执行财务报表审计业务的会计师事务所，应当遵照本制度，履行选聘 程序，披露相关信息。选聘其他专项审计业务的会计师事务所，视重要程度可参照本制度 执行。 第三条 公司选聘会计师事务应当由审计委员会审议同意后，提交董事会审议，并由股 东大会决定。在公司董事会、股东大会审议批准前，公司不得聘请会计师事务所开展财务 报表审计业务。 第四条 公司控股股东、实际控制人不得在公司董事会、股东大会审议前向公司指定会 计师事务所，不得干预审计委员会独立履行审核职责。 第五条 公司选聘的会计师事务所应当具有以下资格： （一）符合《中华人民共和国证券法》规定的从事证券业务的条件； 第二章 会计师事务所执业 ...

软通动力信息技术（集团）股份有限公司 第一章 总则 第一条 为规范软通动力信息技术（集团）股份有限公司（以下简称"公司"） 的对外投资行为，加强公司对外投资管理，防范对外投资风险，保障对外投资安 全，提高对外投资效益，维护公司形象和投资者的利益，依照《中华人民共和国 公司法》（以下简称"《公司法》"）等相关法律、行政法规的规定，证券交易所 制定的相关规则，以及《软通动力信息技术（集团）股份有限公司章程》（以下 简称"《公司章程》"），结合公司的实际情况，制定本办法。 对外投资管理办法 第二条 本办法所称的对外投资是指公司为获取未来收益而将一定数量的 货币资金、股权以及经评估后的实物或无形资产作价出资，对外进行各种形式的 投资活动，包括委托理财、对子公司投资等，设立或者增资全资子公司除外。 第三条 按照对外投资期限的长短，公司对外投资分为短期投资和长期投 资。 短期投资主要指：公司购入的能随时变现且持有时间不超过一年（含一年） 的投资，包括各种股票、债券、基金等。 长期投资主要指：公司出资的不能随时变现或不准备变现的持有时间超过一 年的各种投资，包括债券投资、股权投资和其他投资等。包括但不限于下列类型： （一） ...

证券代码：301236 证券简称：软通动力 公告编号：2024-035 软通动力信息技术（集团）股份有限公司 关于公司会计政策变更的公告 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。 软通动力信息技术（集团）股份有限公司（以下简称"公司"）根据中华人民 共和国财政部（以下简称"财政部"）颁布的《企业会计准则解释第 17 号》（财会 〔2023〕21 号，以下简称"《准则解释第 17 号》"）的要求变更会计政策。本次会 计政策变更是公司根据法律法规和国家统一的会计制度要求进行的变更，无需提 交公司董事会和股东大会审议，不会对公司财务状况、经营成果和现金流量产生 重大影响。现将具体情况公告如下： 一、本次会计政策变更概述 二、本次会计政策变更的主要内容 （一）变更原因及日期 2023 年 10 月 25 日，财政部发布了《准则解释第 17 号》，《准则解释第 17 号》解释要求"关于流动负债与非流动负债的划分"、"关于供应商融资安排的披 露"、"关于售后租回交易的会计处理"内容自 2024 年 1 月 1 日起施行。由于上述 会计准则解释的发布，公司需对会计政策 ...