Investment Rating - The report maintains a "Buy" rating for the company [7] Core Viewpoints - The upcoming Huawei Developer Conference from June 21-24, 2024, is expected to showcase significant advancements, including the Beta version of HarmonyOS and the Pangu Model 5.0, which may enhance the recognition and adoption of HarmonyOS and OpenHarmony [7][8] - The company has recently won a bid for the Southern Power Grid's open-source Harmony project, indicating its strong position in the market [7][8] - The acquisition of Tongfang Computer is expected to strengthen the company's resource capabilities and contribute to revenue growth through new product launches and collaborations [8] Financial Summary - The company reported total revenue of 17,581 million in 2023, with a projected increase to 28,959 million in 2024, reflecting a year-on-year growth rate of 64.7% [9] - The net profit attributable to the parent company is expected to recover from a loss of 277 million in 2024 to 699 million in 2025, with a steady growth forecast thereafter [9][10] - Earnings per share are projected to rise from -0.29 in 2024 to 0.73 in 2025, indicating a positive turnaround [9][10]

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage [1][3]. Core Insights - The company is a leading digital technology service provider in China, primarily serving major clients like Huawei, Tencent, Baidu, and Alibaba. In 2023, the company reported revenue of 17.581 billion yuan, a decrease of 7.97% year-on-year, and a net profit of 534 million yuan, down 45.15% year-on-year, attributed to global economic downturns and insufficient market demand [2][10]. - The upcoming year 2024 is anticipated to be significant for the HarmonyOS ecosystem, with the release of HarmonyOS NEXT and a growing number of applications being developed for it. The company is positioned as a key partner in this ecosystem [2][24]. - The acquisition of Tongfang has strengthened the company's capabilities in hardware and software integration, enhancing its competitive edge in the market [3][10]. Summary by Sections 1. Company Overview - The company is a top digital technology service provider in China, offering a range of services including general technology services, digital technology services, consulting, and digital operations. It has established partnerships with major tech firms [2][10]. - The company has seen a steady increase in revenue from Huawei, growing from 4.344 billion yuan in 2018 to 6.437 billion yuan in 2023, making it Huawei's largest digital technology service provider [2][10]. 2. HarmonyOS Development - The report highlights that 2024 will be a pivotal year for the HarmonyOS ecosystem, with significant technological advancements and product launches expected. The HarmonyOS NEXT is set to be released in Q4 2024, enhancing the system's performance and security [2][24]. - The market potential for HarmonyOS is vast, with estimates suggesting a market size of 183 billion yuan for PC operating systems and 200 billion yuan for mobile application development [2][32]. 3. Strategic Acquisitions - The acquisition of Tongfang has allowed the company to integrate computing power and software solutions, enhancing its product offerings and market competitiveness [3][10]. - The company is also focusing on various Huawei products, including Euler and Gauss, to diversify its service offerings and improve its market position [2][10]. 4. Financial Projections - The report projects the company's net profit to reach 714 million yuan in 2024, 925 million yuan in 2025, and 1.118 billion yuan in 2026, indicating a positive growth trajectory [1][3].

Investment Rating - The report maintains a "Recommended" rating for the company [2][42]. Core Insights - The company is leveraging Huawei's core technologies to develop domestic foundational software, focusing on the SwanLinkOS operating system and enhancing the HarmonyOS ecosystem [2][9]. - Strategic acquisition of Tongfang Computer aims to create a "soft and hard integration" capability, with significant revenue growth observed in 2023 [2][20]. - The company is advancing towards AI PC development, integrating hardware and AI capabilities, which presents substantial growth potential [2][27]. - The investment suggestion highlights the company's unique positioning in the market, with a projected increase in net profit from 770 million yuan in 2024 to 1.417 billion yuan in 2026 [2][41]. Summary by Sections 1. Development of Domestic Foundational Software - The company is building the SwanLinkOS as a core product, establishing strategic partnerships with leading firms in various industries [2][9]. - The "pure blood Harmony" applications are rapidly growing, contributing to the prosperity of the HarmonyOS ecosystem [2][10]. 2. Strategic Acquisition of Tongfang Computer - The acquisition of Tongfang Computer and Tongfang International has been completed, with both entities showing significant revenue growth in 2023 [2][20]. - Tongfang Computer's revenue increased from 4.02 billion yuan in 2022 to 4.41 billion yuan in 2023, while Tongfang International's revenue surged from 5.45 billion yuan to 9.59 billion yuan in the same period [2][20]. 3. Advancing Towards AI PC - The company is focusing on AI PC development, combining hardware and AI capabilities to create a comprehensive ecosystem [2][27]. - The integration of high-performance terminals and cloud computing resources is expected to enhance the company's AI infrastructure [2][32]. 4. Profit Forecast and Investment Recommendations - The company forecasts revenues of 30.766 billion yuan in 2024, 36.996 billion yuan in 2025, and 44.525 billion yuan in 2026, with corresponding net profits of 770 million yuan, 1.058 billion yuan, and 1.417 billion yuan [2][37]. - The current price corresponds to a PE ratio of 48X for 2024, 35X for 2025, and 26X for 2026, indicating a favorable valuation compared to peers [2][39].

2023年度权益分派实施公告 证券代码：301236 证券简称：软通动力 公告编号：2024-039 软通动力信息技术（集团）股份有限公司 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"）2023 年年度 权益分派方案已获 2024 年 5 月 17 日召开的 2023 年度股东大会审议通过，现将 权益分派事宜公告如下： 一、股东大会审议通过的情况 公司于 2024 年 5 月 17 日召开 2023 年度股东大会，审议通过了《关于 2023 年度利润分配预案的议案》，具体内容为：以截至 2023 年 12 月 31 日的总股本 952,941,177 股为基数，向全体股东每 10 股派发现金红利 1.80 元（含税），共计 派发现金红利 171,529,411.86 元（含税），不送红股，不以公积金转增股本。如自 利润分配预案披露至实施期间股本发生变动，公司将按照《深圳证券交易所上市 公司自律监管指引第 2 号——创业板上市公司规范运作》的规定，遵循现金分红 总额固定不变的原则，在方案实施公告中披露按公 ...

Group 1: Company Strategy and Development - The company aims to leverage the opportunities presented by industrial transformation, focusing on high-performance computing capabilities through a combination of CPU, GPU, and NPU technologies [1] - Future plans include deepening the layout of digital energy and intelligent computing services, creating a "service + software and hardware products + operations" model [3] - The company is committed to international expansion, with a focus on Southeast Asia and the Middle East, while maintaining stability in North America and Japan [4] Group 2: Product and Technology Innovations - The company has launched the Tianhe database, which is based on the openGauss kernel, supporting various processors and featuring high performance and automated operations [3] - The self-developed "Softcom Tianxuan 2.0 MaaS platform" provides a comprehensive service platform for AI model applications across multiple industries, including finance and agriculture [4] - The company is enhancing its hardware capabilities through the acquisition of Tongfang, aiming to integrate resources for better product offerings and solutions [2] Group 3: Market Position and Competitive Advantage - The company is focused on enhancing brand competitiveness by providing personalized services and ensuring data privacy and security for users [2] - It aims to maintain market leadership in computing hardware while innovating in smart electronic products to improve user experience [2] - The company has successfully implemented AI solutions in various sectors, including insurance and agriculture, demonstrating its capability in intelligent data analysis and model training [4]

Group 1: Company Strategy and Development - The company aims to focus on national strategies, leveraging its deep industry experience and technological accumulation to enhance consulting and digital technology services, while also developing foundational hardware products and deepening its layout in digital energy and intelligent computing services [1][2]. - The company plans to implement a full-stack digital technology service model, integrating services, software and hardware products, and operations to meet the new wave of technological advancements and promote internationalization [1][2]. Group 2: Financial Performance and Dividends - The profit distribution plan for 2023 proposes a cash dividend of 1.80 CNY per 10 shares, totaling approximately 171.53 million CNY (before tax), based on a total share capital of 952,941,177 shares as of December 31, 2023 [2]. - The dividend plan is designed to ensure financial stability and support the company's long-term development while maintaining operational resilience [2]. Group 3: Product and Service Development - The company is committed to "core technology autonomy" and is advancing R&D to create integrated software and hardware products, focusing on key areas such as AI servers, general servers, domestic PCs, and high-performance laptops [2][3]. - The company is developing a cloud-edge ecosystem leveraging its AI capabilities, aiming to enhance brand competitiveness in the AIPC (AI Infrastructure and Platform Computing) sector [5]. Group 4: Market Position and Competitive Advantages - The company serves over 1,100 clients across more than 10 key industries, with over 230 clients being Fortune Global 500 or China 500 companies, indicating a stable client base [3]. - The company possesses significant competitive advantages, including a strong brand influence, a comprehensive digital technology service capability, and a sustainable innovation system [2][3]. Group 5: Governance and Compliance - The company has established a robust governance structure, adhering to relevant laws and regulations, and has received an A-level rating for information disclosure from the Shenzhen Stock Exchange [3][6]. - The independent directors actively participate in major business decisions and maintain oversight to protect the interests of the company and its investors [6][7]. Group 6: Sustainability and ESG Initiatives - The company has been recognized for its commitment to sustainability, being included in the "Shenzhen Responsibility Index" and achieving AA ratings in ESG assessments [10]. - The latest ESG report details the company's efforts in environmental, social, and governance practices, reflecting its dedication to sustainable development [10].

中信建投证券股份有限公司关于 二、保荐机构发现公司存在的问题及采取的措施 | 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 无 | | 2.公司内部制度的建立和执行 | 无 | 无 | | 3."三会"运作 | 无 | 无 | | 4.控股股东及实际控制人变动 | 无 | 无 | | 5.募集资金存放及使用 | 无 | 无 | | 6.关联交易 | 无 | 无 | | 7.对外担保 | 无 | 无 | | 8.收购、出售资产 | 无 | 无 | | 9.其他业务类别重要事项（包括对外投资、风险 | 无 | 无 | | 投资、委托理财、财务资助、套期保值等） | | | | 10.发行人或者其聘请的中介机构配合保荐工作 | 无 | 无 | | 的情况 | | | 2 软通动力信息技术（集团）股份有限公司 2023 年度持续督导跟踪报告 | 保荐机构名称：中信建投证券股份有限公司 | 被保荐公司简称：软通动力 | | --- | --- | | 保荐代表人姓名：黄亚颖 | 联系电话：010-86451397 | | 保荐代表人姓名：张宗源 | 联 ...

证券代码：301236 证券简称：软通动力 公告编号：2024-037 软通动力信息技术（集团）股份有限公司 2023年度股东大会决议公告 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。 1、本次股东大会未出现否决提案的情形； 2、会议召开地点：北京市海淀区北安河路 55 号院 1 号楼北京五矿君澜酒店 B1 文澜阁。 3、会议召开方式：本次股东大会采用现场会议投票与网络投票相结合的方 式进行表决。 一、会议召开和出席情况 （一）会议的召开情况 1、会议召开时间 （1）现场会议召开时间：2024 年 5 月 17 日（星期五）下午 14:30； （2）网络投票时间：2024 年 5 月 17 日（星期五） 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 5 月 17 日（星期五）上午 9:15–9:25，9:30-11:30，下午 13:00-15:00；通过深圳证 券交易所互联网投票系统（http://wltp.cninfo.com.cn）进行网络投票的具体时间为： 2024 年 5 月 17 日（星期五）9:15-15:00 期间的 ...

北京市中伦律师事务所 关于软通动力信息技术（集团）股份有限公司 2023 年度股东大会的 法律意见书 二〇二四年五月 北京市朝阳区金和东路 20 号院正大中心 3 号南塔 22-31 层 邮编：100020 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing l00020, P.R. China 电话/Tel : +86 10 5957 2288 传真/Fax : +86 10 6568 1022/1838 www.zhonglun.com 北京市中伦律师事务所 关于软通动力信息技术（集团）股份有限公司 2023 年度股东大会的 法律意见书 本所同意将本法律意见书作为本次股东大会的公告材料，随同其他会议文件 一并报送有关机构并公告。本法律意见书仅供公司为本次股东大会之目的使用， 未经本所书面同意，本法律意见书不得用于任何其他目的。 基于上述，本所律师现出具法律意见如下： 致：软通动力信息技术（集团）股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受软通动力信息技术（集团） 股份有限公司 ...

证券代码：301236 证券简称：软通动力 公告编号：2024-038 软通动力信息技术（集团）股份有限公司 关于举行2023年度及2024年第一季度业绩说明会的公告 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"）已于 2024 年 4 月 27 日在巨潮资讯网披露了《2023 年年度报告》和《2024 年第一季度报告》。 为便于广大投资者更加全面深入地了解公司经营情况及未来发展规划，增进公司 与广大投资者的沟通与交流，公司定于 2024 年 5 月 22 日（星期三）下午 15： 00-16：00 举办 2023 年度及 2024 年第一季度业绩说明会。 特此公告。 软通动力信息技术（集团）股份有限公司 董 事 会 2024 年 5 月 17 日 本次业绩说明会将采用网络远程方式举行，投资者可登录证券日报网的路演 平台（http://www.zqrb.cn/huiyi/lyhd/index.html），参与本次业绩说明会互动。出席 本次业绩说明会的人员如下：董事长兼总经理刘天文先生；董事、副总经理兼财 ...