润和软件(300339)：智能物联持续深化国产化、智能化战略 生态建设亮眼

Core Viewpoint - In 2024, Runhe Software reported a revenue of 3.399 billion yuan, a year-on-year increase of 9.43%, while the net profit attributable to shareholders decreased by 1.64% to 161 million yuan. The company is focusing on deepening its domestic and intelligent strategies in the smart IoT sector, leveraging a digital foundation for industry empowerment [1] Financial Performance - For 2024, the company achieved a revenue of 3.399 billion yuan, up 9.43% year-on-year, and a net profit of 161 million yuan, down 1.64% year-on-year. The non-GAAP net profit was 85.84 million yuan, an increase of 53.02% [1] - In Q1 2025, the company reported a revenue of 832 million yuan, a year-on-year increase of 8.09%, and a net profit of 31.2 million yuan, up 21.73% year-on-year. The non-GAAP net profit was 26.99 million yuan, an increase of 31.24% [1] Strategic Initiatives - The company is advancing its domestic and intelligent strategies in the smart IoT sector, focusing on creating a "end-edge-cloud" domestic autonomous industrial IoT security digital foundation. This includes developing industry-specific operating systems based on open-source technologies [1] - Runhe Software is maintaining its leading position in financial IT through deep collaboration with Alibaba Cloud, covering a wide range of financial institutions and enhancing digital transformation capabilities [2] - The company is also deepening its smart energy ecosystem with various solutions for renewable energy monitoring, remote inspections, and digital twin systems, having over 100 AI algorithm models for different power scenarios [2] Technological Development - The company is building a comprehensive technology and service platform around OpenHarmony, RISC-V, AI, and Star Flash, completing 23 chip adaptations in 2024 and launching multiple AI-integrated terminals [3] - As a core member of the International Star Flash Alliance, Runhe Software is offering various products and development kits aimed at industries such as electricity, education, and coal [3] Revenue and Profit Forecast - The company forecasts total revenues of 4.013 billion yuan, 4.945 billion yuan, and 5.953 billion yuan for 2025 to 2027, with corresponding growth rates of 18.07%, 23.20%, and 20.40%. The net profit attributable to shareholders is expected to be 212 million yuan, 333 million yuan, and 425 million yuan, with growth rates of 31.37%, 57.10%, and 27.90% respectively [3]