Core Viewpoint - China Software International (00354) maintains its earnings forecast for this year but raises the earnings per share (EPS) estimates for 2026 and 2027 by 5% and 6% respectively, reflecting accelerated AI revenue growth and increased penetration of the HarmonyOS IoT nationwide [1] Group 1: Earnings Forecast and Valuation - The target price for China Software International has been raised from HKD 5.6 to HKD 7.6 based on a 20x price-to-earnings ratio for 2026 [1] - The company reported strong performance in the first half of the year, with revenue and gross margin meeting expectations, while operating profit margin and net profit exceeded expectations with year-on-year increases [1] Group 2: Management Outlook - Management is optimistic about revenue growth from full-scenario AI business in the next two years, driven by open-source HarmonyOS IoT, AI agents, and ERP business [1] - It is anticipated that by 2026, the revenue contribution from related businesses will reach approximately 20% [1] - The management also expects a continued recovery in demand for its core IT outsourcing business in the second half of the year [1]
中银国际：升中软国际(00354)目标价至7.6港元 AI驱动增长推动收入与利润扩张