Core Viewpoint - Zhongtai International maintains a "Buy" rating for Inspur Digital Enterprise (00596), with net profit forecasts for FY25E and FY26E at 520 million and 620 million RMB, reflecting year-on-year increases of 35.6% and 19.5% respectively, and a compound annual growth rate of 19.1% from FY25E to FY27E. The target price is adjusted to 12.00 HKD based on a 20x FY26E P/E ratio [1]. Group 1: Financial Performance - Inspur Digital Enterprise reported a revenue of 4.33 billion RMB in the first half of the year, a year-on-year increase of 4.9%, aligning with expectations. The cloud service revenue reached 1.27 billion RMB, growing by 30.0% and accounting for 29.3% of total revenue, while the shares of management software and IoT solutions decreased to 27.6% and 43.1% respectively. The operating profit margin for cloud services improved to 1.6%, up from -7.0% in the same period last year. The net profit for the first half was 180 million RMB, a significant increase of 73.3% year-on-year [2]. Group 2: Strategic Initiatives - The company adheres to the "AIFirst" strategy, integrating AI large model technology across all products aimed at enterprise services. It continues to develop the Haiyue large model and full-stack tool services, providing advanced AI solutions. The AI-native Haiyue enterprise software and ready-to-use intelligent agent clusters are designed to address high-value intelligent application scenarios, facilitating digital transformation for enterprises through a three-layer architecture of "AI digital foundation + AI native software + intelligent agents" [3]. Group 3: Market Focus - As of the first half of the year, the company's accounts receivable stood at 3.38 billion RMB, with over 80% coming from central state-owned enterprises (SOEs) and government clients accounting for 4%-5%. The company has a low bad debt rate based on past experiences. It has provided digital transformation services to 86 central enterprises, 190 of China's top 500 companies, and 1.2 million enterprise clients. Currently, overseas revenue accounts for only 8.7%, but the company plans to increase efforts in expanding into overseas markets, initially targeting small and medium-sized enterprises in Southeast Asia's manufacturing sector with management software products. Additionally, following central SOEs abroad is expected to contribute to revenue growth [4].
中泰国际：维持浪潮数字企业“买入”评级 目标价12港元