Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company is a leading IT service provider in China, actively engaging in digital transformation across various industries, including telecommunications, internet, and fintech [10][11]. - The acquisition of Tongfang Computer enhances the company's hardware capabilities and aligns with Huawei's ecosystem, facilitating deep software and hardware integration [4][41]. - The company has achieved significant revenue growth in Q1 2024, with a reported revenue of 5.449 billion yuan, marking a year-on-year increase of 29.65% [17]. Summary by Sections 1. Leading IT Service Provider - The company has established a comprehensive digital technology service model, integrating services, software, and hardware [10]. - It has built 30 capability centers and partnered with over 50 technology firms, enhancing its service offerings [11][12]. 2. Deep Participation in Huawei's Software Ecosystem - The company is a key player in Huawei's foundational software ecosystem, contributing significantly to the development of HarmonyOS and openEuler [30][33]. - It ranks first in the number of devices connected to the open-source Harmony community, with over 900 products provided to more than 450 partners [30][31]. 3. Acquisition of Tongfang Computer - The acquisition of Tongfang Computer and its subsidiaries has diversified the company's revenue structure and strengthened its position in the hardware market [41][42]. - The integration of Tongfang's products, including AI servers and PCs, is expected to enhance the company's competitive edge in the domestic market [41][42]. 4. Profit Forecast and Valuation Analysis - The company forecasts significant revenue growth from 2024 to 2026, with expected revenues of 34.097 billion yuan, 38.749 billion yuan, and 43.787 billion yuan, respectively [51]. - The projected net profit for the same period is 653 million yuan, 787 million yuan, and 923 million yuan, reflecting a robust growth trajectory [51][52].
软通动力：拥抱华为生态，软硬件协同发展