Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Views - The company is positioned as a leading player in digital technology services, accelerating growth through a "soft and hard integration" strategy. It has established a comprehensive global service network with nearly 90,000 employees across over 40 cities [17][22]. - The company reported a revenue of 5.45 billion yuan in Q1 2024, reflecting a year-on-year increase of 29.7%, although it faced a net loss of 280 million yuan due to integration costs from recent acquisitions [1][23]. - The company is a core partner in Huawei's Harmony ecosystem, which is expected to benefit significantly from the ongoing development of the OpenHarmony platform [33][38]. Summary by Sections Digital Technology Services Leadership - The company has been a key player in digital technology products and services for over 20 years, aiming to become a globally influential leader in this field. It has a strong presence in telecommunications, internet services, fintech, and high-tech manufacturing [17][18]. Harmony Ecosystem Development - The OpenHarmony developer conference in May 2024 marked significant progress in the Harmony ecosystem, with over 300 partners and 7,500 contributors involved. The ecosystem aims to standardize device interconnectivity across various industries [33][36]. Acquisition and Ecosystem Expansion - The completion of the acquisition of Tongfang Computer is expected to enhance the company's service capabilities in computing and strengthen its market position [1][22]. Financial Projections - The company forecasts net profits of 750 million, 960 million, and 1.216 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 41.4%, 27.2%, and 26.7% [1][10].
软通动力：华为核心生态伙伴，“软硬一体化”加速成长