Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [25][55]. Core Insights - The report highlights the significant potential for domestic substitution in the ERP market, with the company benefiting from its state-owned background, which enhances its competitive edge in government and state-owned enterprise projects [4][69]. - The company's cloud business is expected to gradually release its performance, with projections indicating substantial revenue growth in the coming years [15][25]. - The report emphasizes the company's strong client base, primarily consisting of large state-owned enterprises, which provides stability and a competitive advantage compared to peers [20][51]. Summary by Sections 1. Domestic Substitution Potential - The company, as a state-owned ERP vendor, is well-positioned to benefit from the ongoing domestic substitution trend in the ERP market, which is expected to accelerate due to government policies [4][69]. - The ERP market is projected to grow significantly, with a current low penetration rate of domestic solutions, indicating a long-term growth opportunity [71][72]. 2. Cloud Business Performance - The cloud business has seen a gradual release of performance, with expectations of turning profitable by 2024, following a period of high initial investment [10][25]. - Revenue from cloud services is projected to grow at rates of 40%, 35%, and 30% from 2024 to 2026, reflecting the increasing demand for cloud solutions [15][23]. 3. Financial Forecast and Valuation - The company is expected to achieve revenues of 101.06 billion, 120.47 billion, and 140.07 billion yuan from 2024 to 2026, with corresponding net profits of 389.65 million, 530.04 million, and 747.98 million yuan [55][92]. - The report suggests a valuation based on a price-to-sales (P/S) ratio of 1.5 for its cloud and management software business, leading to a target market value of approximately 82.5 billion yuan [25][94].
浪潮数字企业：信创风来，云起浪潮