智微智能：AI算力+AIPC+鸿蒙，打造业务新增长极

Investment Rating - The report assigns an initial investment rating of "Buy-A" for the company [4][5]. Core Insights - The company is positioned as a leading provider of AI infrastructure, benefiting from growth drivers such as computing power, HarmonyOS, and AIPC, with multiple product lines developing rapidly [4]. - Revenue projections for the company are estimated at 4.193 billion, 5.018 billion, and 5.894 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits expected to be 154 million, 206 million, and 270 million yuan for the same years [4][10]. Summary by Sections Company Overview - The company is a leading provider of IoT hardware products and solutions in China, with a product matrix covering industry terminals, ICT infrastructure, and industrial IoT [1]. - The company has established itself as a standard setter in the industry, having co-released the OPS and OPSC standards with Intel, achieving a significant market share [1][14]. AI Computing and AIPC - The demand for computing power has surged due to large model training, and the company offers comprehensive AI computing services throughout the lifecycle, including planning, design, delivery, operation, and optimization [2]. - The company has expanded its AI supercomputer server matrix, which includes various specifications and products, enhancing its capabilities for AI cluster training and inference tasks [2]. HarmonyOS Ecosystem - The company has signed a strategic cooperation agreement with ChinaSoft International to develop the HarmonyOS ecosystem, focusing on IoT terminals and computer products [3]. - The rapid development of the HarmonyOS ecosystem is supported by government policies, with the company actively positioning itself within this ecosystem [3]. Financial Performance - The company reported a revenue of 3.665 billion yuan in 2023, with a year-on-year growth of 20.86%, while net profit decreased by 72.44% to 33 million yuan [25]. - The revenue from the industry terminal segment reached 2.506 billion yuan in 2023, a 33.54% increase year-on-year, making it the largest revenue contributor [27][28]. Future Outlook - The company is expected to benefit from the recovery of downstream market demand and the promotion of its self-owned brand through the HarmonyOS cooperation project, which may lead to new growth points [25]. - The company aims to achieve a revenue target of 4.050 billion yuan or a net profit of 296 million yuan in 2024, reflecting a year-on-year growth target of 10.5% [16][17].