Investment Rating - The investment rating for the company is "Outperform the Market" [2][19] Core Views - The company has shown significant revenue growth, with a projected revenue of 12.526 billion yuan for 2024H1, representing a year-on-year increase of 45.98% [6] - The company is actively pursuing asset acquisitions, having completed the transfer of equity for Tongfang Computer Co., Ltd. and Zhihong International Information Technology Co., Ltd. [6][9] - The company is focusing on enhancing its software and digital technology services, maintaining a leading position in key industries [7] - The company is expanding its international operations, establishing a presence in Southeast Asia and the Middle East [7][9] Financial Summary - The total revenue for 2024E is projected to be 31.069 billion yuan, with a year-on-year growth of 76.7% [8][15] - The net profit for 2024E is expected to be 655 million yuan, with a year-on-year increase of 22.7% [8][16] - The company’s gross margin is projected to be 13.8% in 2024E, down from 19.3% in 2023 [8][16] Business Segmentation - The company’s revenue from digital operation services is expected to be 1.421 billion yuan in 2024E, with a gross margin of 15% [15] - Revenue from digital technology services is projected at 7.169 billion yuan in 2024E, with a gross margin of 20% [15] - The revenue from Tongfang Computer is expected to be 4.626 billion yuan in 2024E, with a gross margin of 8% [15] Valuation - The reasonable market value range for the company is estimated to be between 519.85 billion yuan and 532.95 billion yuan, corresponding to a stock price of 54.55 to 55.93 yuan [14]
软通动力：经营改善，鸿蒙、AI PC进展顺利