计算机：新质生产力新一轮周期，OA双雄多倍成长之路

Industry Investment Rating - The report maintains an "Outperform" rating for the computer industry, driven by the potential for a new economic cycle fueled by the development of new quality productive forces [1] Core Viewpoints - The development of new quality productive forces, centered on technological innovation, is expected to initiate a new economic cycle, with OA (Office Automation) tools playing a crucial role in enhancing enterprise management efficiency [1][7] - The combination of "Xinchuang" (domestic substitution) and AI is expected to significantly boost the growth potential of the OA market, with leading companies like Fanwei Network and Zhiyuan Interconnection poised to benefit [2] - The OA market is projected to reach RMB 34.2 billion by 2027, with a CAGR of 10.42% from 2023 to 2027, driven by enterprise digital transformation and the integration of AI into OA systems [2][45] Market Space and Growth Potential - The OA market is expected to grow to RMB 34.2 billion by 2027, with Fanwei Network and Zhiyuan Interconnection projected to achieve revenue growth of 1.4x and 1.6x, respectively, compared to 2023 levels [2][45] - The growth is driven by the increasing complexity of collaborative management needs, the integration of AI into OA systems, and the ongoing domestic substitution in the software industry [2][45] Key Players and Competitive Advantages - Fanwei Network and Zhiyuan Interconnection are highlighted as the leading players in the OA market, with strong product portfolios, efficient management, and robust channel strategies [2][26] - Fanwei Network's unique EBU (Empowered Business Unit) model and Zhiyuan Interconnection's shift from distribution to direct sales have strengthened their market positions [26][31] - Both companies have developed comprehensive product matrices that cater to large, medium, and small enterprises, with a focus on integrating AI and Xinchuang-compatible solutions [26][38] Technological Trends and AI Integration - AI is reshaping the OA landscape by enhancing the value of collaborative management software through improved functionality and user experience [20][43] - Fanwei Network and Zhiyuan Interconnection are actively integrating AI into their products, with Fanwei launching the "Smart Little e" assistant and Zhiyuan developing AI-COP frameworks to enhance intelligent office capabilities [43][44] Industry Dynamics and Competitive Landscape - The OA industry is highly fragmented, with product-driven companies like Fanwei and Zhiyuan holding a competitive edge due to their strong R&D capabilities and brand influence [21][24] - The industry is expected to see further consolidation, with leading companies likely to capture a larger market share as customer demands for advanced, integrated solutions increase [24][25]