润和软件：华为生态链核心，欧拉+鸿蒙+AI商业化稳步推进

Investment Rating - The report assigns a "Buy" rating for the company [2]. Core Views - Runhe Software is positioned as a core player in the Huawei ecosystem, with steady progress in the commercialization of Euler, Harmony, and AI technologies. The company focuses on IoT, edge intelligence, data governance, and AI applications, supported by traditional sectors such as financial technology, smart IoT, and smart energy [3][4]. Financial Performance - The company reported a revenue of 3,106 million yuan in 2023, with a year-on-year growth of 4%. The net profit reached 164 million yuan, marking a significant increase of 55% compared to the previous year. The projected net profits for 2024, 2025, and 2026 are 258 million yuan, 347 million yuan, and 462 million yuan, respectively [2][22][24]. Business Segments Traditional Business - The company operates in three main sectors: financial technology (54.92% of revenue), smart IoT (29.30%), and smart energy (11.05%). The financial technology sector remains a traditional strength, with a leading market share in third-party testing for financial information systems [12][14]. Innovative Business - The innovative business segment has shown remarkable growth, with a revenue increase of over 90% in the first half of 2024, contributing more than 20% to total revenue. This includes advancements in OpenHarmony, openEuler, and AI platforms [15][18]. Market Opportunities - The report highlights the significant growth potential in the domestic IoT market, with projections indicating that China's IoT spending will approach 300 billion USD by 2027, representing a substantial share of global investments [28][30]. Strategic Partnerships - Runhe Software has maintained a deep partnership with Huawei for over a decade, focusing on cloud computing, operating systems, and AI technologies. This collaboration enhances the company's capabilities in the rapidly evolving tech landscape [17][20]. Valuation Metrics - The report provides valuation metrics, indicating a P/E ratio of 133.0x for 2024, 98.7x for 2025, and 74.2x for 2026, reflecting the company's growth prospects and market positioning [2][22].