Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][18]. Core Views - The report highlights the official release of HarmonyOS NEXT (pure Harmony) and the dual-driven growth of the Harmony ecosystem through both pure and open-source Harmony, which is expected to drive performance growth [4][5][18]. - The report emphasizes the significant market potential for pure Harmony, with the company being a diamond service provider for native Harmony application development and training, benefiting from the ecosystem's expansion [4][11][18]. - The report notes the recovery of Huawei's smartphone market share, which is accelerating the development of the Harmony system, making it the second-largest operating system in China [6][9][18]. Summary by Sections Company Overview - The company has been involved in the development of the Harmony operating system since 2012 and became one of the first HarmonyOS development service providers in March 2024, with over 50,000 certified Harmony engineers and more than 7,000 native Harmony applications and services launched [11][18]. Market Trends - The report discusses the transition to an interconnected world, with the number of global IoT device connections expected to reach 24.6 billion by 2025, indicating a shift from mobile devices to a broader range of smart devices [6][8]. Financial Forecast - The revenue forecast for 2024-2026 has been adjusted to 18.03 billion, 20.20 billion, and 22.29 billion yuan, respectively, with growth rates of 5.3%, 12.0%, and 10.3% [4][18]. - The net profit forecast for the same period is 721 million, 866 million, and 1.09 billion yuan, with corresponding P/E ratios of 20, 17, and 13 times [4][18]. Strategic Partnerships - The company has a deep partnership with ShenKaiHong, focusing on developing industry solutions based on open-source Harmony, which is expected to gradually release performance [13][14][18]. Technological Innovations - The report outlines three core technological concepts of the Harmony system: "one-time development, multi-end deployment," "modular and flexible integration," and "unified ecosystem with native intelligence," which enhance user experience across various scenarios [8][9][18].
中国软件国际：鸿蒙生态核心卡位，纯血+开源鸿蒙双轮驱动业绩增长