CS&S(600536)2024-12-08 05:23Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is strengthening its investment in self-developed software and has increased its stake in Kirin Software, a leading domestic operating system company, which is crucial for the company's positioning in the Xinchuang industry chain [3][4] - The company is optimizing its revenue structure by selling its entire 66% stake in Zhongruan System, which has been a loss-making subsidiary, thereby reducing the negative impact on overall performance [3] - Overall, the company has a clear strategic positioning, enhancing its stake in profitable subsidiaries while divesting from long-term loss-making entities, thus revitalizing resources and focusing on core business areas [3] Financial Summary - The company expects to achieve revenues of 70.54 billion, 78.28 billion, and 88.98 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 4.92%, 10.98%, and 13.66% [4] - Corresponding net profits are projected to be 1.30 billion, 1.64 billion, and 2.12 billion yuan for the same years, with growth rates of -26.04%, 29.32% [4] - The earnings per share (EPS) are forecasted to be 0.15, 0.19, and 0.25 yuan for 2024, 2025, and 2026 respectively [4]