Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.48, indicating a potential upside of 23% from the current price of HKD 6.10 [6][11]. Core Insights - The integration of the DeepSeek model into the company's cloud services is expected to enhance operational efficiency and product attractiveness, with a 20% improvement in content generation accuracy compared to other mainstream open-source models [1]. - The government's recent policy initiatives are set to foster a favorable environment for the digital transformation of traditional industries, which is anticipated to accelerate the growth of the intelligent software sector [2]. - The company's cloud service revenue is projected to grow at an annual rate of 30-40%, with revenue forecasts of RMB 100 billion for FY24E and RMB 120 billion for FY25E, alongside net profit estimates of RMB 3.6 billion and RMB 5.2 billion respectively [3]. Financial Summary - The company reported actual revenues of RMB 6,967 million in FY22, with projections of RMB 8,294 million in FY23, RMB 10,009 million in FY24, RMB 12,020 million in FY25, and RMB 14,301 million in FY26, reflecting a growth rate of 77.9% in FY22 and a forecasted growth rate of 19.0% in FY26 [5][9]. - Net profit increased from RMB 119 million in FY22 to a projected RMB 702 million in FY26, with a significant growth rate of 83.3% in FY22 and a forecasted 35.7% in FY26 [5][9]. - The company's diluted earnings per share are expected to rise from RMB 0.104 in FY22 to RMB 0.615 in FY26, with a net asset return rate projected to reach 22.4% by FY26 [5][9].
浪潮数字企业：DeepSeek赋能，云服务保持高速增长-20250311