Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's PC export business is performing well, with significant growth in AI and HarmonyOS penetration [7] - The first half of 2025 shows signs of a performance turnaround, driven by computing products and overseas markets [7] - The company has secured a large order for customized laptops in Pakistan, increasing its market share from less than 1% to 10% [7] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 34.615 billion yuan, with a year-on-year growth rate of 10.5% [6] - The net profit attributable to shareholders is expected to be 3.69 billion yuan in 2025, increasing to 6.46 billion yuan by 2027 [7] - The gross profit margin is forecasted to improve slightly from 12.9% in 2025 to 13.1% in 2027 [6] Market Data - As of August 29, 2025, the closing price of the stock is 59.92 yuan, with a market capitalization of 40.762 billion yuan [2] - The stock has a price-to-book ratio of 5.6 and a dividend yield of 0.17% [2]
软通动力（301236）：PC出海业务亮眼，AI、鸿蒙加速渗透