Investment Rating - The investment rating for the company is "Buy-A" with a target price of 67.91 CNY, indicating a potential upside from the current price of 59.92 CNY [5]. Core Insights - The company reported a revenue of 15.781 billion CNY for the first half of 2025, representing a year-on-year growth of 25.99%. The net profit attributable to shareholders was -1.43 billion CNY, showing a reduction in losses by 7.60% [1]. - In Q2 2025, the company achieved a revenue of 8.770 billion CNY, a year-on-year increase of 23.93% and a quarter-on-quarter increase of 25.10%. The net profit attributable to shareholders was 0.55 billion CNY, marking a significant turnaround with a quarter-on-quarter growth of 127.87% [1]. - The company plans to raise up to 3.378 billion CNY through a private placement to fund four major projects, including the construction of smart manufacturing bases and upgrades to production facilities [1]. Financial Performance - The hardware product line generated a revenue of 6.756 billion CNY, growing by 72.77% year-on-year, accounting for 42.81% of total revenue [2]. - The company is recognized as a leading provider of comprehensive intelligent computing products and services in China, with a strong presence in key industries such as government, finance, and education [2]. - The company is also a core partner in the Huawei ecosystem, actively participating in various ICT infrastructure projects and digital transformation initiatives [9][10]. Future Projections - Revenue projections for the company are estimated at 38.069 billion CNY for 2025, 44.645 billion CNY for 2026, and 52.808 billion CNY for 2027. Net profits are expected to be 494.1 million CNY, 693.9 million CNY, and 1.0276 billion CNY for the respective years [11][13]. - The company is expected to maintain its leadership position in the IT service market and continue to expand its software and digital technology services, computing products, and intelligent electronic services [11].
软通动力（301236）：发挥软硬协同优势，夯实华为产业链核心伙伴地位