Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has demonstrated a clear advantage in soft and hard collaboration, with an acceleration in orders related to trusted computing [6] - The company achieved a revenue of 15.781 billion yuan in H1 2025, representing a year-on-year increase of 25.99%, while the net profit attributable to the parent company was a loss of 1.43 billion yuan, a reduction in loss of 7.60% [6] - The company is focusing on building a full-stack AI product and service capability, with significant growth in software and digital technology services, as well as computing products and intelligent electronics [6] Financial Performance Summary - For H1 2025, the company reported: - Revenue from software and digital technology services: 8.920 billion yuan, up 4.78% year-on-year, accounting for 56.52% of total revenue, with a gross margin of 14.60% [6] - Revenue from computing products and intelligent electronics: 6.756 billion yuan, up 72.77% year-on-year, accounting for 42.81% of total revenue, with a gross margin of 5.43% [6] - Revenue from digital energy and intelligent computing services: 0.096 billion yuan, down 0.02% year-on-year, accounting for 0.61% of total revenue, with a gross margin of 4.64% [6] Revenue and Profit Forecast - The company’s revenue forecast for 2023A to 2027E is as follows: - 2023A: 17.581 billion yuan - 2024A: 31.316 billion yuan - 2025E: 35.103 billion yuan - 2026E: 39.390 billion yuan - 2027E: 44.077 billion yuan - The year-on-year growth rates are projected to be -8% for 2023A, 78% for 2024A, and 12% for the following years [4][6] Profitability Metrics - The net profit attributable to the parent company is forecasted as follows: - 2023A: 534 million yuan - 2024A: 180 million yuan - 2025E: 378 million yuan - 2026E: 494 million yuan - 2027E: 703 million yuan - The projected growth rates for net profit are -45% for 2023A, -66% for 2024A, and 109% for 2025E [4][6] Market Position and Strategy - The company is actively expanding its market share in the AI transformation and trusted computing sectors, with significant contracts in the financial, internet, and telecommunications industries [6] - The company has launched over 20 new products in the trusted computing sector and is seeing increased market penetration in various projects [6]
软通动力（301236）：25H1点评：软硬协同优势渐明，信创订单加速落地