Investment Rating - Maintain "Outperform" rating, with a target price of 4.23 HKD/share, reflecting a 29% reduction from previous estimates [8][9]. Core Insights - The company has ample orders and growth momentum across major sectors, with new orders doubling year-on-year [9][10]. - The "Data x AI" strategy is being continuously advanced, enhancing the company's capabilities in delivering intelligent solutions across various scenarios [11]. Financial Summary - For 2025H1, the company achieved revenue of 7.87 billion RMB, a year-on-year increase of 12.04%, and a net profit attributable to shareholders of 15 million RMB, up 40.70% year-on-year [9][10]. - New orders in 2025H1 were approximately 9.48 billion RMB, representing a 98% year-on-year growth, with total orders on hand reaching 10.44 billion RMB, up 27% year-on-year [9][10]. - The three main business sectors showed growth: big data products and solutions revenue increased by 12% to 1.43 billion RMB, software and operation services revenue rose by 13% to 2.45 billion RMB, and information innovation and traditional services revenue grew by 11% to 3.99 billion RMB [10][11]. Business Strategy - The company is focusing on the "Data x AI" strategy, which includes the development of the "YanCloud Infinity Platform" to enhance data intelligence capabilities [11]. - Successful implementations of intelligent solutions in smart supply chain and government-enterprise digitalization scenarios have been noted, showcasing the effectiveness of the company's strategic initiatives [11].
神州控股（00861）：在手订单充沛，“DataxAI”战略持续推进