软通动力（301236）：软硬协同，有望受益于信创拓展

Investment Rating - The report initiates coverage with a "Buy" rating for Softcom Power, setting a target price of 61.89 CNY [5][10]. Core Insights - Softcom Power is a leading provider of full-stack intelligent products and services in China, benefiting from the acquisition of Tongfang Computer, which enhances its hardware layout and is expected to capitalize on the domestic innovation and transformation (信创) market [2][10]. - The company forecasts significant revenue growth, with total revenue projected to reach 37.04 billion CNY in 2025, 44.13 billion CNY in 2026, and 53.06 billion CNY in 2027, reflecting year-on-year growth rates of 78.1%, 18.3%, and 19.1% respectively [4][19]. - The net profit attributable to the parent company is expected to recover from a decline, reaching 2.01 billion CNY in 2025, 4.00 billion CNY in 2026, and 5.80 billion CNY in 2027, with corresponding EPS of 0.19, 0.39, and 0.56 CNY [4][19]. Financial Summary - Total revenue for 2023 is reported at 17.58 billion CNY, with a projected increase to 31.32 billion CNY in 2024, marking an 8% decline in 2023 but a substantial recovery in subsequent years [4][19]. - The net profit for 2023 is 534 million CNY, with a forecasted decline to 180 million CNY in 2024, followed by a recovery to 201 million CNY in 2025 and further growth in the following years [4][19]. - The company’s gross margin is expected to stabilize, with projections indicating a slight increase in the coming years, despite initial pressures from the integration of lower-margin hardware products [37]. Business Segments - The software and digital technology services segment is anticipated to grow at rates of 20.41%, 19.78%, and 19.61% from 2025 to 2027, with revenues reaching 21.82 billion CNY, 26.13 billion CNY, and 31.26 billion CNY respectively [14][17]. - The computing products and intelligent electronics segment is expected to see revenue growth of 15%, 17.5%, and 20% over the same period, with revenues projected at 14.86 billion CNY, 17.46 billion CNY, and 20.95 billion CNY [15][17]. - The digital energy and intelligent computing services segment is forecasted to grow significantly, with expected revenues of 336.75 million CNY in 2025, 505.13 million CNY in 2026, and 808.20 million CNY in 2027, reflecting growth rates of 30%, 50%, and 60% respectively [16][17]. Valuation Analysis - The report employs both PE and PS valuation methods, estimating a reasonable valuation of 640.63 billion CNY based on a PE of 160 for 2026, and a PS of 3 for the same year, leading to a target price of 61.89 CNY [21][22]. - The average PE of comparable companies is noted at 144.51, with Softcom Power expected to command a premium due to its integrated hardware and software strategy [21][22]. Company Overview - Softcom Power, established in 2005, has evolved into a comprehensive provider of software and digital technology services, computing products, and intelligent electronics, serving over 2,600 clients, including more than 230 Fortune 500 companies [24][27]. - The acquisition of Tongfang Computer is a strategic move to enhance its hardware capabilities, allowing for a more integrated service offering and improved market responsiveness [34][35].