软通动力(301236)首次覆盖：全面的数字技术服务提供商，赋能千行百业240521

Investment Rating - The report gives a "Buy" rating for the company, Softcom Power (301236.SZ), with a target price of 52 CNY, corresponding to a target market value of 492 billion CNY for 2024 [4][13]. Core Insights - Softcom Power is positioned as a leading digital technology service provider in China, focusing on empowering various industries through digital transformation. The company is expected to recover its growth trajectory in 2024 after facing short-term performance pressure in 2023 [1][25]. - The company has a strong partnership with Huawei, which enhances its capabilities in the digital technology space, particularly in areas like HarmonyOS and AI computing [1][2]. - The acquisition of Tongfang Computer is seen as a strategic move to complete the Huawei ecosystem layout and enhance the company's product offerings [1][23]. Summary by Sections Investment Highlights - The company anticipates revenues of 307.94 billion CNY, 351.70 billion CNY, and 408.41 billion CNY for 2024, 2025, and 2026, respectively, with net profits of 7.03 billion CNY, 9.60 billion CNY, and 12.60 billion CNY for the same years [1][13]. - The original business segments focus on three main areas and four industries, collaborating with major players across various fields [1][20]. - The company faced a revenue decline of 7.97% in 2023, with a net profit drop of 45.15%, but is expected to return to profitability as it integrates the Tongfang acquisition and benefits from an economic recovery [1][25]. Huawei Ecosystem Participation - Softcom Power is a core participant in the Huawei ecosystem, implementing a "soft and hard integration" strategy across various platforms, including HarmonyOS and Euler [1][2]. - The company has established a subsidiary, Honghu Wanlian, to focus on HarmonyOS-related business, indicating a deep commitment to this ecosystem [1][20]. Future Growth Points - 2024 is identified as a critical year for the development of the HarmonyOS native application ecosystem, with Softcom Power leveraging its close collaboration with Huawei and its understanding of vertical industry applications [2][11]. - The demand for domestic computing power is expected to grow, with Tongfang Computer positioned to benefit significantly from this trend [2][11]. Financial Projections and Valuation - The report projects a significant recovery in revenue growth rates, with estimates of 75.2% for 2024, followed by 14.2% and 16.1% in subsequent years [3][25]. - The valuation approach includes a PE ratio of 45x for the original business and a PS ratio of 1.3x for the Tongfang Computer business, leading to a combined target market value of 492 billion CNY [1][13].