润和软件：建设“鸿蒙+欧拉+AI”生态，打造新增长驱动力

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index in the next six months [10][14]. Core Views - The company is positioned as a leading software solutions and services provider, focusing on "Financial Technology," "Smart IoT," and "Smart Energy" sectors, which are essential for clients' digital transformation [5][9]. - The company has shown significant profit growth, with a 55.24% year-on-year increase in net profit for 2023, and is actively building an ecosystem around "Harmony + Euler + AI" to drive future growth [10][11]. Summary by Sections Company Overview - Total shares: 7.96 billion, circulating shares: 7.78 billion - Total market capitalization: 170 billion, circulating market capitalization: 166 billion - 52-week high/low price: 29.51 / 17.67 - Debt-to-asset ratio: 33.2% - Price-to-earnings ratio: 101.71 - Major shareholder: Jiangsu Runhe Technology Investment Group Co., Ltd. [1][4] Financial Performance - In 2023, the company achieved revenue of 3.106 billion, a year-on-year growth of 4.42%, and a net profit attributable to shareholders of 164 million, up 55.24% [5][11]. - For Q1 2024, revenue was 770 million, a 4.49% increase year-on-year, while net profit decreased by 29.40% to 25.63 million [5][11]. - Forecasted EPS for 2024-2026 are 0.32, 0.45, and 0.60 respectively, with corresponding P/E ratios of 65.82, 47.77, and 35.79 [10][11]. Business Strategy - The company is focusing on the development of the Harmony ecosystem, adapting software systems for commercial use, and enhancing its AI capabilities [6][9]. - It has launched several software versions based on OpenHarmony and has established partnerships to promote the application of its technologies across various industries [6][7]. - The company is also advancing its openEuler operating system, ensuring compatibility with domestic CPU architectures [7][8]. Future Outlook - The company anticipates continued revenue growth, with projected revenues of 3.723 billion in 2024, 4.280 billion in 2025, and 4.834 billion in 2026, reflecting growth rates of 19.87%, 14.94%, and 12.96% respectively [11][13]. - The strategic focus on AI and the development of integrated solutions is expected to enhance its market position and drive future profitability [9][10].