Investment Rating - The report maintains a "Recommended" rating for the company [2][42]. Core Insights - The company is leveraging Huawei's core technologies to develop domestic foundational software, focusing on the SwanLinkOS operating system and enhancing the HarmonyOS ecosystem [2][9]. - Strategic acquisition of Tongfang Computer aims to create a "soft and hard integration" capability, with significant revenue growth observed in 2023 [2][20]. - The company is advancing towards AI PC development, integrating hardware and AI capabilities, which presents substantial growth potential [2][27]. - The investment suggestion highlights the company's unique positioning in the market, with a projected increase in net profit from 770 million yuan in 2024 to 1.417 billion yuan in 2026 [2][41]. Summary by Sections 1. Development of Domestic Foundational Software - The company is building the SwanLinkOS as a core product, establishing strategic partnerships with leading firms in various industries [2][9]. - The "pure blood Harmony" applications are rapidly growing, contributing to the prosperity of the HarmonyOS ecosystem [2][10]. 2. Strategic Acquisition of Tongfang Computer - The acquisition of Tongfang Computer and Tongfang International has been completed, with both entities showing significant revenue growth in 2023 [2][20]. - Tongfang Computer's revenue increased from 4.02 billion yuan in 2022 to 4.41 billion yuan in 2023, while Tongfang International's revenue surged from 5.45 billion yuan to 9.59 billion yuan in the same period [2][20]. 3. Advancing Towards AI PC - The company is focusing on AI PC development, combining hardware and AI capabilities to create a comprehensive ecosystem [2][27]. - The integration of high-performance terminals and cloud computing resources is expected to enhance the company's AI infrastructure [2][32]. 4. Profit Forecast and Investment Recommendations - The company forecasts revenues of 30.766 billion yuan in 2024, 36.996 billion yuan in 2025, and 44.525 billion yuan in 2026, with corresponding net profits of 770 million yuan, 1.058 billion yuan, and 1.417 billion yuan [2][37]. - The current price corresponds to a PE ratio of 48X for 2024, 35X for 2025, and 26X for 2026, indicating a favorable valuation compared to peers [2][39].
软通动力：公司动态报告：软硬一体全栈化布局的AI PC稀缺龙头