Investment Rating - Investment Rating: Buy [2] Core Viewpoints - The company is a leader in the collaborative management software industry, with a rich product ecosystem that supports both enterprise and government users, and offers various deployment modes including desktop, mobile, and cloud [15][18] - The integration of AI Agent into the collaborative office sector opens a new wave of intelligent office solutions, significantly expanding the company's long-term growth potential [15][8] - The AI Agent market is expected to grow from 55.4 billion yuan in 2023 to 852 billion yuan by 2028, with a compound annual growth rate of 72.7%, primarily driven by B-end applications [15][6] - The company has a strong market position, benefiting from digital transformation policies and the increasing demand for domestic software replacements, particularly in government and state-owned enterprises [15][17] Summary by Sections Main Business and Financial Analysis - The company has been focused on the collaborative management software sector for over 20 years, with more than 80,000 users across 87 industries [18][9] - The main products include e-cology (a digital operation platform for large and medium-sized clients), e-office (a standardized collaborative platform for small and medium-sized clients), e-teams (a mobile office cloud platform), e-nation (a government-focused product), and Xiaoe.AI (an AI-driven intelligent brain) [15][25] - The revenue from technical services is increasing, reflecting high customer retention and ongoing demand for upgrades and maintenance [63][70] Industry Trends - The collaborative management software industry is experiencing growth due to the expansion of business boundaries and the acceleration of digital transformation policies [15][17] - The company is well-positioned to benefit from the increasing demand for software that adapts to domestic hardware and software systems, particularly in the context of government digitalization [15][17] Profit Forecast and Valuation - The company is expected to achieve earnings per share (EPS) of 0.94, 1.13, and 1.34 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 62.83, 52.48, and 44.08 [8][7] - The company maintains a high gross margin, with software development revenue primarily coming from e-cology and e-office, which have consistently high profit margins [63][70]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months compared to the benchmark index [3][8]. Core Views - The company is projected to achieve revenue growth from 1,976 million yuan in 2024 to 2,493 million yuan in 2025, reflecting a year-on-year growth rate of 26% [3][6]. - The net profit attributable to the parent company is expected to recover from a loss of 126 million yuan in 2024 to a profit of 10 million yuan in 2025, indicating a significant turnaround [3][6]. - The company is focusing on the innovation and growth path in the intelligent connected vehicle sector, which has shown promising growth despite profit pressures [5][6]. Financial Performance Summary - In 2024, the company reported revenue of 1,976 million yuan, a 5.23% increase year-on-year, but incurred a net loss of 126 million yuan [5]. - The first quarter of 2025 saw a revenue increase of 13.59% year-on-year, with a reduced net loss of 42 million yuan [5]. - The overall gross margin for 2024 was 15.23%, down 2.17 percentage points from the previous year, indicating margin pressure [5]. Business Segment Analysis - The mobile intelligent terminal software segment generated revenue of 936 million yuan in 2024, a decline of 3.76% year-on-year, primarily due to decreased income from some clients [5]. - The intelligent connected vehicle software segment achieved revenue of 490 million yuan in 2024, marking a 16.91% increase year-on-year, supported by expanding overseas markets [5]. - The company has established a comprehensive technical moat in the operating system technology field, collaborating closely with chip manufacturers [5][6]. Profitability Forecast - The company forecasts revenues of 2,493 million yuan for 2025, 3,128 million yuan for 2026, and 3,800 million yuan for 2027, with corresponding net profits of 10 million yuan, 81 million yuan, and 146 million yuan respectively [6][7]. - The report anticipates a gradual improvement in profitability, with a projected net profit margin of 4.0% by 2027 [6][7].

Core Viewpoint - The company reported a revenue increase in 2024 but faced net losses, with a focus on growth in the intelligent connected vehicle sector and challenges in traditional business areas [1][2][5] Financial Performance - In 2024, the company achieved revenue of 1.976 billion, a year-on-year increase of 5.23%, but reported a net loss of 126 million, marking a shift to loss compared to the previous year [1] - The first quarter of 2025 saw revenue of 476 million, a year-on-year growth of 13.59%, with a reduced net loss of 42 million, down 6.95% year-on-year [1][2] Business Segments - The mobile intelligent terminal software segment generated revenue of 936 million, a decline of 3.76% year-on-year, influenced by reduced income from some clients [2] - The intelligent connected vehicle software segment reported revenue of 490 million, a growth of 16.91% year-on-year, with efforts to expand overseas markets [2] Profitability and Costs - The overall gross margin for 2024 was 15.23%, down 2.17 percentage points year-on-year, with the first quarter of 2025 showing a gross margin of 12.25%, down 2.07 percentage points [3] - Sales expenses increased by 49.03% year-on-year in 2024, primarily due to promotional efforts in the new computer business and investments in the intelligent vehicle sector [3] Technological Focus - The company is concentrating on operating system technology, collaborating closely with chip manufacturers and focusing on core technology accumulation [4] - The company has developed a new generation of cross-domain integrated vehicle operating system, FusionOS, compatible with major chip manufacturers [4] Future Outlook - Revenue forecasts for 2025-2027 are adjusted to 2.493 billion, 3.128 billion, and 3.800 billion respectively, with net profits projected at 10 million, 81 million, and 146 million [5] - The company is optimistic about rapid development in the intelligent connected vehicle and new computer businesses, expecting to turn losses into profits with improved management [5]

每日晨报 2025年6月11日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 周二美股三大指数均上行，纳指领涨美股大 模 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 ● 策略:稳定币概念股投资展望。稳定币概念股投资展望:(1)自中国香港《稳 定币条例草案》通过以来, [HK]稳定币指数(887779.WI)经历了先涨后跌的 行情,成交活跃度大幅提升。5月21日至6月2日,IHK]稳定币指数累计上 涨了 84.77%, 但 6 月 3 日至 6 月 6 日回调了 15.86%, 因此 5 月 21 日至 6 月 6 日累计上涨 55.47%。 (2) A 股稳定币指数 (8841912.WI) 行情略微滞后于 港股稳定币指数，波动幅度也小于港股。5 月 26 日至 6 月 5 日，A 股稳定币 指数累计上涨 35.51%, 6 月 6 目回调 2.83%。 (3 ...

Core Viewpoint - The article discusses the recent challenges faced by the arbitrage funds in the context of the stock market, particularly focusing on the performance of the 信创 (Xinchuang) sector and related ETFs following the resumption of trading for key stocks [1][4]. Group 1: Market Performance - On June 10, the major asset restructuring targets, 海光信息 (Haiguang Information) and 中科曙光 (Zhongke Shuguang), resumed trading, with 中科曙光 hitting a daily limit up while 海光信息 initially surged over 8% before closing with a 4% increase [2][4]. - The overall 信创 sector experienced a pullback, with several stocks like 天阳科技 (Tianyang Technology), 深信服 (Shenxinfeng), and 星环科技 (Xinghuan Technology) dropping over 5%, and the 国证信创 and 中证信创 indices declining by 1.49% and 2.32% respectively [5]. Group 2: ETF Performance and Arbitrage Issues - The 信创 ETFs, which had been heavily bought during the suspension of the two stocks, faced significant sell-offs, with declines ranging from 2.5% to 3.8% on the same day [3][6]. - The seven 信创 ETFs collectively saw a substantial increase in trading volume, with 国泰信创 ETF reaching a turnover rate of 57.99% and closing down 2.98%, indicating a shift to a discount state [6][8]. - From May 26 to June 9, these ETFs attracted nearly 70 billion yuan in net inflows, with individual funds like 华夏信创 ETF and 国泰信创 ETF seeing their shares increase by over ten times [8]. Group 3: Operational Challenges in ETF Arbitrage - The operational challenges for ETF arbitrage were highlighted, as the presence of suspended stocks complicates the redemption process, potentially leading to cash instead of stock for those stocks marked as "must" in the cash alternative section [9][10]. - The ETFs' performance is also influenced by the volatility of other constituent stocks, which can affect the overall ETF price, especially in premium situations where the price may already reflect some arbitrage potential [10]. Group 4: Future Outlook - Despite the recent pullback in the 信创 sector, several institutions remain optimistic, citing the ongoing AI Agent trend and the acceleration of commercialization as drivers for a potential annual tech rally [11]. - The 信创 industry is expected to continue evolving towards "technology complementary integration" and "ecosystem construction," indicating a robust outlook for the sector [11].

Market Overview - The oil prices surged significantly during the week of June 3 to June 6, 2025, while domestic equity market indices experienced a broad increase, with the ChiNext Index rising by 2.32% [3] - In terms of industry performance, the telecommunications, non-ferrous metals, and electronics sectors saw the highest gains, whereas the home appliances, food and beverage, and transportation sectors faced the largest declines [3] Fund Issuance - A total of 42 new funds were established this week, with a combined issuance of 31.013 billion units. This included 9 bond funds, 8 mixed funds, 22 equity funds, and 3 FOF funds [4] - Overall, 36 new funds were issued across various types, including 13 equity funds, 11 mixed funds, 10 bond funds, 1 FOF fund, and 1 international (QDII) fund [4] Fund Performance Tracking - All types of thematic industry funds collectively increased this week, with TMT thematic funds showing strong performance, rising by 3.64%, and pharmaceutical thematic funds continuing their advantage with a 2.24% increase [5] - As of June 6, 2025, the weekly performance of various thematic funds was as follows: TMT (3.64%), pharmaceutical (2.24%), cyclical (2.13%), balanced industry (1.85%), rotation (1.75%), new energy (1.56%), financial real estate (1.33%), consumer (0.90%), and defense industry (0.77%) [5] ETF Market Tracking - The stock ETF market experienced a net outflow of funds, with a notable outflow from large-cap broad-based ETFs, while TMT thematic ETFs saw significant inflows [6] - The median return for stock ETFs was 1.32%, with a net outflow of 2.559 billion yuan. Hong Kong stock ETFs had a median return of 2.40% and a net outflow of 3.716 billion yuan [6] - Commodity ETFs recorded a median return of 1.44% with a net outflow of 1.172 billion yuan [6] Fund Positioning Monitoring - The estimated position of actively managed equity funds decreased by 0.38 percentage points compared to the previous week. Increased allocations were observed in telecommunications, textiles and apparel, and banking sectors, while reductions were noted in home appliances, automotive, and computer sectors [7] ESG Financial Products Tracking - The green bond issuance market cooled down this week, with 10 new green bonds issued, totaling 9.27 billion yuan. The cumulative issuance of green bonds in the domestic market reached 4.48 trillion yuan, with a total of 3,871 bonds issued [8] - In terms of fund performance, the median net value change for actively managed equity, passive stock index, and bond ESG funds was 1.33%, 0.74%, and 0.08%, respectively. Thematic funds focused on sustainable development, social responsibility, and low-carbon economy showed significant advantages [8] - As of June 6, 2025, there were 213 ESG funds in the domestic market, with a total scale of 132.772 billion yuan [8]

Group 1 - The article discusses a recent incident of account hacking related to stock market scams, highlighting the organized and large-scale nature of this illegal activity [2][3][5] - It emphasizes the importance of using proper business registration methods to avoid such issues, recommending that individuals register public accounts under corporate entities rather than individual business licenses [5][6] - The article warns about the proliferation of stock market scams, particularly during bullish market conditions, and advises caution, especially for older individuals who may be more susceptible to such schemes [6][7] Group 2 - The article notes a significant drop in the stock market, attributing it to global macro variables, particularly the impact of US-China negotiations, which affected multiple markets simultaneously [9] - It mentions the recent inclusion of certain stocks in the Hong Kong Stock Connect, which led to substantial price increases initially, but these stocks later experienced declines, indicating volatility in the market [12][13] - The article highlights the importance of understanding the implications of index adjustments, such as those in the S&P 500, which can lead to significant trading activity and price movements in related stocks [15][16] Group 3 - The article suggests that the current investment strategy remains focused on risk assets while not being bearish on bonds, indicating a positive outlook for certain investment opportunities [17]

Core Viewpoint - The significant turnover in the Xinchuang-themed ETFs is attributed to the resumption of trading for major assets Haiguang Information and Zhongke Shuguang, leading to a notable increase in trading volume and a call for rational investment from public funds [2][4][9]. Group 1: Market Activity - On June 10, Haiguang Information and Zhongke Shuguang resumed trading, resulting in a surge in trading volume for Xinchuang-themed ETFs [2]. - Following the resumption, Zhongke Shuguang hit the daily limit up, while Haiguang Information initially rose over 8% before settling around a 4% increase [3]. - The turnover rate for several Xinchuang-themed ETFs exceeded 40%, with the Guotai Guozheng Information Technology Innovation Theme ETF reaching 57.99% and total trading volume surpassing 1.1 billion yuan [4][5]. Group 2: Fund Performance - During the suspension of Haiguang Information and Zhongke Shuguang, the seven Xinchuang-themed ETFs collectively saw over 6.9 billion yuan in net inflows [5]. - The scale of several Xinchuang-themed ETFs skyrocketed, with the Fortune Guotai Guozheng Information Technology Innovation Theme ETF increasing from 0.58 million yuan to 1.133 billion yuan, a growth of over 18 times [6]. Group 3: Risk Warnings - Public funds, including Guotai Fund, have issued multiple risk warnings regarding the volatility and potential tracking errors of the Xinchuang-themed ETFs due to significant inflows during the suspension period [7][9]. - Fund companies have adjusted valuation methods for suspended stocks, with South Fund announcing the use of the "index income method" for Zhongke Shuguang [10]. - The Xinchuang sector is recognized as a strategic focus for national support, with long-term investment value, but short-term market behavior is characterized by significant volatility [9].

Group 1 - The core event involves the merger plan between Haiguang Information and Zhongke Shuguang, which aims to enhance their competitive capabilities in the chip and data center infrastructure sectors [1] - The merger is expected to create synergies by combining Haiguang's chip technology with Zhongke's infrastructure resources, thereby improving the resilience of the supply chain and accelerating the development of the computing power industry ecosystem [1] - Following the announcement, the Xinchuang ETF saw significant inflows, totaling over 2.2 billion yuan from May 26 to June 9, increasing its scale from approximately 400 million yuan to 2.7 billion yuan [1] Group 2 - The Xinchuang industry is gaining attention beyond the merger, with recent developments such as DeepSeek and the release of Hongmeng computers contributing to its momentum [2] - The Zhongzheng Information Technology Application Innovation Index focuses on leading companies in the Xinchuang sector, covering areas like artificial intelligence, data computing, and information security [2] - As of June 9, the top ten weighted stocks in the index accounted for 47.72% of the total weight, with the Xinchuang ETF being the largest ETF tracking this index [2]

Group 1 - The core viewpoint of the news highlights the active trading and significant inflow of funds into the Xinchang ETF managed by E Fund, indicating strong market interest and performance [1] - As of June 9, the Xinchang ETF has reached a new high in scale at 709 million yuan and a total of 590 million shares, reflecting robust growth since its inception [1] - The Xinchang ETF has seen a continuous net inflow of funds totaling 545 million yuan over the past 10 days, showcasing its attractiveness to investors [1] Group 2 - The announcement of a major asset restructuring by Haiguang Information, which plans to issue A-shares to exchange for shares held by all shareholders of Zhongke Shuguang, marks a significant development in the domestic computing sector [1] - The exchange price for the absorbing party is set at 143.46 yuan per share, while the absorbed party's price is 79.26 yuan per share, indicating a strategic valuation in the merger [1] - Tianfeng Securities emphasizes that the ongoing economic negotiations and the focus on self-sufficiency remain a long-term logic, with the Xinchang sector expected to benefit from policy support and technological advancements [1]