开源证券发布研报称，中软国际是华为最高级别合作伙伴，有望受益于鸿蒙生态发展。公司与华为于 2009年开始合作，深入参与华为各领域布局，是华为在国内最核心的IT服务外包商之一。2024年华为终 端业务业绩修复，原生鸿蒙发布、鸿蒙PC发布后"1+8+N"物联生态实现闭环，软件生态重构需求快速增 长。原生鸿蒙软件重构、智能物联网设备持续发展，推动鸿蒙生态需求激增。公司是开源鸿蒙生态的核 心服务商，推出了适合开源鸿蒙开发者的工具，联合深圳市天使母基金等机构助力创业鸿蒙开发者。公 司占据鸿蒙生态先发优势，有望持续受益。 消息面上，中国软件国际发布公告，紧接主要股东、主席兼执行董事陈宇红博士于7月18日收购200万股 公司普通股后，陈博士已于9月23日再次收购合共150万股份，总金额约为906.18万港元。于紧随股权增 加后，陈博士持有3.19亿股股份，相当于公司于本公布日期之已发行股份总数约11.68%。 智通财经APP获悉，中软国际(00354)再涨超5%，截至发稿，涨4.33%，报6.51港元，成交额3.09亿港 元。 ...

(1)基石业务：ICT服务是公司的基石业务，贡献主要收入和利润，2024年下半年基石业务营收修复，公 司员工总人数回暖，大客户数达到2020年来第二高，大客户拓展效果显著。(2)云智能业务：疫情引发 的市场波动已回归常态，随着云计算与原生人工智能、大模型以及算力资源的深度整合，下游需求将快 速增长。公司在行业场景化领域占据优势，深度合作华为云能力，拓展全栈AI产品落地可能性，2024 年公司全栈AI产品收入达9.57亿元，增长曲线初步显现，未来将加速云智能业务增长。 华为最高级别合作伙伴，有望受益于鸿蒙生态发展 (1)公司是华为云"同舟共济"合作伙伴：公司与华为于2009年开始合作，深入参与华为各领域布局，是 华为在国内最核心的IT服务外包商之一。(2)深度绑定鸿蒙物联生态建设：2024年华为终端业务业绩修 复，原生鸿蒙发布、鸿蒙PC发布后"1+8+N"物联生态实现闭环，软件生态重构需求快速增长。原生鸿蒙 软件重构、智能物联网设备持续发展，推动鸿蒙生态需求激增。公司是开源鸿蒙生态的核心服务商，推 出了适合开源鸿蒙开发者的工具，联合深圳市天使母基金等机构助力创业鸿蒙开发者。公司占据鸿蒙生 态先发优势，有望持续受 ...

智通财经APP获悉，开源证券发布研报称，中国软件国际(00354)是国内IT服务领军者，是华为深度合作 伙伴，华为贡献公司40%以上收入。公司云智能业务增长显著，鸿蒙生态闭环初步完成，随着与华为云 合作深入，公司有望持续受益。考虑鸿蒙生态、AI业务发展均在初期阶段，该行下调2025年并新增 2026-2027年盈利预测，预计公司2025-2027年归母净利润为5.64、6.28、7.08亿元(2025原值为13.42亿 元)，对应EPS分别为0.21、0.23、0.26元/股，对应当前股价PE分别为26.9、24.1、21.4倍。维持"买入"评 级。 开源证券主要观点如下： 云智能业务增长显著，全栈AI产品落地凸显增长潜力 (1)基石业务：ICT服务是公司的基石业务，贡献主要收入和利润，2024年下半年基石业务营收修复，公 司员工总人数回暖，大客户数达到2020年来第二高，大客户拓展效果显著。(2)云智能业务：疫情引发 的市场波动已回归常态，随着云计算与原生人工智能、大模型以及算力资源的深度整合，下游需求将快 速增长。公司在行业场景化领域占据优势，深度合作华为云能力，拓展全栈AI产品落地可能性，2024 年公 ...

Group 1: Pharmaceutical Industry - The active pharmaceutical ingredient (API) industry has experienced a downturn over the past four years, with prices of various products, including sartans, heparins, and animal health products, reaching historical lows, leading to some leading companies operating at a loss [7][8][10] - In the first half of 2025, the API sector saw a decline in both revenue and net profit due to significant price drops in anti-infective products and increased R&D investments by some companies [7][10] - Domestic API companies are actively transitioning to innovative drug development, with several products in various clinical trial stages, indicating a shift towards higher-value offerings [7][10] Group 2: Real Estate Industry - The stabilization of housing prices is influenced by multiple factors, including monetary policy, supply-demand relationships, and economic expectations, rather than solely by population changes [3][12][15] - Analysis of housing price data from 70 cities shows that both new and second-hand housing prices have been in a downward trend since 2022, with a recent narrowing of year-on-year declines due to supportive policies [12][13] - Recommendations for investment focus on strong credit real estate companies with good fundamentals and leading product capabilities, as well as those benefiting from dual-driven residential and commercial real estate strategies [15] Group 3: IT Services Industry - The company is a leading player in the domestic IT services sector and a key partner of Huawei, with over 40% of its revenue derived from this partnership [4][17][20] - The company's cloud intelligence business is experiencing significant growth, and it is expected to benefit from the development of the HarmonyOS ecosystem and AI technologies [4][17][20] - Profit forecasts for 2025-2027 have been adjusted, with expected net profits of 564 million, 628 million, and 708 million yuan respectively, reflecting a strategic focus on AI and cloud services [4][17][20] Group 4: Alibaba Group - Alibaba is actively advancing its AI infrastructure and plans to increase investments, which is expected to accelerate growth in its cloud business [5][21][22] - The demand for AI infrastructure is exceeding expectations, with plans to invest 380 billion yuan in building AI infrastructure, significantly increasing the energy consumption scale of its global data centers by 10 times by 2032 [5][21][22] - The company aims to enhance its market position through comprehensive AI-driven strategies, including improvements in its e-commerce platform and cloud services [21][22][23]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is a leading player in the domestic IT services sector and a deep partner of Huawei, with over 40% of its revenue coming from Huawei [4][6] - The cloud intelligence business is experiencing significant growth, and the initial completion of the HarmonyOS ecosystem is expected to benefit the company as its collaboration with Huawei Cloud deepens [4][5] - The report has adjusted the profit forecast for 2025 and introduced forecasts for 2026-2027, estimating net profits of 564 million, 628 million, and 708 million yuan for 2025-2027, respectively [4][7] Summary by Sections Company Overview - Established in 2000, the company has been a strategic partner of Huawei since 2009 and has evolved into a leading comprehensive software and IT service provider in China [15][16] Financial Performance - The company reported a revenue of 17.17 billion yuan in 2024, with a slight decline of 0.3% year-on-year, while net profit was 513 million yuan, down 28.1% [7][20] - The gross margin has been under pressure, dropping from 29.20% in 2020 to 22.07% in 2024, but there are efforts to improve margins through high-value projects and AI product deployment [22][27] Business Segments - The core ICT services business has seen a decline in revenue from 133.87 billion yuan in 2022 to 96.36 billion yuan in 2024, while the cloud intelligence business has grown from 2 billion yuan in 2019 to 73.15 billion yuan in 2024 [27][28] - The company aims to transition from a traditional outsourcing model to an AI technology service provider, leveraging its partnership with Huawei [31][54] Strategic Partnerships - The company is a key partner in Huawei's cloud strategy, benefiting from the growth of the HarmonyOS ecosystem and the increasing demand for AI-driven solutions [6][60] - The collaboration with Huawei has allowed the company to expand its customer base and enhance its service offerings, particularly in sectors like energy, finance, and government [41][42] Market Outlook - The IT services market in China is projected to grow steadily, with a total market size expected to reach 525.6 billion USD in 2024, driven by digital transformation across various sectors [32][36] - The cloud computing market in China is anticipated to exceed 2 trillion yuan by 2027, with significant contributions from AI and big data applications [61][69]

Group 1 - The core viewpoint emphasizes the rapid growth of the HarmonyOS ecosystem as a collective innovation effort within China's technology industry, with a call for more partners and developers to embrace HarmonyOS and AI [2] - HarmonyOS is built on the OpenHarmony framework, which has seen over 130 million lines of code contributed by more than 9,200 community contributors, resulting in over 1,300 hardware and software products across various industries [4] - Huawei's terminal products have fully adopted HarmonyOS 5, enhancing user experience with features like real-time interaction and AI integration across devices such as smartphones, computers, and smart screens [5] Group 2 - AI is becoming a crucial direction for the evolution of the Harmony ecosystem, with the "Tiangong Plan" supporting developers in creating more AI services and frameworks [7] - The "Xiao Yi" task space feature can autonomously manage over 120 tools and third-party AI agents, significantly improving efficiency in various high-frequency scenarios like office writing and travel planning [9] - Huawei has launched a new Xiao Yi AI agent open platform, providing developers with various tools and components to facilitate the creation of AI capabilities, aiming to accelerate the development of over 10,000 AI-native services [10]

Investment Rating - The report maintains an "Increase" rating for the company [4] Core Viewpoints - The company has shown improvement in profit margins with a reduction in losses year-on-year, attributed to operational cost optimization and an increase in the sales proportion of high-value products, leading to an overall gross margin increase to 35.59% [2] - The company is actively expanding its AI edge business in response to rising demand for AI devices, aiming to create a comprehensive solution that integrates chips, algorithms, scenarios, apps, and AI [9][10] - The company continues to strengthen its position in the HarmonyOS ecosystem, successfully integrating over 300 HarmonyOS projects and achieving significant product shipments [8] Financial Summary - Revenue projections show a recovery trend, with expected revenues of 433 million in 2023, increasing to 1,513 million by 2027, reflecting a compound annual growth rate [1] - The company is expected to achieve a net profit of -0.10 million in 2025, turning positive with 0.30 million in 2026 and 0.91 million in 2027, indicating a gradual improvement in profitability [10] - The gross margin is projected to improve from 28.3% in 2023 to 42.0% by 2027, while the net margin is expected to shift from -33.0% to 6.0% over the same period [12]

Core Insights - Huawei's Mate XTs, the first foldable phone pre-installed with HarmonyOS 5.1, has officially launched, marking a significant advancement in integrating PC-level financial applications into mobile devices [1] - The collaboration with Dongfang Caifu enables users to access professional investment and financial services on their mobile devices, exploring innovative features like meta-service cards and Harmony smart agents [1] Group 1: Product Features - The Mate XTs features a 10.2-inch large screen that allows for a deep adaptation of the Dongfang Caifu PC version, providing users with a professional and authoritative financial information experience on mobile [4] - The application supports high-speed L2 market viewing, combining rapid market data and extensive calculations to help users gain real-time insights into market movements and investment trends [4] - It includes various specialized modules such as the Dragon and Tiger List, margin trading, annual and quarterly reports, and dividend information, offering comprehensive data to assist users in making precise investment strategies [4] Group 2: Service Innovations - Dongfang Caifu has integrated its services across multiple devices, launching the first financial smart agent "Miaoxiang" in the Harmony ecosystem, which can respond to users' financial inquiries around the clock [5] - The introduction of financial meta-service cards allows users to quickly access real-time market data, detailed stock information, and financial news by adding "Dongfang Caifu Lite" to their device's interface [5] - Future collaborations between Dongfang Caifu and Harmony are expected to yield more breakthroughs and innovations, enhancing the accessibility of intelligent and efficient investment services [5]

Core Insights - The automotive industry is evolving into a major "super terminal" for smart operating systems, alongside smartphones [1] - Huawei and BAIC Group are intensifying their collaboration, with plans to invest 20 billion yuan over three years to develop the "Xiangjie" brand [1][2] - The launch of the Xiangjie S9T marks a significant step in Huawei's automotive strategy, featuring advanced technologies and a strong market response [2][4] Group 1: Product Launch and Features - The Xiangjie S9T, launched on September 16, is equipped with Huawei's advanced driving and health technologies, with a starting price of 309,800 yuan [2] - The vehicle has received over 40,000 pre-orders, indicating strong market interest [2] - The Xiangjie factory is ramping up production, currently producing a new car every two minutes, with plans for further capacity expansion [2][3] Group 2: Strategic Collaboration - Huawei and BAIC are forming a dedicated team to integrate their operations across research, manufacturing, and marketing [3] - The partnership aims to create a seamless experience under the Xiangjie brand, eliminating distinctions between Huawei and BAIC [3] - Other automakers, such as Chery, are also deepening their collaboration with Huawei, indicating a broader trend in the industry [3] Group 3: Market Performance and Expansion - In August, the delivery of new vehicles from Hongmeng Zhixing reached 44,579 units, with total deliveries surpassing 900,000 [4] - The delivery rate is accelerating, with expectations to exceed one million units by late October or early November [4] - The overall average transaction price for vehicles in this segment is 380,000 yuan [4] Group 4: Ecosystem Development - The expansion of the Hongmeng ecosystem is being driven by the automotive sector, with a focus on integrating various devices and applications [5] - As of July 30, the number of devices running on Hongmeng 5 surpassed 10 million, with smartphones being the primary driver [5] - The ecosystem's growth is contingent on the richness of applications, with a target of 100,000 applications by 2025 [6]

Core Insights - The automotive industry is evolving into a major platform for smart operating systems, alongside smartphones, with Huawei's Harmony OS gaining traction in this space [2][5] - Huawei and BAIC Group are intensifying their collaboration, with plans to invest 20 billion yuan over three years to develop the "Xiangjie" brand [2][4] Group 1: Product Launch and Features - The Xiangjie S9T, Huawei's first travel car, was officially launched on September 16, featuring advanced technologies such as Huawei's QianKun Intelligent Driving ADS 4 and the new Tuling platform [3][4] - The starting price for the Xiangjie S9T is set at 309,800 yuan, with over 40,000 pre-orders already received [3][6] Group 2: Production and Delivery - The Xiangjie factory in Beijing is currently ramping up production, with a goal of doubling its output, currently producing a new car every two minutes [3][4] - As of September 16, the total delivery of Harmony OS vehicles has surpassed 930,000 units, with expectations to exceed one million by late October to early November [6][8] Group 3: Ecosystem Expansion - The Harmony OS ecosystem is expanding rapidly, with over 90,000 vehicles delivered in August alone, and an average transaction price of 380,000 yuan [5][6] - Huawei's collaboration with multiple automakers, including Chery and Geely, has resulted in the establishment of five brands under the Harmony OS ecosystem [5][6] Group 4: Market Position and Strategy - Huawei's smartphone market share has rebounded, with Q2 2023 shipments reaching 12.5 million units, capturing an 18.1% share of the Chinese market [7][8] - The company aims to enhance the richness of its application ecosystem, targeting 100,000 applications by 2025 as a sign of maturity [8]