Core Viewpoint - The financial performance of the company in 2024 was disappointing, with significant declines in revenue and profit due to intensified industry competition, tightened customer budgets, and slowed bidding processes [1][7]. Business Analysis Smart Inspection and Testing Management - The smart inspection and testing management business, a core segment, faced challenges in 2024, primarily due to increased competition and reduced customer budgets, leading to slower bidding processes and unmet revenue growth expectations [4][7]. - The company launched several innovative products in this segment, including smart inspection management platforms and quality infrastructure service platforms, but customer acceptance and usage did not meet expectations [4][7]. Data Asset Management - The data asset management business saw a technological upgrade with the release of the DAMV13.2 version, aimed at enhancing data governance implementation [4][6]. - Despite technological advancements, market expansion was limited due to fragmented customer demand and intense competition [5][6]. Supply Chain Management - The supply chain management business integrated with data asset management to create a supply chain control tower, enhancing efficiency and precision [6]. - However, the company faced significant cost pressures during project implementation, as the complexity of supply chain management required substantial human and material resources, leading to increased operational costs [6][7]. Summary - Overall, the company's performance in 2024 was adversely affected by various external factors, resulting in a notable increase in operational costs and a significant decline in revenue and profits [1][7]. - Future improvements in operational conditions are anticipated with the completion of relevant technology adaptations and product market promotions, but maintaining a technological edge and effectively controlling costs remain critical challenges [7].

Market Performance - In April, A-shares experienced significant volatility, with the Shanghai Composite Index down 1.7% to 3279.03 points, the Shenzhen Component Index down 5.75% to 9899.82 points, and the ChiNext Index down 7.4% to 1948.03 points [1][2]. Future Outlook - Analysts are optimistic about the A-share market in May, suggesting it is a good time for positioning, as historical data shows that the Shanghai Composite Index has risen in 7 out of the last 15 years during the 10 trading days following the May Day holiday [2][3]. Sector Performance - Historical analysis indicates that consumer and large financial sectors tend to perform well in the 10 trading days before and after the May Day holiday, driven by policy support and upward industry trends [3][4]. Investment Strategies - Analysts recommend focusing on three asset categories: stable assets (high dividends, gold), self-sufficient industrial chains, and domestic consumption [4][5]. - There is a consensus that the Chinese stock market's upward momentum is not over, with suggestions to increase allocations to Chinese assets due to improved economic policies and a decrease in risk premiums [4][5]. Structural Opportunities - May is expected to see a structural recovery in A-shares, with a focus on consumption, technology, and dividend stocks as key investment themes [5].

Group 1 - The computer index has outperformed the CSI 300 index since the beginning of the year, with a rise of 2.35% compared to a decline of 4.18% for the CSI 300 index as of April 30, 2025, ranking sixth among all primary industries [4][10]. - The fund holding ratio for the computer industry stocks was 3.82% at the end of Q1 2025, a decrease of 0.16 percentage points from the previous quarter, indicating a historical low [4][27]. Group 2 - Two core trends are emphasized: the comprehensive prosperity of AI and the robust development of domestic innovation [5]. - The AI sector is entering a prosperous era, with significant advancements in models, computing power, and applications, highlighted by the rapid evolution of OpenAI's models and the emergence of domestic models like Deepseek [5][35]. - The "Great Innovation" trend indicates that domestic software and hardware are gradually becoming more user-friendly, with a potential acceleration in replacement rhythms due to changes in the global trade environment and national encouragement for technological self-reliance [5]. Group 3 - Investment recommendations include companies benefiting from AI applications such as Kingsoft Office, Dingjie Zhizhi, and Keda Xunfei, among others, while computing power recommendations include Haiguang Information and Sugon Information [6]. - For the "Great Innovation" trend, recommended companies include Dameng Data, Taiji Co., and China Software International, with beneficiaries like China Great Wall and Tsinghua Unigroup [6]. Group 4 - The AI model sector is rapidly evolving, with OpenAI's models like GPT-4 and its successors leading the way, while domestic companies are also making significant strides in AI model development [39][53]. - The demand for AI computing power is surging, with major cloud service providers like Microsoft, Google, AWS, and Meta showing strong capital expenditure growth, indicating robust market demand for AI capabilities [67][72]. - NVIDIA's data center business has experienced sustained high growth, driven by increasing market demand for AI and high-performance computing [74].

行 业 及 产 业 计算机 2025 年 05 月 05 日 25Q1 业绩回顾：行业加速恢复， 软硬协同+信创超预期 看好 ——计算机行业周报 20250428-20250502 相关研究 《字节 AI 布局 Agent+MCP！25Q1 机构 加仓 AI 应用 —— 计算机行业周报 20250421-20250425 》 2025/04/26 《跨境支付催化层出不穷!国内外厂商积极 拥抱 MCP！—— 计算机行业周报 20250414-20250418 》 2025/04/19 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 胡雪飞 A0230522120002 huxf@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com 徐平平 A0230123060004 xupp@swsresearch.com 曹峥 A023 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6][7]. Core Views - The company reported a revenue of 5.198 billion yuan in 2024, a year-on-year decline of 22.69%, with a net profit attributable to shareholders of -413 million yuan. For Q1 2025, revenue was 640 million yuan, down 8.85%, with a net profit of -80.625 million yuan [3][4]. - Despite short-term performance pressure, the long-term positive trend remains intact. The company is positioned as a leader in the domestic operating system market and is expected to benefit from the national strategy for information technology innovation [3][4]. - The company's self-developed software business showed improvement, with revenue reaching 1.719 billion yuan in 2024, up 5.01% year-on-year, and a gross margin of 77.38%, an increase of 4.49 percentage points [4][5]. - The subsidiary, Kylin Software, continues to lead the Chinese Linux market for 13 consecutive years, with 2024 revenue of 1.438 billion yuan and a net profit of 502 million yuan, reflecting growth from the previous year [4][5]. - The company is enhancing its collaboration across the industry chain, with advancements in its Kylin operating system across various platforms and integration with AI technologies [5]. - The company is also making strides in the tax sector with the successful implementation of the Golden Tax Phase IV project, which significantly reduces transaction costs [5]. Financial Summary - The projected revenues for 2025-2027 are 6.923 billion yuan, 7.855 billion yuan, and 8.915 billion yuan, respectively, with growth rates of 33.2%, 13.5%, and 13.5% [9][10]. - The net profit attributable to shareholders is expected to recover to 127 million yuan in 2025, 255 million yuan in 2026, and 345 million yuan in 2027, with corresponding growth rates of 130.8%, 100.8%, and 35.3% [9][10]. - The report forecasts a PE ratio of 303X for 2025, 151X for 2026, and 112X for 2027, indicating a potential for valuation improvement as profitability returns [6][9].

2025 年 05 月 04 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn | 相对沪深 | 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 中国软件 | | 3.5% | 5.0% | 50.3% | | 沪深 300 | | -3.7% | -1.2% | 4.6% | | 市场数据 | 2025/04/30 | | --- | --- | | 当前价格（元） | 45.38 | | 52 周价格区间（元） | 27.64-73.00 | | 总市值（百万） | 38,571.30 | | 流通市值（百万） | 38,285.10 | | 总股本（万股） | 84,996.25 | | 流通股本（万股） | 84,365.59 | | 日均成交额（百万） | 872.78 | | 近一月换手（%） | 4.79 | 相关报告 《中国软件（600536）2024 年三季报点评：前三 季度麒麟软件营收同比 ...

Core Insights - The company reported a significant increase in revenue for the year 2024, achieving 31.316 billion yuan, a year-on-year growth of 78.13%, but the net profit attributable to shareholders decreased by 66.21% to 180 million yuan [1] - The gross profit margin for 2024 was 12.46%, showing a slight decline compared to the previous year [1] - The company is actively embracing AI and expanding its strategic focus on AI, data elements, industrial internet, and intelligent financial assets [4] Financial Performance - In Q4 2024, the company achieved a revenue of 9.109 billion yuan, a year-on-year increase of 91.79%, while the net profit attributable to shareholders was 104 million yuan, down 42.49% [2] - The gross profit margin for Q4 2024 was 12.88%, with a decrease in expense ratios for sales, management, and R&D [2] - For Q1 2025, the company reported a revenue of 7.011 billion yuan, a year-on-year growth of 28.65%, but a net loss of 198 million yuan, an improvement from a loss of 277 million yuan in the same period last year [3] Strategic Developments - The company completed the acquisition and integration of Tongfang Computer in January 2024, rebranding it as Softcom Computer in November 2024, enhancing its capabilities in IT infrastructure solutions [5] - Softcom Computer focuses on both PC terminal and enterprise-level businesses, providing a wide range of products that support various mainstream technology platforms [6] - The company is investing in AI technology and developing innovative solutions to support industry transformation, including the DenovoX intelligent computing service platform [4] Future Outlook - Revenue projections for 2025-2027 are estimated at 36.243 billion yuan, 43.555 billion yuan, and 53.334 billion yuan, with corresponding net profits of 356 million yuan, 432 million yuan, and 545 million yuan, indicating a recovery in performance driven by innovation and AI [7]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Views - The company achieved significant growth in Q1 2025, with a net profit of 0.42 billion yuan, up 264.63% year-on-year, driven by strong demand in the data center switch market and improved operational efficiency [1][2]. - The company is actively expanding its ICT and AI applications, focusing on sectors such as financial technology, smart manufacturing, and vehicle networking, which are expected to drive future growth [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 3.485 billion yuan, a year-on-year increase of 11.02%, and a gross margin of 66.51%, up 1.27% from the previous year [1][2]. - The company’s subsidiary, Ruijie Networks, contributed significantly to the net profit, achieving 1.1 billion yuan in net profit, benefiting from the growing AI computing demand [2]. Business Strategy - The company is enhancing its ICT and AI layout, with innovations in products and solutions aimed at capturing market share in key industries, including finance and smart cities [3]. - The company plans to continue its focus on data center networks and optical communication, while also expanding its presence in the metaverse and smart space sectors [3][4]. Profit Forecast - The forecast for net profit from 2025 to 2027 is projected at 5.0 billion yuan, 5.8 billion yuan, and 6.3 billion yuan, respectively, with corresponding PE ratios of 23, 19, and 18 [4][5].

Core Viewpoint - StarNet Ruijie (002396) reported significant growth in Q1 2025, with a net profit increase of 264.63% year-on-year, driven by strong demand in data center switches and improved operational efficiency [2][4]. Financial Performance - For Q1 2025, the company achieved operating revenue of 3.485 billion yuan, a year-on-year increase of 11.02% - The net profit attributable to shareholders was 42 million yuan, reflecting a year-on-year growth of 264.63% - The net profit excluding non-recurring items reached 30 million yuan, with an astonishing year-on-year increase of 8,829.05% - The gross profit margin for Q1 was 66.51%, up by 1.27% year-on-year, while the expense ratios for sales, management, and R&D were 11.97%, 5.99%, and 14.41%, showing changes of -3.6 percentage points, +0.02 percentage points, and -2.45 percentage points respectively [2][3]. Business Strategy and Development - The company is enhancing its ICT and AI layout, actively expanding into sectors such as trusted computing, visual networking, and vehicle networking - The subsidiary, Ascend Information, is innovating products through "trusted computing + AI" to capture market share in key industries like finance, with successful bids for clients such as China Construction Bank - StarNet Vision, another subsidiary, is focusing on building AI capabilities and researching cutting-edge technologies in the metaverse space - In the optical communication sector, the company has developed low-power 400G/800G LPO optical modules to meet supercomputing center demands - The vehicle networking segment is advancing with both ODM and EMS businesses, strengthening its presence in North America while expanding into over 20 countries across Europe, Africa, Asia, and South America [3][4]. Investment Outlook - As a leader in ICT infrastructure, the company is well-positioned in the data center network and optical communication sectors, with AI application solutions providing growth opportunities - The company is expected to benefit from the ongoing construction of AI computing power, the expansion of trusted computing, and breakthroughs in international markets - Forecasted net profits for 2025, 2026, and 2027 are 500 million yuan, 580 million yuan, and 630 million yuan respectively, with corresponding price-to-earnings ratios of 23, 19, and 18 times [4].

Core Viewpoint - The article highlights the strong performance of recommended stocks by brokerages in April, with the best-performing stock rising by 83%, and anticipates a volatile market in May with a focus on consumer demand, dividends, and technology sectors [2][4][10]. Summary by Sections April Stock Performance - In April, the A-share market indices collectively declined, with the ChiNext index dropping over 7%. However, brokerage-recommended stocks showed strong excess returns, with the top stock, Wancheng Group, rising 83% [4]. - The second-best performer was Xianda Co., which surged 61%, while Kexing Pharmaceutical and Minshida both saw increases of nearly 55% [4]. - Approximately 37% of the 46 brokerage stocks recorded positive returns in April, with Northeast Securities leading with a monthly return of 13.28% [4][5]. May Stock Recommendations - Brokerages are increasingly recommending stocks in the consumer demand sector for May, with East Peng Beverage and Guizhou Moutai among the highlighted stocks [6][10]. - The skincare and medical beauty sectors are also gaining attention, with stocks like Proya and Aimeike receiving multiple recommendations due to market trends favoring domestic brands and new product launches [6]. Market Outlook for May - Analysts expect the market to remain volatile in May, with some expressing optimism about potential upward movement. The consensus is that adjustments in the market present good opportunities for investment [10][11]. - Key sectors to watch include consumer demand, technology, and dividend-paying stocks, with a focus on stable assets and self-sufficient supply chains [11][12].