第四财季云利润率料将达到67%左右。 第四财季生产力销售料为320.5亿-323.5亿美元。 第四财季汇率因素料将对营收增长贡献1个百分点。 第四财季智能云销售料将为287.5亿-290.5亿美元。 第四财季更多个人电脑销售料为123.5亿-128.5亿美元。 微软：按恒定汇率来看，第四财季Azure料将增长34%-35%。 ...

Core Viewpoint - In 2024, the Chinese software industry is entering a deep adjustment period due to the dual impact of digital transformation and a slowdown in macroeconomic growth, leading to a stark contrast in performance between leading and trailing companies [1] Revenue Disparity - The average revenue of 155 listed software companies in A-shares is 2.185 billion yuan, with significant disparities in revenue growth [3] - Five companies, including iFlytek and ST Huaton, have entered the "100 billion revenue club," with iFlytek achieving an 18.79% year-on-year revenue growth [4] - Only 45% of the 155 companies reported positive revenue growth, while 55% experienced declines, indicating a clear structural divide [4][6] - High-growth companies such as AsiaInfo and CloudWalk reported revenue increases of 123.56% and 81.3%, respectively, benefiting from increased digital investments in various sectors [4] Profitability Trends - Among the 155 sample companies, 96 achieved a net profit, representing 61.9%, but profitability quality varies significantly [8] - Nine companies surpassed a net profit of 1 billion yuan, including Baoxin Software and Kingsoft [8] - In contrast, 59 companies reported losses, with some, like Yonyou Network, posting losses exceeding 1 billion yuan [10] - 63 companies achieved positive net profit growth, with 31 of them exceeding 100% growth, showcasing a trend of "small but beautiful" high-growth firms [11] Employment Changes - As of the end of 2024, 57 companies increased their employee count, while over 60% of companies reduced their workforce [12][13] - Notable reductions include companies like Midea Technology, which saw a 49.85% decrease in employees, reflecting the pressure on performance [13] - Companies with significant profit declines or losses are more likely to reduce staff, while some profitable firms are also cutting jobs to optimize efficiency [13][14]

Group 1: Market Trends and Demand - The demand for high-performance computing and storage hardware is expected to grow due to continuous investment in AI hardware by cloud service providers in 2025 [3] - The semiconductor storage market began to recover gradually from the end of March 2025, with significant price increases anticipated in the latter half of Q1 2025 [3][11] - The company's enterprise storage products achieved revenue of 319 million CNY in Q1 2025, representing over 200% year-on-year growth [7] Group 2: Global Tariff Policies and Company Strategy - The company is closely monitoring global tariff changes and has maintained normal production operations [3] - Following the acquisition of SMART Brazil, the company saw a revenue increase of over 120% in 2024, leveraging low tariff advantages to expand overseas markets [3] Group 3: Gross Margin and Product Strategy - The company's gross margin is positively influenced by rising storage wafer prices, but is also affected by product structure and market competition [4] - The company is advancing its PTM and TCM models to provide comprehensive storage solutions, aiming to stabilize gross margins [4][5] Group 4: Inventory Management and Future Outlook - The company is transitioning towards a service and value-driven model, adjusting inventory strategies based on market demand and operational efficiency [9] - The market for enterprise-level storage products is expected to grow significantly, driven by AI applications and cloud services [7][8]

短期业绩承压，静待营收拐点 证券研究报告 航天宏图 (688066 CH) | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 计算机应用 | 航天宏图发布年报，2024 年实现营收 15.75 亿元（yoy-13.39%），归母净 利-13.93 亿元（同比增亏），扣非净利-14.53 亿元（同比增亏）。其中 Q4 实 现营收 2.30 亿元（yoy-0.81%，qoq-54.10%），归母净利-11.71 亿元（同比 增亏）。2024 年公司归母净利低于我们预期（0.83 亿元），我们判断主因： 2024 年 7 月 6 日起，公司特种领域采购资格暂停，导致 2024 年计提存货 跌价资产减值损失 9.3 亿元。我们认为，随着下游需求复苏，公司 25 年营 收有望回暖。维持"买入"评级。 25 年下游需求有望逐步企稳，静待营收拐点 2024 年公司数据分析应用服务业务收入 9.35 亿元，同比-10.77%，毛利率 30.76%，同比-4.90pct。系统设计开发业务收入 6.31 亿元，同比-16.04%， ...

【产业互联网周报是由钛媒体TMTpost发布的特色产品，将整合本周最重要的企业级服务、云计算、大 数据领域的前沿趋势、重磅政策及行研报告。】 国内资讯 宝马官宣与阿里达成AI合作 宝马集团宣布与阿里巴巴集团在中国达成AI领域战略合作，双方在AI大语言模型和智能语音交互等前 沿领域开展联合研发，提供最贴近中国用户需求的前瞻性解决方案。阿里通义大模型将应用于中国市场 的宝马新世代系列车型。 腾讯混元T1正式版上线元宝 腾讯混元宣布，深度思考模型"混元T1"正式版携手DeepSeek V3最新版已上线元宝。 浙江省政府与阿里巴巴集团蚂蚁集团签署战略合作协议 浙江省政府与阿里巴巴集团、蚂蚁集团签署战略合作协议。省长刘捷分别与阿里巴巴集团董事会主席蔡 崇信、蚂蚁集团董事长井贤栋见证签约。根据协议，省政府与阿里巴巴集团、蚂蚁集团将紧紧围绕"以 高质量发展为首要任务、以缩小'三大差距'为主攻方向、以改革创新为根本动力、以满足人民美好生活 需要为根本目的"，进一步整合资源、紧密协同，推动平台经济健康发展，在人工智能等领域展开合 作，更好服务中国式现代化省域实践，共同推动国家重大战略落地实施。 华弘数科发布新款全液冷智算一体机 ...

Summary of Kingdee International's Conference Call Company Overview - **Company**: Kingdee International Software Group Co., Ltd. - **Fiscal Year**: 2024 - **Total Revenue**: RMB 3.93 billion, with cloud service revenue accounting for 81.6%, a year-on-year increase of 13.4% [2][3][4] - **Net Loss**: Reduced by 32.3% to RMB 142 million [2][3] - **Operating Cash Flow**: Increased by 42.9% to RMB 934 million [2][3] - **Cash Reserves**: RMB 4.65 billion at year-end, indicating a healthy financial position [2][3] Key Financial Metrics - **Profit Margin**: Increased from 3% in 2023 to 6% in 2024 [2][5] - **Research and Development (R&D) Investment**: Stable with a slight increase of 0.4% [2][6] - **Administrative Expenses**: Increased by 9.9% due to personnel restructuring [2][5] Cloud Service Performance - **Cloud Service Revenue Growth**: 13.4% increase, contributing to 81.6% of total revenue [2][4] - **Annual Recurring Revenue (ARR)**: Grew by 20% to RMB 3.43 billion, with a 5.4 times increase since 2020 [2][4] - **Contract Liabilities**: High levels indicating potential future revenue [4] Large Enterprise Market - **Contract Growth**: Number of contracts over RMB 10 million doubled, totaling RMB 2.1 billion [2][7] - **New Customers**: 652 new large enterprise customers [2][7] - **ARR Growth for Large Clients**: Increased by 30% [2][7] - **Net Renewal Rate**: Improved to 108% [2][7] AI Integration and Innovations - **AI Applications**: Significant improvements in client management and operational efficiency, e.g., a 70% reduction in workload for China Merchants [2][8] - **AI Product Launches**: Introduction of EBC digital employee solutions and the Cangqiong GPT platform [2][11] - **Future AI Spending**: Expected global IT spending on AI to reach USD 500 billion by 2027 [2][10] Strategic Direction - **AI Development Goals**: Aim to become a leading enterprise management AI company by 2030 [2][10] - **Internal AI Utilization**: Initiatives to enhance efficiency and reduce costs through AI [2][20] - **Market Positioning**: Focus on becoming a benchmark for AI usage within the software industry [2][20] Challenges and Outlook - **Market Sensitivity**: The small and medium enterprise market is sensitive to economic conditions, impacting growth [2][19] - **Future Growth Expectations**: Anticipated improvement in performance due to increased demand for digital transformation among SMEs [2][19] - **Profitability Outlook**: Continued profitability expected, with a conservative approach to future guidance [2][21] Conclusion - **Investment Potential**: Kingdee International is positioned as a valuable player in the enterprise management AI sector, with a focus on sustainable growth and innovation in cloud services and AI applications [2][29]