Investment Rating - The report assigns a "Buy" rating to the company with a current price of 18.54 CNY and a fair value of 22.26 CNY [6]. Core Insights - The company is a leading provider of cleanroom technology services and is actively expanding its cloud and data services, which are expected to benefit from the increasing demand for government and enterprise cloud adoption [2][6]. - The company has undergone several asset restructurings, focusing on digital information services and industrial services, with significant ownership by China Electronics [12][15]. - The cleanroom market is projected to grow significantly, with the company positioned to benefit from the expansion of the domestic electronics industry [6][19]. Summary by Sections Company Overview - The company was established in 1987 and has transformed through multiple acquisitions, including the purchase of China System in 2020, which shifted its focus to information and industrial services [12][15]. - As of Q3 2025, China Electronics holds a 42.25% stake in the company, which is a key player in the cleanroom engineering sector [15][19]. Financial Performance - Revenue has shown a compound annual growth rate (CAGR) of 16.4% from 2021 to 2024, increasing from 427.04 million CNY to 673.89 million CNY [22][24]. - The company reported a net profit of 3.30 million CNY in 2023, with expectations of maintaining similar levels in 2024 [22][24]. - The gross profit margin for the high-tech industrial engineering service segment has been stable, while the digital and information services segment has seen fluctuations [19][22]. Cloud and Data Services Market - The cloud services market is experiencing high growth, driven by government policies and the increasing need for digital transformation across various sectors [37][39]. - The company focuses on three main product lines within its cloud services: cloud computing and storage, data innovation, and digital government services [6][35]. - The government has set ambitious targets for the digital economy, which is expected to further boost the demand for cloud services [37][39]. Cleanroom Engineering Services - The cleanroom market is projected to reach 1,157 billion CNY in the electronics sector by 2025, with the company being a leading player in this space [6][19]. - The company has established strong partnerships with major clients in the semiconductor industry, enhancing its competitive position [6][19]. Profitability Forecast and Investment Recommendations - The report forecasts net profits of 238 million CNY, 278 million CNY, and 307 million CNY for the years 2025 to 2027, respectively [5][6]. - The company is valued at 253 billion CNY based on segment valuations, leading to a fair value estimate of 22.26 CNY per share [6].

Core Insights - The article emphasizes the importance of establishing a data and AI strategy that addresses real user challenges and is understandable to executives, stakeholders, and frontline data workers [1] Group 1: Data Governance - Successful data governance requires a non-intrusive approach to engage target audiences, particularly for Chief Data Officers (CDOs) [1][2] - CDOs must develop data governance policies and standards that align with organizational risk profiles, ensuring data quality and regulatory compliance [2][3] - The ultimate goal of data governance is to establish clear policies, standards, and data ownership to ensure high-quality data and positive ROI [3][4] Group 2: Data Innovation - Data innovation relies on how users extract insights from existing data to address strategic applications, particularly in regulated industries like banking and insurance [5][6] - Creating a portfolio of use cases is essential for data innovation, allowing for ROI tracking and avoiding the pitfalls of a "catch-all" approach [6][7] - Prioritizing use cases based on stakeholder needs and organizational goals is crucial for validating small-scale value [7][8] Group 3: Data and AI Analytics - Data and AI analytics are significant consumers of data, necessitating faster access to enhance data availability and usability [10] - Key elements for achieving positive ROI in data analytics include self-service data access and the creation of a single data source [10][11] - Gamification can foster a collaborative culture among data analysts, enhancing data literacy and encouraging contributions to strategic use cases [11][12] Group 4: Data Culture - Building a data culture is challenging due to the perceived risks of not immediately demonstrating value [13] - A non-intrusive approach to data literacy training can help integrate data responsibilities into job descriptions, ensuring accountability [13][14] - Coordinating governance, innovation, analytics, and culture can transform data and AI into valuable organizational assets [14][15]

Group 1 - The company expects a net loss for the reporting period, with a projected loss of 98 million to 85 million yuan, compared to a loss of 37.89 million yuan in the same period last year [1] - The net profit attributable to shareholders, after deducting non-recurring gains and losses, is expected to be a loss of 123 million to 110 million yuan, compared to a loss of 89.45 million yuan in the previous year [1] - The basic earnings per share are projected to be a loss of 0.0861 to 0.0747 yuan per share, compared to a loss of 0.0333 yuan per share in the same period last year [1] Group 2 - The company has seen a decline in revenue and gross margin from its high-tech industry service business compared to the same period last year [1] - The company is actively adjusting its business strategy by expanding overseas, with new contract amounts in overseas business reaching 3.3 billion yuan in the first half of 2025, a significant increase from the previous year [1] - The company is also focusing on improving its product and service structure to increase the proportion of high-value projects [1] Group 3 - The digital and information service business has focused on core functional needs of major customer groups, optimizing R&D investment in cloud computing, artificial intelligence, and data innovation [2] - The company has increased its market development efforts in key industries, participating in the construction and operation of high-quality data sets, which has enhanced its core competitiveness in the digital and information service sector [2] - The operating loss in this segment has been reduced compared to the previous year, with new contract amounts, especially for self-developed products, showing growth [2]