Summary of the Conference Call on HarmonyOS PC Industry and Company Overview - The conference call discusses the current status and future plans of Huawei's HarmonyOS, particularly focusing on the newly launched HarmonyOS PC, which aims to reshape the 1+8+n ecosystem and address previous gaps caused by chip and licensing issues [1][2]. Key Points and Arguments - **Ecosystem Integration**: HarmonyOS PC is designed to complete the ecosystem by integrating various devices, including smartphones, tablets, wearables, and now PCs, creating a closed-loop system [2]. - **Software Compatibility**: The initial focus is on compatibility with Windows design software like PS and CAD, with a long-term goal of establishing a fully closed and pure ecosystem [1][4]. - **Software Adaptation Speed**: The speed of software adaptation is influenced by planning, software complexity, and collaboration with manufacturers. Basic applications adapt quickly, while games and design applications take longer [5]. - **Developer Incentives**: By the end of 2025, Huawei plans to restart developer incentive policies to boost software adaptation and enhance market competitiveness [1][6]. - **Current Software Adaptation**: As of now, approximately 35 software applications have been adapted for HarmonyOS PC, primarily focusing on light office and social applications [7]. - **Future Goals**: The goal is to increase the number of adapted applications to around 200 by the end of 2025 and achieve compatibility with software used by over a million users by the second quarter of 2026 [8][9]. Additional Important Content - **Market Focus**: HarmonyOS PC primarily targets the ToB (business) and ToG (government) markets, with a sales target of 300,000 units for 2025, despite high initial pricing [3][10]. - **Production Challenges**: Current challenges include hardware firmware updates, BOM configuration integration, and production capacity, necessitating partnerships with external manufacturers [11][12]. - **Profit Margins**: The expected profit margin for PC manufacturing is slightly higher than that of GPU servers, with margins around 10% for PCs [13]. - **Open Source Strategy**: The open-source version of HarmonyOS is aimed at becoming a universal operating system, while the proprietary version is led by Huawei for various devices [14]. - **Competitive Landscape**: The market share forecast indicates HarmonyOS could reach 30% within three years, with a goal to surpass iOS but still needing support to compete with Android [16]. - **Technical Advantages**: HarmonyOS offers several technical advantages over Android, including better performance on less powerful hardware and a developer-friendly ecosystem [17]. - **Consumer Market Readiness**: The consumer market for HarmonyOS PC is expected to mature by the end of 2026, with significant recognition anticipated if progress is steady [25]. This summary encapsulates the essential insights from the conference call regarding Huawei's HarmonyOS PC, its ecosystem integration, software adaptation strategies, market focus, and competitive positioning.

Market Overview - The Shanghai Composite Index rose by 0.28% on May 8, with 21 out of the 28 sectors in the Shenwan classification experiencing gains, led by the communication and defense industries, which increased by 2.60% and 2.57% respectively [1] - The computer industry saw a rise of 0.71% [1] - The beauty care and non-ferrous metals sectors had the largest declines, falling by 0.96% and 0.43% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 118 million yuan across the two markets, with 11 sectors experiencing net inflows [1] - The communication sector led the net inflow with 2.60% increase and a total inflow of 2.423 billion yuan, followed by the power equipment sector with a 1.62% increase and an inflow of 1.669 billion yuan [1] - The basic chemical sector had the largest net outflow, totaling 2.663 billion yuan, followed by the computer sector with a net outflow of 1.173 billion yuan [1] Computer Industry Performance - In the computer sector, 336 stocks were tracked, with 255 stocks rising and 73 stocks declining; three stocks hit the daily limit up [2] - The top three stocks with the highest net inflow were Donghua Software, with an inflow of 649 million yuan, followed by Wangda Software and Wanxing Technology with inflows of 264 million yuan and 234 million yuan respectively [2] - The stocks with the highest net outflow included Huasheng Tiancheng, Changshan Beiming, and Ruantong Power, with outflows of 548 million yuan, 454 million yuan, and 426 million yuan respectively [2][3] Top Gainers in Computer Sector - The top gainers in the computer sector included: - Donghua Software: +9.96% with a turnover rate of 8.19% and a main capital flow of 649.29 million yuan - Wangda Software: +7.67% with a turnover rate of 22.22% and a main capital flow of 264.49 million yuan - Wanxing Technology: +6.17% with a turnover rate of 12.42% and a main capital flow of 233.92 million yuan [2] Top Losers in Computer Sector - The top losers in the computer sector included: - Huasheng Tiancheng: -2.64% with a turnover rate of 45.15% and a main capital flow of -547.88 million yuan - Changshan Beiming: -2.90% with a turnover rate of 11.66% and a main capital flow of -454.25 million yuan - Ruantong Power: -2.14% with a turnover rate of 6.06% and a main capital flow of -425.53 million yuan [3]

【申万计算机】华为链两大事件更新：软通定增投入AIPC及智算、5.8鸿蒙电脑技术会议在即 #软通公告定增预案，拟募集不超过33.78亿元，投入 1）京津冀软通信创智造基地项目：13.8亿元 3）怀来智算中心旨在扩充公司算力池，已有意向客户 2）AIPC智能制造基地项目：12亿元 3）软通动力怀来智算中心（一期）建设项目：10.3亿元 4）计算机生产车间智能升级技术改造项目：1.6亿元 24年同方并入后，公司对其进行全面改造，成效显著 1 1）京津冀软通信创智造基地项目：13.8亿元 2）AIPC智能制造基地项目：12亿元 3）软通动力怀来智算中心（一期）建设项目：10.3亿元 4）计算机生产车间智能升级技术改造项目：1.6亿元 【申万计算机】华为链两大事件更新：软通定增投入AIPC及智算、5.8鸿蒙电脑技术会议在即 #软通公告定增预案，拟募集不超过33.78亿元，投入 24年同方并入后，公司对其进行全面改造，成效显著 1）2024年硬件业务整体收入129亿元，同比增速30% 2）PC业务势头迅猛，2024公司PC（含台式机和笔记本）出货量yoy+106%，市场份额较上年翻倍至9%，排名国内 第三 ...

Investment Rating - The investment rating for the computer industry is "Buy" [2] Core Insights - The computer industry is experiencing a bottoming out of demand in 2024, with significant differences in structural performance across various segments. Companies are enhancing operational efficiency to cope with the challenges [6][14] - The median revenue growth rate for the industry in 2024 is -1.59%, a decrease of 4.88 percentage points from 2023. The median net profit growth rate is -2.24%, down 8.35 percentage points from the previous year [15] - The report highlights that while revenue and profit metrics are declining, the rate of decline is slowing, indicating potential for improvement in Q1 2025 [15][16] Summary by Sections 1. 2024 Annual Report: Bottoming Demand and Efficiency Improvements - The report analyzes the performance of 208 listed companies in the computer industry, revealing that the overall revenue growth is stabilizing, and profit margins are showing signs of recovery [14][15] - Different segments within the industry show varying performance, with IT hardware, trusted computing, and smart vehicle sectors demonstrating positive growth trends [16][28] 2. Demand Stabilization and Financial Indicators - The report notes that contract liabilities are beginning to improve, and accounts receivable growth is declining, indicating a more stable financial environment [23][24] - Cash inflows from sales of goods and services have significantly increased, reflecting a positive trend in operational cash flow [24] 3. Investment Activity and Valuation Levels - The report indicates an increase in net cash outflow from investment activities, suggesting an expansion trend among companies [26] - As of April 30, 2025, the industry’s price-to-earnings (P/E) ratio is 46 times, with software companies showing a higher P/E increase compared to hardware companies [19][20] 4. Key Areas of Investment Value - The report identifies several key areas with strong investment potential, including AI applications, domestic software and hardware replacements, and the smart driving industry [20][21] - The acceleration of domestic orders in trusted computing and the expansion of the Harmony OS ecosystem are expected to enhance the competitive edge of leading companies in the industry [20][21]

Group 1 - Super Micro Computer Inc (NASDAQ:SMCI) stock has decreased by 16.4%, trading at $30.11, following a reduction in fiscal third-quarter profit and revenue guidance significantly below analysts' expectations, with customers postponing orders leading to a delay of up to $1.4 billion in sales [1] - J.P. Morgan Securities has lowered its price target for SMCI from $39 to $36, with potential for further downward revisions as the current 12-month consensus target price of $48.62 represents a 62.3% premium to current levels [2] - The stock is testing support at the $30 level and is on track for its worst day since November, with the $40 region acting as a ceiling since late February, contributing to a 65.2% year-over-year deficit [3] Group 2 - Today's options activity shows 135,000 calls and 107,000 puts traded, which is triple the intraday average volume, with the most active being the weekly 5/2 30-strike put where new positions are being opened [4] - Calls have been more popular than usual, indicated by a 10-day call/put volume ratio of 2.61 at major exchanges, ranking in the 96th percentile of its annual range [5]