机构：申万宏源研究 研究员：黄忠煌/曹峥 华为链核心卡位，鸿蒙与 AI 双轮驱动业绩恢复。中软国际作为华为核心合作伙伴（2024年华为收入占 比 41%），锚定鸿蒙生态全链条建设与 AI 算力运营核心赛道。依托 "1+3"业务矩阵（云智能/鸿 蒙/MetaERP/ 算力），公司在信创自主化与 AI 产业化浪潮中构建稀缺生态卡位，2025 年起随鸿蒙 PC 商用、开源鸿蒙设备放量及昇腾算力网络成熟，业务增长动能全面激活。 首次覆盖，给予"买入"评级。公司作为华为核心合作伙伴，将受益于华为生态的繁荣。 预计2025-2027 年公司营收分别为178、194.6、221.4 亿元，归属普通股东净利润分别为6.1、7.3、8.9 亿 元。采用相对估值法，选取同为华为链、商业模式以项目制开发、IT 外包、硬件代工为主的中科创 达、赛意信息、智微智能为可比公司，可比公司平均 PE 2025E 为50x，考虑中软国际是港股公司，应 给予折价，参考AH 两地上市的TMT 公司如中兴通讯、中芯国际等，平均HA 折价率在56%，因此我们 给予 56% 折价，目标市值为170 亿元人民币，首次覆盖，给予"买入"评级。 风险提示：鸿 ...

Financial Data and Key Metrics Changes - The company reported a book-to-bill ratio of over 1.0, indicating a positive revenue trajectory is being established [11] - The guidance for free cash flow is set at $600 million, reflecting a reduction from the previous year's range of $680 million to $690 million due to a decrease in after-tax EBIT and an increase in restructuring costs [54][58] Business Line Data and Key Metrics Changes - The company is focusing on strategic projects, which have shown strength in the pipeline, while shorter-term project-based services have seen a slowdown [31][32] - The average contract value (ACV) for bookings has increased, with longer-term durations compared to the previous year, indicating a shift in the mix of work won [37] Market Data and Key Metrics Changes - The company has observed varying impacts across different industries due to macroeconomic factors, with some industries experiencing more turbulence than others [27][28] - There is a noted increase in customer engagement, with clients expressing a desire to expand their use of the company's services [22][25] Company Strategy and Development Direction - The company is undergoing a turnaround focused on four pillars: people, process, culture, and scale, aiming to unify operations and improve efficiency [5][10] - The management is prioritizing AI-centric work and modernization in financial services as key growth areas [11][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the execution risk associated with changes but believes the risk of not making changes is greater, especially given the history of revenue decline [19][20] - The outlook remains cautious due to economic uncertainties, but there is confidence in the company's ability to execute on its pipeline and achieve positive revenue growth [61] Other Important Information - The company has initiated a $150 million share repurchase program for 2026, with plans to deploy it opportunistically throughout the year [62] - There is an emphasis on maintaining a solid foundation before considering mergers and acquisitions, ensuring any future deals are beneficial for both parties involved [65][68] Q&A Session Summary Question: What is the company's outlook on client demand? - The company has seen strong engagement from clients, with many expressing a desire to utilize more of its services, indicating a positive demand environment [22][25] Question: How does the company plan to sustain its book-to-bill ratio above 1? - The company is focusing on improving its go-to-market strategy and ensuring a robust pipeline of strategic projects, which are expected to drive sustained growth [31][33] Question: What are the expectations for revenue guidance in fiscal 2026? - The company has guided for a revenue decline of 3% to 5%, accounting for economic uncertainties and the impact of project-based services [40][41]

Core Viewpoint - Fair Isaac (FICO) shares have declined approximately 18.6% since the last earnings report, underperforming the S&P 500, raising questions about the potential for a breakout or continued negative trend leading up to the next earnings release [1] Estimates Movement - Estimates for Fair Isaac have trended downward over the past month, indicating a negative shift in expectations [2][4] VGM Scores - Fair Isaac currently holds a subpar Growth Score of D, a Momentum Score of A, and a Value Score of F, placing it in the lowest quintile for the value investment strategy. The aggregate VGM Score for the stock is D, which is significant for investors not focused on a single strategy [3] Outlook - The downward trend in estimates suggests a negative outlook for Fair Isaac, with a Zacks Rank of 3 (Hold), indicating expectations for an in-line return in the coming months [4] Industry Performance - Fair Isaac is part of the Zacks Computers - IT Services industry, where ServiceNow (NOW) has performed positively, gaining 6.9% over the past month. ServiceNow reported revenues of $3.09 billion for the last quarter, reflecting a year-over-year increase of 18.6% [5] ServiceNow Earnings Expectations - ServiceNow is projected to post earnings of $3.53 per share for the current quarter, representing a year-over-year change of 12.8%. The Zacks Consensus Estimate for ServiceNow has remained unchanged over the last 30 days, and it also holds a Zacks Rank of 3 (Hold) with a VGM Score of C [6]

Exlservice (EXLS) FY 2025 Conference May 29, 2025 10:50 AM ET Speaker0 We're gonna get started here. I'm Brian Bergen, IT Services and Payments account. Thanks all for joining us. Very pleased for our next fireside with EXLS. EXLS is a global data analytics and digital operations service provider with over 60,000 employees. It's in professional span, India, The Philippines, South Africa and The US and more, where it provides a range of enterprise transformation, operations, data analytics and AI services wi ...

IBM (IBM) FY Conference May 29, 2025 09:00 AM ET Speaker0 Okay. Good morning. I think we're gonna get started right around 9AM. I'm, Mark Neuen, Bernstein's new US IT Hardware Analyst, and, my predecessor, Tony Secondhagen, sitting in the front here. Nice to be back at Bernstein after a few years away. And as as one of the most enduring companies in technology, IBM doesn't need much introduction. However, it is nonetheless our pleasure to welcome Arvind Krishna, IBM's chairman and CEO. Thank you for coming ...

Group 1 - The company plans to establish a new subsidiary, Beijing Nantian System Integration Co., Ltd., with an investment of RMB 100 million, representing 3.70% of the company's latest audited net assets [1][2] - The establishment of the subsidiary aligns with the company's strategic development and aims to enhance core competitiveness without adversely affecting financial and operational conditions [2][3] - The board approved the establishment of a branch in Fuzhou to optimize strategic layout and provide localized services, which also will not negatively impact the company's financial situation [3][4] Group 2 - The company will increase capital in its wholly-owned subsidiaries, Shenzhen Nantian Donghua Technology Co., Ltd. and Wuhan Nantian Computer System Co., Ltd., with a total investment of RMB 38.0605 million, which is 1.41% of the company's latest audited net assets [4][5] - The capital increase will enhance the subsidiaries' market competitiveness and support their operational funding needs without affecting the company's consolidated financial statements [4][5] - The board also approved the "Nantian Information System Management Measures (2025)" to improve the company's institutional framework and compliance management [5][6]

Core Insights - A global study by Kyndryl reveals a significant gap between AI investment and workforce preparedness, with only a small number of organizations aligning their workforce strategies with AI growth [1][2] - Organizations that prioritize workforce readiness are positioned to achieve better returns on AI investments [1][4] Workforce Readiness - The survey included over 1,000 senior executives across 25 industries and eight geographies, highlighting that workforce readiness varies significantly by industry, with Banking, Financial Services, and Insurance showing the highest levels of preparedness, while Healthcare lags behind [2] - 71% of business leaders believe their workforces are not ready to leverage AI effectively, and 51% feel their organizations lack the skilled talent necessary for AI management [6][5] AI Adoption and Use Cases - Only 14% of companies are deploying AI for commercial use while simultaneously future-proofing their workforces [5] - Generative AI tools are the most popular use case, yet only 40% of leaders utilize AI-powered insights for decision-making or growth [3] Barriers to AI Adoption - AI Pacesetters, a small subset of organizations, are addressing key barriers to AI adoption and are three times more likely to have a fully implemented change management strategy [7] - These Pacesetters are 29% less likely to report employee trust issues regarding AI and are 67% more likely to have tools for accurately assessing employee skills [7] Leadership Perspectives - CEOs are more likely than CIOs and CTOs to view their organizations as being in the early stages of AI adoption and are more inclined to seek outside talent rather than upskill existing employees [4] - Aligning technology strategies with broader business goals is crucial for maximizing the benefits of AI, as noted by Kyndryl's leadership [8]

A month has gone by since the last earnings report for Roper Technologies (ROP) . Shares have added about 3.2% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Roper Technologies due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.How Have Estimates Been Moving Since ...

CI&T (CINT) FY 2025 Conference May 28, 2025 11:25 AM ET Speaker0 Brian Bergen, cover IT services and payments for TD Cowen. Thanks all for joining us. Very pleased to have CINT here with us today. From CINT, we have Bruno Carty, cofounder and president of US EMEA. Bruno, thank you Speaker1 of few people that didn't butcher my last name. Speaker0 A lot practice. So CINT is a digital engineering provider. It has over 7,000 global professionals. The company offers a wide range of services like technology, stra ...

Endava (DAVA) FY 2025 Conference May 28, 2025 09:05 AM ET Speaker0 We're going to get started here. I'm Brian Bergen from TD Cowen. I cover payments and IT services. Thank you all for joining us. With us today we're Fireside with Endava. Endava is a digital engineering provider with over 11,000 global professionals. Its heritage base of operations is in Central Europe but it's growing increasingly global with employees across 29 countries now and it also includes a more nascent growing base in APAC and we'l ...