2024 年软通动力营收大幅增长，鸿蒙和机 器人有望贡献长期成长动力。 股价表现 计算机 | 证券研究报告 — 业绩评论 2025 年 5 月 3 日 301236.SZ 增持 原评级：增持 市场价格:人民币 58.10 板块评级:强于大市 本报告要点 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 5.1 0.5 8.2 37.8 相对深圳成指 7.0 7.2 10.8 34.6 发行股数 (百万) 952.94 流通股 (百万) 680.32 (31%) (10%) 12% 33% 54% 76% May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 软通动力 深圳成指 | 总市值 (人民币 百万) | 55,365.88 | | --- | --- | | 3 个月日均交易额 (人民币 百万) | 2,944.77 | | 主要股东 | | | 刘天文 | 23.75% | | 资料来源：公司公告， ， | 中银证券 Wind | 以 2025 年 4 月 30 日收市价为标准 相 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company is expected to face profit pressure in 2024 due to mergers and acquisitions, but the software business shows signs of stabilization and improvement. The company is well-positioned to capitalize on opportunities in AI and domestic production [1][7]. - The company achieved a total revenue of 31.316 billion yuan in 2024, reflecting a year-on-year growth of 78.13%, while the net profit attributable to shareholders was 180 million yuan, down 66.21% year-on-year [7]. - The report emphasizes the company's strategy of integrating hardware and software, which is expected to enhance profitability in the future [7]. Financial Data and Valuation - Total revenue projections for the company are as follows: 17.581 billion yuan in 2023, 31.316 billion yuan in 2024, and expected growth to 32.906 billion yuan in 2025 [2][13]. - The net profit attributable to shareholders is projected to recover from 180 million yuan in 2024 to 370 million yuan in 2025, with a growth rate of 105% [2][14]. - The company's price-to-earnings (PE) ratio is projected to decrease from 306.9 in 2024 to 149.5 in 2025, indicating a potential improvement in valuation [2][14]. Business Performance - In 2024, the company's software and digital technology services generated revenue of 18.121 billion yuan, while the computer products and intelligent electronics business contributed 12.920 billion yuan [7]. - The company has launched several AI products and established strategic partnerships to enhance its offerings in various industries, including insurance, retail, and healthcare [7]. - The company is focusing on domestic production, with its PC terminal business leading in the government and education sectors [7].