云智能业务增长显著，全栈AI 产品落地凸显增长潜力 （1）基石业务：ICT 服务是公司的基石业务，贡献主要收入和利润，2024 年下半年基石业务营收修 复，公司员工总人数回暖，大客户数达到2020 年来第二高，大客户拓展效果显著。（2）云智能业务： 疫情引发的市场波动已回归常态，随着云计算与原生人工智能、大模型以及算力资源的深度整合，下游 需求将快速增长。 公司在行业场景化领域占据优势，深度合作华为云能力，拓展全栈AI 产品落地可能性，2024 年公司全 栈AI 产品收入达9.57 亿元，增长曲线初步显现，未来将加速云智能业务增长。 机构：开源证券 研究员：陈宝健 国内IT 服务领军者，维持"买入"评级 公司是国内IT 服务领军者，是华为深度合作伙伴，华为贡献公司40%以上收入。 公司云智能业务增长显著，鸿蒙生态闭环初步完成，随着与华为云合作深入，公司有望持续受益。考虑 鸿蒙生态、AI 业务发展均在初期阶段，我们下调2025 年并新增2026-2027 年盈利预测，预计公司2025- 2027 年归母净利润为5.64、6.28、7.08亿元（2025 原值为13.42 亿元），对应EPS 分别为0.21、0. ...

基石业务：ICT服务是公司的基石业务，贡献主要收入和利润，2024年下半年基石业务营收修复，公司员工总人数回暖，大客户数达到2020年来第二高，大客户拓展效果显著。（2）云智能业务 华为最高级别合作伙伴，有望受益于鸿蒙生态发展 公司是华为云"同舟共济"合作伙伴：公司与华为于2009年开始合作，深入参与华为各领域布局，是华为在国内最核心的IT服务外包商之一。（2）深度绑定鸿蒙物联生态建设：2024年华为终端 风险提示：云智能业务发展不及预期；AI业务发展不及预期；鸿蒙生态发展不及预期；公司研发及下游拓展不及预期。 开源证券发布研报称，中国软件国际（00354）是国内IT服务领军者，是华为深度合作伙伴，华为贡献公司40%以上收入。公司云智能业务增长显著，鸿蒙生态闭环初步完成，随着与华为云合作 开源证券主要观点如下： 云智能业务增长显著，全栈AI产品落地凸显增长潜力 责任编辑：史丽君 ...

(1)基石业务：ICT服务是公司的基石业务，贡献主要收入和利润，2024年下半年基石业务营收修复，公 司员工总人数回暖，大客户数达到2020年来第二高，大客户拓展效果显著。(2)云智能业务：疫情引发 的市场波动已回归常态，随着云计算与原生人工智能、大模型以及算力资源的深度整合，下游需求将快 速增长。公司在行业场景化领域占据优势，深度合作华为云能力，拓展全栈AI产品落地可能性，2024 年公司全栈AI产品收入达9.57亿元，增长曲线初步显现，未来将加速云智能业务增长。 华为最高级别合作伙伴，有望受益于鸿蒙生态发展 (1)公司是华为云"同舟共济"合作伙伴：公司与华为于2009年开始合作，深入参与华为各领域布局，是 华为在国内最核心的IT服务外包商之一。(2)深度绑定鸿蒙物联生态建设：2024年华为终端业务业绩修 复，原生鸿蒙发布、鸿蒙PC发布后"1+8+N"物联生态实现闭环，软件生态重构需求快速增长。原生鸿蒙 软件重构、智能物联网设备持续发展，推动鸿蒙生态需求激增。公司是开源鸿蒙生态的核心服务商，推 出了适合开源鸿蒙开发者的工具，联合深圳市天使母基金等机构助力创业鸿蒙开发者。公司占据鸿蒙生 态先发优势，有望持续受 ...

智通财经APP获悉，开源证券发布研报称，中国软件国际(00354)是国内IT服务领军者，是华为深度合作 伙伴，华为贡献公司40%以上收入。公司云智能业务增长显著，鸿蒙生态闭环初步完成，随着与华为云 合作深入，公司有望持续受益。考虑鸿蒙生态、AI业务发展均在初期阶段，该行下调2025年并新增 2026-2027年盈利预测，预计公司2025-2027年归母净利润为5.64、6.28、7.08亿元(2025原值为13.42亿 元)，对应EPS分别为0.21、0.23、0.26元/股，对应当前股价PE分别为26.9、24.1、21.4倍。维持"买入"评 级。 开源证券主要观点如下： 云智能业务增长显著，全栈AI产品落地凸显增长潜力 (1)基石业务：ICT服务是公司的基石业务，贡献主要收入和利润，2024年下半年基石业务营收修复，公 司员工总人数回暖，大客户数达到2020年来第二高，大客户拓展效果显著。(2)云智能业务：疫情引发 的市场波动已回归常态，随着云计算与原生人工智能、大模型以及算力资源的深度整合，下游需求将快 速增长。公司在行业场景化领域占据优势，深度合作华为云能力，拓展全栈AI产品落地可能性，2024 年公 ...

Group 1: Pharmaceutical Industry - The active pharmaceutical ingredient (API) industry has experienced a downturn over the past four years, with prices of various products, including sartans, heparins, and animal health products, reaching historical lows, leading to some leading companies operating at a loss [7][8][10] - In the first half of 2025, the API sector saw a decline in both revenue and net profit due to significant price drops in anti-infective products and increased R&D investments by some companies [7][10] - Domestic API companies are actively transitioning to innovative drug development, with several products in various clinical trial stages, indicating a shift towards higher-value offerings [7][10] Group 2: Real Estate Industry - The stabilization of housing prices is influenced by multiple factors, including monetary policy, supply-demand relationships, and economic expectations, rather than solely by population changes [3][12][15] - Analysis of housing price data from 70 cities shows that both new and second-hand housing prices have been in a downward trend since 2022, with a recent narrowing of year-on-year declines due to supportive policies [12][13] - Recommendations for investment focus on strong credit real estate companies with good fundamentals and leading product capabilities, as well as those benefiting from dual-driven residential and commercial real estate strategies [15] Group 3: IT Services Industry - The company is a leading player in the domestic IT services sector and a key partner of Huawei, with over 40% of its revenue derived from this partnership [4][17][20] - The company's cloud intelligence business is experiencing significant growth, and it is expected to benefit from the development of the HarmonyOS ecosystem and AI technologies [4][17][20] - Profit forecasts for 2025-2027 have been adjusted, with expected net profits of 564 million, 628 million, and 708 million yuan respectively, reflecting a strategic focus on AI and cloud services [4][17][20] Group 4: Alibaba Group - Alibaba is actively advancing its AI infrastructure and plans to increase investments, which is expected to accelerate growth in its cloud business [5][21][22] - The demand for AI infrastructure is exceeding expectations, with plans to invest 380 billion yuan in building AI infrastructure, significantly increasing the energy consumption scale of its global data centers by 10 times by 2032 [5][21][22] - The company aims to enhance its market position through comprehensive AI-driven strategies, including improvements in its e-commerce platform and cloud services [21][22][23]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is a leading player in the domestic IT services sector and a deep partner of Huawei, with over 40% of its revenue coming from Huawei [4][6] - The cloud intelligence business is experiencing significant growth, and the initial completion of the HarmonyOS ecosystem is expected to benefit the company as its collaboration with Huawei Cloud deepens [4][5] - The report has adjusted the profit forecast for 2025 and introduced forecasts for 2026-2027, estimating net profits of 564 million, 628 million, and 708 million yuan for 2025-2027, respectively [4][7] Summary by Sections Company Overview - Established in 2000, the company has been a strategic partner of Huawei since 2009 and has evolved into a leading comprehensive software and IT service provider in China [15][16] Financial Performance - The company reported a revenue of 17.17 billion yuan in 2024, with a slight decline of 0.3% year-on-year, while net profit was 513 million yuan, down 28.1% [7][20] - The gross margin has been under pressure, dropping from 29.20% in 2020 to 22.07% in 2024, but there are efforts to improve margins through high-value projects and AI product deployment [22][27] Business Segments - The core ICT services business has seen a decline in revenue from 133.87 billion yuan in 2022 to 96.36 billion yuan in 2024, while the cloud intelligence business has grown from 2 billion yuan in 2019 to 73.15 billion yuan in 2024 [27][28] - The company aims to transition from a traditional outsourcing model to an AI technology service provider, leveraging its partnership with Huawei [31][54] Strategic Partnerships - The company is a key partner in Huawei's cloud strategy, benefiting from the growth of the HarmonyOS ecosystem and the increasing demand for AI-driven solutions [6][60] - The collaboration with Huawei has allowed the company to expand its customer base and enhance its service offerings, particularly in sectors like energy, finance, and government [41][42] Market Outlook - The IT services market in China is projected to grow steadily, with a total market size expected to reach 525.6 billion USD in 2024, driven by digital transformation across various sectors [32][36] - The cloud computing market in China is anticipated to exceed 2 trillion yuan by 2027, with significant contributions from AI and big data applications [61][69]