里昂发布研报称，考虑到中国软件国际(00354)现价估值并不便宜，将其评级从"高度确信跑赢大市"下 调至"跑赢大市"，但将目标价从6.5港元上调至7.1港元，预期政府和国企对华为新PC的大规模采购订单 要到今年底至明年才会出现，因此将2025年收入增长预测从10%下调至同比增长7.6%，反映其虚拟机产 品的收入贡献延迟。 该行表示，中软国际长期发展趋势未变，预期华为鸿蒙个人电脑的推出，将推动虚拟机业务成为今年发 展重心，但新增长动力需时体现，预期虚拟机业务需时更久才能贡献收入。受惠于高利润业务增速较 快，里昂预期中软今年毛利率可轻微改善，目前预测上半年收入及净利润分别同比增长10.5%及 10.1%。 ...

Core Viewpoint - The report from Credit Lyonnais indicates a downgrade in the rating of China Software International (00354) from "highly confident to outperform" to "outperform," while raising the target price from HKD 6.5 to HKD 7.1, reflecting a delay in revenue growth due to anticipated large-scale procurement orders from the government and state-owned enterprises for Huawei's new PCs expected by the end of this year to next year [1] Group 1 - The revenue growth forecast for 2025 has been revised down from 10% to a year-on-year increase of 7.6%, indicating a delay in the revenue contribution from its virtual machine products [1] - The long-term development trend of China Software International remains unchanged, with expectations that the launch of Huawei's HarmonyOS personal computers will drive the virtual machine business to become a key focus for development this year [1] - The new growth drivers are expected to take time to materialize, with the virtual machine business anticipated to take longer to contribute to revenue [1] Group 2 - Credit Lyonnais expects a slight improvement in the gross profit margin for China Software International this year, benefiting from the rapid growth of high-margin businesses [1] - The forecast for the first half of the year includes a year-on-year revenue growth of 10.5% and a net profit growth of 10.1% [1]

Core Viewpoint - China Soft International (00354) has seen a decline of over 5%, currently trading at HKD 6.17 with a transaction volume of HKD 280 million. The company is set to hold a board meeting on August 25 to discuss its interim results. [1] Group 1: Company Performance - The research report from Credit Lyonnais indicates that the long-term development trend of China Soft International remains unchanged, with expectations that the launch of Huawei's HarmonyOS personal computers will drive the virtual machine business as a key focus for this year. However, new growth drivers are expected to take time to materialize. [1] - Credit Lyonnais forecasts a slight improvement in gross margin for China Soft International this year, benefiting from the rapid growth of high-margin businesses. The projected year-on-year growth for revenue and net profit in the first half of the year is 10.5% and 10.1%, respectively. [1] Group 2: Market Outlook - The rating for China Soft International has been downgraded from "highly confident to outperform the market" to "outperform the market" due to the current valuation not being cheap. However, the target price has been raised from HKD 6.5 to HKD 7.1. [1] - It is anticipated that large-scale procurement orders from the government and state-owned enterprises for Huawei's new PCs will not materialize until the end of this year or early next year. Consequently, the revenue growth forecast for 2025 has been revised down from 10% to a year-on-year growth of 7.6%, reflecting delays in revenue contributions from virtual machine products. [1]

智通财经APP获悉，中软国际(00354)现跌超5%，截至发稿，跌5.08%，报6.17港元，成交额2.8亿港元。 该行指出，考虑到中软现价估值并不便宜，里昂将其评级从"高度确信跑赢大市"下调至"跑赢大市"，但 将目标价从6.5元上调至7.1元，预期政府和国企对华为新PC的大规模采购订单要到今年底至明年才会出 现，因此将2025年收入增长预测从10%下调至按年增长7.6%，反映其虚拟机产品的收入贡献延迟。 消息面上，中国软件国际拟于8月25日举行董事会会议考虑及通过公司中期业绩。里昂发表研究报告 指，中软国际长期发展趋势未变，预期华为鸿蒙个人电脑的推出，将推动虚拟机业务成为今年发展重 心，但新增长动力需时体现，预期虚拟机业务需时更久才能贡献收入。受惠于高利润业务增速较快，里 昂预期中软今年毛利率可轻微改善，目前预测上半年收入及净利润分别按年增长10.5%及10.1%。 ...

Core Viewpoint - China Software International (中软国际) is experiencing a decline of over 5% in its stock price, currently trading at 6.17 HKD, with a trading volume of 280 million HKD. The company is set to hold a board meeting on August 25 to discuss its interim results. [1] Group 1: Company Performance - The company is expected to see a slight improvement in gross margin due to the rapid growth of high-profit businesses, with projected revenue and net profit growth of 10.5% and 10.1% year-on-year for the first half of the year, respectively. [1] - The introduction of Huawei's HarmonyOS personal computers is anticipated to drive the virtual machine business, which is expected to become a key focus for development this year. However, new growth drivers may take time to materialize, and revenue contributions from the virtual machine business are expected to be delayed. [1] Group 2: Analyst Ratings and Forecasts - The brokerage firm, Credit Lyonnais, has downgraded its rating on China Software International from "highly confident outperform" to "outperform," while raising the target price from 6.5 HKD to 7.1 HKD. [1] - The firm anticipates that large-scale procurement orders from the government and state-owned enterprises for Huawei's new PCs will not materialize until the end of this year or next year, leading to a downward revision of the 2025 revenue growth forecast from 10% to 7.6%. [1]