未知机构：软通定增点评主要投入硬件产线优化与自有智算中心建设天风计算机缪欣君团队-20250508

Summary of Conference Call Notes Company and Industry Involved - The report focuses on Softcom and its collaboration with Tongfang in the hardware sector, particularly in computing and intelligent computing centers. Core Points and Arguments - Total Hardware Revenue: In 2024, the combined hardware revenue of Softcom and Zhitu International is projected to reach 12.9 billion yuan, representing a year-on-year growth rate of over 30% [1] - PC Market Share Growth: By the second half of 2024, Softcom's market share in the PC segment is expected to increase from 4% to 10%, positioning it just behind Lenovo and surpassing Huawei [1] - Annual Shipment Volume: The total shipment volume for the year is estimated to be around 3.3 million units, reflecting a year-on-year increase of 90% [1] - Government and Political Acceleration: The report anticipates an acceleration in government and political trust innovation in 2025, with Tongfang holding a significant market share. A concentrated bidding process is expected in March, with anticipated confirmations in the second half of 2025 [1] - Profitability Outlook: Following the expected profitability of Tongfang's C-end in 2024, there is an optimistic outlook for achieving breakeven in the 2G2B segment in 2025 [1] Other Important but Possibly Overlooked Content - The collaboration between Tongfang and Softcom is perceived to be undervalued by the market, indicating potential for future growth and investment opportunities [1]