20231124-开源证券-中国软件国际-00354.HK-港股公司信息更新报告_与华鲲振宇开启战略合作_有望受益于华为昇腾生态_3页_415kb

Summary of Investment Report for China Software International (00354HK)

Based on the provided report, the key points are as follows:

• Company Overview: China Software International announced a strategic partnership with Huakun Zhenyu on November 23, 2023, to focus on core technologies like昇腾, 鸿蒙, and国产化 applications in sectors such as finance, government, and manufacturing.

• Investment Rating: The report maintains a "Buy" investment recommendation, with revised financial projections due to macroeconomic and large-client impacts. Expected 2023-2025 net profits are RMB 901 billion, 1095 billion, and 1342 billion yuan, with EPS ranging from 0.31 to 0.45 yuan and P/E ratios of 205, 169, and 138 times.

• Strategic Importance: The collaboration leverages Huawei's versatile ecosystem, with China Software International as a primary distributor for Huakun Zhenyu's computing solutions, benefiting from initiatives like AI-based product development and smart computing center projects in cities such as Xi'an.

• Market Outlook: National computing power is expected to accelerate, driven by government policies and U.S. chip restrictions, though this depends on timely infrastructure rollout and competitive dynamics.

• Risks: Potential underperformance in computing设施建设, intelligent cloud services, or competitive pressures could negatively affect outcomes.

For detailed financial data and additional disclosures, refer to the full report.