20230927-安信证券-软通动力-301236.SZ-华为核心生态伙伴_全面布局信创彰显国产替代能力_8页_861kb

总结 of Anxin Securities Research Report on SoftTech Dynamics (301236SZ)

• Company Overview: SoftTech Dynamics (301236SZ) is identified as a key core service provider in the domestic substitution sector, serving as a central partner within Huawei's ecosystem, with a strong focus on laying out technologies in Xinchuang (domestic innovation) and advancing national replacement capabilities across areas like consulting, application software, cloud platforms, and foundational software.

• Key Events and Achievements:

  • Signed a collaboration agreement with Huawei Cloud at the Huawei Global Connect 2023 conference to develop industry-specific solutions based on the Huawei Cloud Pangu model, aiming to drive enterprise automation and digital transformation.
  • Successfully launched and gained certification for the openGauss-based commercial database “Tianhe Database” (ISSEDB500), which enhances foundational software capabilities and supports commercial applications.
  • Secured a major contract with China Mobile for its “Cloud Capability Center 2023-2024 Operating System Migration Technical Service Project,” ranking first in share, recognized for expertise in domestic operating systems and further expanding collaboration in Xinchuang initiatives.
  • Played a pivotal role in supporting Xiongan New Area by partnering to build an openHarmony-based city model, showcasing leadership in open-source development and ecosystem innovation.

• AI and Strategic Initiatives:

  • Advanced AI strategy includes collaboration with Huawei to create a bespoke insurance industry model, leveraging the Pangu model to transform areas like sales, claims, and customer service.
  • Upgraded the AI platform “SoftTech Ti璇,” integrating major models with open-source options to support applications such as virtual assistants for digital humans, AI-driven recruitment tools, insurance-specific copilots, and enhanced software development/test efficiency tools.
  • Expanded ecosystem partnerships, including integration with openEuler OS, HarmonyOS, and various hardware/software vendors, enabling compatibility and digital transformation across sectors.

• Investment Recommendation:

  • First coverage with an “A- Buy” rating and a 6-month price target of 3393 RMB per share, based on 2023 earnings and projections for continued growth in revenue and profits through 2025.
  • Financial forecasts suggest revenue will reach approximately 214 billion RMB in 2023, growing to 275 billion RMB by 2025, with corresponding profit margins improving and supporting the buy recommendation.

• Risks:

  • Potential challenges include rising human costs and management difficulties from rapid expansion, as well as reliance on key customers like major telecommunications operators.