Guohai Securities: Cloud service business drives the overall profit growth rating of Inspur Digital Enterprise (00596) in the first half of the year to “buy”

The Zhitong Finance App learned that Guohai Securities released a research report saying that it raised the rating of Inspur Digital Enterprise (00596) to “buy”. The estimated revenue for 2025-2027 is 90.76/100.22/10.996 billion yuan, respectively, net profit to mother is 5.41/6.53/893 million yuan, and EPS is 0.47/0.57/0.77 yuan/share, respectively. The current stock price corresponding to 2025-2027 PE is 18.21/15.08/11.02 times, respectively. The transformation of the company's cloud services continues to advance, driving the company's overall revenue and profitability. The first half of 2025 achieved operating income of 4.343 billion yuan, up 4.88% year on year; net profit to mother was 183 million yuan, up 73.26% year on year; basic profit per share reached 0.16 yuan.

Guohai Securities's main views are as follows:

The cloud service business turned a loss into a profit, driving overall profit growth in the first half of the year

The company's gross margin and profit improved significantly year-on-year in the first half of 2025, mainly driven by the cloud service business. Among them:

Revenue: In the first half of 2025, the company's cloud service/management software/IoT solution revenue was 1,772 billion yuan, +29.96%/-0.34%/-4.46% year-on-year; benefiting from the rapid growth of cloud service business revenue, the company's gross margin reached 23.37% in the first half of 2025, an increase of 1.35 pct over the previous year.

Profit: 2025H1's cloud service business operating profit was 20 million yuan, loss was 71 million yuan in the same period last year; management software business operating profit was 185 million yuan, up 6.22% year on year; IoT business operating profit was 0.18 million yuan, down 12.12% year on year.

Expenses: The company's sales, management, and R&D expenses in the first half of the year were 5.92%, 13.74%, and 9.15%, respectively, +0.01/-0.25/ -1.37pct.

Haiyue Big Model V3.0 was released. Cloud service products are becoming more intelligent, and the market is fully blossoming. The cloud service business is centered around the Haiyue Big Model, Haiyue PaaS platform, and intelligent ERP, targeting large, medium and small enterprises, covering key enterprise-level scenarios

Large enterprise market: Infiltrate central enterprises and leading state-owned enterprises with Haiyue Big Model+Commercial AI+Haiyue Software. In terms of large models, Haiyue V3.0 is the first model and algorithm dual-filing enterprise service model in China. It uses a multi-model, multi-modal, and size-fusion architecture, and also provides low-code, graphical training/fine-tuning tools. It has now been used by customers such as Beijing Tongrentang. In terms of commercial AI, AI V1.0 provides more than 100 intelligent system construction services covering the fields of finance, supply chain, and project management. As of 2025H1, it has been implemented at the Chongqing State-owned Assets Administration Commission and Shanxi National Transportation. In addition, the Haiyue software product line uses the Haiyue Big Model as the center and achieved intelligent upgrades: products such as Haiyue PaaS V8.0, intelligent ERP, HCM, and state-owned online supervision platforms achieved breakthroughs in the first half of the year for customers such as Datang Group, Guohua Energy, China Energy Construction, China Supply and Marketing Group, China Southern Airlines, and the State-owned Assets Administration Commission in many places.

Small and medium-sized enterprise market: In the first half of the year, Inspur Haiyue InSuite Standard Edition v5.0 was launched specifically for small and medium-sized high-growth enterprises, focusing on lightweight and AI native, and has completed the integration of agents in key scenarios such as supply chain, production, and finance, achieving breakthroughs for high-growth customers such as Sanyou Heavy Industries, Zhiren Jingxing, and Huamei Shengye; at the same time, in the field of finance and taxation: Yunyecai V6.0 has opened up financial, document, inventory and other modules; “Yunxiaoyi Intelligent Assistant” successfully created digital people for business finance analysis and decision-making; Chaoyiyun and Bank of Communications, The Postbank deepened its binding and launched products such as Cloud Accounting and WPS.

Intelligent upgrade of management software signed with leading central enterprises to further manufacture and expand IoT solutions overseas

Management software: Development of multiple functions in the field of digital finance to help transform financial sharing centers into profit centers while expanding treasury management business scenarios. In terms of core ERP, we have developed a supply chain integration planning system to support efficient calculation of ultra-large BOM; supply chain integration software has the highest market share in China, and has signed contracts with strategic customers such as COFCO Group and Sinotruk. In the field of communication and information, low-altitude intelligent networking, digital intelligent online design and review platforms, etc. have been released. In the field of digital services, central enterprises have expanded their market and signed contracts with COFCO Group, China Aluminum, and Haier (old customers).

IoT Solution: Focus on the three blocks of equipment manufacturing, intelligent manufacturing, and communication information

In the field of equipment manufacturing, smart factories in Tianjin Tevian and Xikai Limited have been built as benchmark cases, while maintaining the market share of the company's MOM solution; achieved technological breakthroughs in the field of intelligent manufacturing, launched the smart grain storage model V3.0, and completed the localization of hardware such as integrated storage control cabinets, storage AI all-in-one machines, and storage AI IoT gateways, and signed contracts with Fujian Food Storage and Anhui Food Storage; the communications and information field signed a number of operational support and data center projects, including Ya'an Data Lake Medical Engineering Intelligence Center, National Marine Environmental Forecasting Center Phase II, Mianyang Gaoxin Public Data Center, etc.; We continue to expand overseas markets, launch new medical data center projects in Algeria, and reach cooperation with companies such as BetaIndia, Clear Vision, BMC, and Mobily.

Risk warning: Macroeconomics affects downstream demand, market competition intensifies, new business promotion falls short of expectations, cooperation with key customers falls short of expectations, product iterations fall short of expectations, etc.