Open Source Securities: Maintains a "Buy" rating on China Software International (00354.HK), expected to benefit from the development of the HarmonyOS ecosystem.

According to the wisdom finance APP, open source securities released a research report stating that China Software International (00354.HK) is a leader in the domestic IT services industry and is a deep partner of Huawei, with Huawei contributing over 40% of the company's revenue. The company's cloud intelligence business has shown significant growth, and the Hongmeng ecosystem has preliminarily completed its closed loop. With deepening cooperation with Huawei Cloud, the company is expected to continue to benefit. Considering that the Hongmeng ecosystem and AI business development are still in the early stages, the bank has lowered its profit forecast for 2025 and added new profit forecasts for 2026-2027, with estimated net profit attributable to shareholders for 2025-2027 of 564 million, 628 million, and 708 million yuan respectively (original value for 2025 was 1.342 billion yuan), corresponding to EPS of 0.21, 0.23, and 0.26 yuan per share, with corresponding current stock price PEs of 26.9, 24.1, and 21.4 times. The rating is maintained as "buy".