The Zhitong Finance App learned that Caitong Securities released a research report saying that Inspur Digital Enterprise (00596) is expected to achieve operating income of 79.84/85.37/ 9.655 billion yuan and net profit to mother of 2.75/ 3.46/ 421 million yuan in 2026-2028. The corresponding PE was 6.21/ 4.93/ 4.06 times, respectively, and adjusted to the “gain” rating.
The main views of Caitong Securities are as follows:
The AI native product system continues to improve, and the commercialization of enterprise AI business is quickly implemented
The company promoted the “AIFirst” strategy and built a four-layer product system based on the AI of Inspur Haiyue Enterprise: model, data, digital intelligence platform, intelligent application, and intelligent interaction. In the first half of 2026, the company launched products such as Haiyue Big Model V4.0, MaaS, Knowledge Map V2.0, ChatBiV4.0, and commercial AIV2.0. Commercial AI has deployed more than 120 agents, covering 101 application scenarios. During the period, the company's AI revenue was 137 million yuan, and the contract amount was about 475 million yuan; the wholly-owned subsidiary Inspur General Software was selected for the first batch of AIP national pilot projects, and commercialization continued to advance.
Intelligent Computing Center business orders are growing steadily, and domestic computing power hubs are expanding collaboratively with overseas markets
The company optimized the IoT business structure, focused on the intelligent computing center circuit, and built benchmark projects such as the Qingdao Intelligent Computing Center and the Ningxia Zhongwei Green Data Center around the layout of the country's eight major computing power hubs. In the first half of 2026, the Intelligent Computing Center's contract amount was 2.95 billion yuan, up 56% year on year; related business revenue was 2,011 billion yuan, up 7.43% year on year.
Traditional cloud management business is under pressure in the short term, and AI native transformation and the customer base of central and state-owned enterprises support long-term development
The company promotes the native AI upgrade of core products such as intelligent ERP, group control, human resources and data governance, and promotes the intelligent transformation of traditional software businesses. As of the first half of 2026, the company has provided digital transformation services to 95 state-owned enterprises, 23 provincial state-owned assets commissions, and more than 210 of China's top 500 enterprises. Cloud service and management software business revenue for the first half of 2026 was $1,609 billion, a year-on-year decrease of 33.64%. The future stabilization of traditional business and commercialization results of AI products is a core observation indicator for the company's performance recovery. In September and October 2026, the company successively won bids for the Changan Auto Online Report and Electronic File System Development Project and an ERP project for a central enterprise, which revolved around the digitization of reporting and accounting files, and the construction of a digital infrastructure for the Group's financial intelligence, respectively, integrating a number of intelligent technologies.
Risk warning: The progress of enterprise AI commercialization, order conversion, and intelligent computing center construction, delivery and acceptance fell short of expectations; operators' capital expenditure shrank; demand for traditional software declined; and industry competition intensified.