[Table_Title] 利润实现快速增长，信创产品取得突破 ——普联软件(300996.SZ)2024 年年度报告点评 [Table_Summary] 事件： [Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 普联软件(300996)公司点评报告 2025 年 04 月 12 日 公司于 2025 年 3 月 31 日收盘后发布《2024 年年度报告》。 点评： 营业收入实现稳健增长，控费驱动利润释放 公司全年实现营业收入 8.36 亿元，同比增长 11.60%；实现归母净利润 1.21 亿元，同比增长 95.06%；实现扣非归母净利润 1.06 亿元，同比增长 123.43%。分行业来看，石油石化行业实现收入 4.45 亿元，同比增长 15.62%；建筑地产行业实现收入 1.53 亿元，同比增长 19.67%；金融行业 实现收入 0.71 亿元，受监管政策出台进度影响，同比下降 13.02%；煤炭 电力行业，持续拓展中国中煤、山东能源、冀中能源、陕煤集团、晋能控股、 深圳能源等客户群体，实现营业收入 0.89 亿元，同比增长 29.98%。公司 三项费用（销售费用、管理费用、研发费 ...

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, indicating a positive outlook based on high industry growth potential driven by AI, 5.5G, and satellite communications [2]. Core Insights - Several companies in the telecommunications sector have reported significant profit increases for Q1 2025, with notable growth attributed to the deployment of AI infrastructure. For instance, Ruijie Networks is expected to see a net profit increase of approximately 4142.15% to 5310.90% year-on-year [2]. - The report highlights that companies like Meige Intelligent, Hengtong Optic-Electric, and Chaoxun Communication have announced share buyback and stock purchase plans, reflecting confidence in the industry's future prospects [2]. - The telecommunications industry is benefiting from sustained high demand, particularly in AI and IoT sectors, with companies like Yiyuan Communication projecting a net profit increase of about 265.19% for Q1 2025 [2]. Summary by Sections Industry Performance - The telecommunications sector has shown a strong performance with a 7.67% decline in the industry index during the week of April 7-11, 2025, while the broader market indices also experienced declines [11]. - Among sub-sectors, "Other Communication Equipment" had the lowest decline at 5.85%, while "Communication Network Equipment and Devices" faced the highest decline at 11.74% [14]. Company Announcements - Key announcements from the telecommunications sector include: - Ruijie Networks expects a net profit of 98 million to 125 million CNY for Q1 2025, marking a significant increase due to strong demand in the AI computing market [27]. - Yiyuan Communication anticipates a net profit of around 200 million CNY for Q1 2025, reflecting a growth of approximately 265.19% [27]. - Meige Intelligent has implemented a share buyback plan, purchasing 568,500 shares for approximately 17.95 million CNY [26]. Market Trends - The report notes that the global AI IT investment is projected to reach 315.8 billion USD in 2024, with a compound annual growth rate (CAGR) of 32.9% expected to continue through 2028 [3]. - In China, AI investment is expected to exceed 100 billion USD by 2028, with a CAGR of 35.2%, indicating strong growth potential in the AI sector [3][19].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Views - The company reported a slight decline in revenue for 2024, with total revenue at 32.18 billion yuan, down 0.12% year-on-year, and a significant drop in net profit by 60.53% to 2.91 billion yuan, primarily due to the impact of selling equity in 2023 [1][2]. - Despite domestic business challenges, overseas and innovative segments showed resilience, with overseas revenue growing by 6.31% to 16.29 billion yuan and innovative business revenue increasing by 13.44% to 5.57 billion yuan [2][3]. - The company continues to invest heavily in R&D, with expenditures reaching 4.21 billion yuan, representing 13.09% of revenue, focusing on AI and other advanced technologies [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 32.18 billion yuan, with a net profit of 2.91 billion yuan and a non-recurring net profit of 2.35 billion yuan, reflecting a year-on-year decline of 20.74% [1][7]. - The gross margin for the year was 38.84%, down 2.8% from the previous year, influenced by demand contraction and increased competition [1][2]. Business Segments - Domestic revenue fell by 5.95% to 15.89 billion yuan, with government business down 6.37% to 4.06 billion yuan due to low investment and local debt pressures [2]. - The enterprise business also saw a decline of 4.15% to 8.71 billion yuan, while the overseas business showed growth, reaching 16.29 billion yuan [2]. R&D and Innovation - The company maintained a strong focus on R&D, with a budget of 4.21 billion yuan, up 6.20% year-on-year, emphasizing AI and multi-dimensional perception technologies [3]. - The company is advancing its AI capabilities with the launch of various models, including visual, language, and multi-modal AI models [3]. Profit Forecast - The forecast for 2025-2027 indicates revenue growth to 34.53 billion yuan in 2025, with net profit expected to rise to 3.19 billion yuan in 2025, reflecting a recovery trend [4][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [6][10]. Core Insights - The company achieved a robust revenue growth of 11.60% year-on-year, reaching 836.13 million yuan, while the net profit attributable to shareholders surged by 95.06% to 121.25 million yuan, driven by effective cost control [1][4]. - The company has made significant breakthroughs in its Xinchuang ERP financial product series, successfully landing multiple projects with major clients, which sets a solid foundation for future growth opportunities from 2025 to 2027 [2]. - The treasury management business is progressing well, with the company actively responding to the State-owned Assets Supervision and Administration Commission's initiatives, enhancing its service offerings to major clients [3]. Financial Performance Summary - For 2024, the company reported a total revenue of 836.13 million yuan, with a year-on-year growth of 11.60%. The net profit attributable to shareholders was 121.25 million yuan, reflecting a significant increase of 95.06% [1][7]. - The company forecasts revenue growth for the years 2025 to 2027, estimating revenues of 946.27 million yuan, 1.05753 billion yuan, and 1.16714 billion yuan, respectively, with corresponding net profits of 151.96 million yuan, 172.04 million yuan, and 193.42 million yuan [4][7]. - The earnings per share (EPS) are projected to increase from 0.60 yuan in 2024 to 0.96 yuan in 2027, with a decreasing price-to-earnings (P/E) ratio from 36.90 to 23.13 over the same period [4][7].

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [30]. Core Insights - The humanoid robot concept index experienced a decline of 6.94% from April 6 to April 11, 2025, underperforming the CSI 300 index by 4.07 percentage points. However, year-to-date, the humanoid robot index has increased by 23.53%, outperforming the CSI 300 index by 25.35 percentage points [2][11]. - The first batch of national standards for humanoid robots has been officially established, focusing on technical requirements such as dexterous operation, leg movement, dual-arm operation, and multi-machine collaboration [3][19]. - Despite a recent collective pullback in the humanoid robot industry due to global tariff increases, the long-term growth trend remains positive, with key components like linear and rotary joints stabilizing and cost reduction progressing as expected [5]. Weekly Market Review - From April 6 to April 11, 2025, the humanoid robot concept index fell by 6.94%, while the year-to-date performance shows a rise of 23.53% [11]. - The report highlights significant developments in the policy sector, including the establishment of national standards for humanoid robots and a symposium on embodied intelligence in Shenzhen [3][19]. - In terms of product technology, Fourier has launched its first open-source humanoid robot, and there are plans for a robot boxing live stream by Yushu Technology [3][23]. Key Company Announcements - Junpu Intelligent and Zhiyuan Robotics have established a joint venture with an expected annual production capacity of 1,000 units [4][25]. - Sanhua Intelligent has repurchased 1.5068 million shares at a cost of approximately 35.97 million yuan [4][26]. - Silver Wheel's chairman proposed a share buyback plan with a total amount not less than 50 million yuan [4][27]. Investment Opportunities - The report suggests focusing on companies such as Fengli Intelligent, Hanwei Technology, and Leisai Intelligent, which are expected to benefit from the ongoing development in the humanoid robot industry [5].

[Table_Main] 行业研究|可选消费|耐用消费品与服装 证券研究报告 耐用消费品与服装行业周报、月报 2025 年 04 月 12 日 1）双周行情：近 2 周（2025.03.31-2025.04.11）上证综指下跌 3.37%， 深证成指下跌 7.29%，创业板指下跌 9.48%；智能家居指数 （399996.SZ）下跌 9.79%，跑输上证综指 6.41pct，跑输深证成指 2.50pct，跑输创业板指 0.30pct。 家电业绩基本面稳健，回购潮展产业信心 [Table_Title] ——智能家居行业双周报 [Table_Summary] 报告要点： 行情回顾 2）细分板块：近 2 周，智能家居指数中，电子元器件及零部件、内容 /网络服务提供商、软件、智能家居产品及解决方案板块涨跌幅分别为 -7.79%、-5.35%、-7.20%、-6.73%；年初至今，智能家居指数中四个 细分板块涨跌幅分别为+1.91%、-0.83%、-12.07%、-4.67%。 行业政策跟踪 美东时间 4 月 2 日，美国总统特朗普在白宫发布声明。声明指出，将 对所有国家征收 10%的"基准关税"，同时，拟对存在显著贸 ...

[Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 计算机行业周报 2025 年 04 月 12 日 [Table_Title] 关税影响极其有限，AI 创新打造增长点 [Table_Summary] 报告要点： 本周(2025.4.7-2025.4.11)市场回顾 1) 本周(2025.4.7-2025.4.11)计算机（申万）指数跟随市场继续回调， 调整幅度有所加大。本周计算机（申万）指数下跌 5.79%，上证指数 下跌 3.11%，深证成指下跌 5.13%，创业板指下跌 6.73%。 2) 细分板块方面，申万二级行业指数：计算机设备(801101.SL)、软件 开发(801104.SL)、IT 服务Ⅱ(801103.SL)跌幅分别为 4.19%、5.81%、 6.94%，均呈现下跌态势。 业绩汇总 1) 新北洋发布《2024 年度业绩快报》，2024 年，公司实现营业收入 23.76 亿元，同比增长 8.52%；实现归属于上市公司股东的净利润 0.49 亿元，同比增长 152.00%；实现归属于上市公司股东的扣除非经常性 损益的净利润 0.27 亿元，同比增长 293.47%。 2) ...

[Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 计算机行业周报 2025 年 04 月 12 日 [Table_Title] 关税影响极其有限，AI 创新打造增长点 [Table_Summary] 报告要点： 本周(2025.4.7-2025.4.11)市场回顾 1) 本周(2025.4.7-2025.4.11)计算机（申万）指数跟随市场继续回调， 调整幅度有所加大。本周计算机（申万）指数下跌 5.79%，上证指数 下跌 3.11%，深证成指下跌 5.13%，创业板指下跌 6.73%。 2) 细分板块方面，申万二级行业指数：计算机设备(801101.SL)、软件 开发(801104.SL)、IT 服务Ⅱ(801103.SL)跌幅分别为 4.19%、5.81%、 6.94%，均呈现下跌态势。 业绩汇总 作为 AI 创新的主力行业，行业内的上市公司纷纷披露在 AI 领域的创 新进展。以东华软件为例，医疗板块，公司基于 AI 大模型和自然语言 处理技术构建的智能电子病历系统，通过智能体辅助决策与全流程自 动化，实现了医疗流程的精准优化与服务质量的多维度提升。 风险提示 AI 大模型技术进步不 ...

Market Performance - On April 11, 2025, the three major indices closed higher, with the ChiNext Index rising by 1.36%[2] - The Shanghai Composite Index increased by 0.45%, and the Shenzhen Component Index rose by 0.82%[2] - The total market turnover was 1,348.481 billion yuan, a decrease of 260.706 billion yuan from the previous trading day[2] Sector and Style Analysis - Among 30 CITIC first-level industries, the top performers were Electronics (3.59%), Automotive (2.33%), and National Defense (1.30%)[20] - The worst performers included Agriculture, Forestry, Animal Husbandry, and Fishery (-3.10%), Consumer Services (-1.17%), and Coal (-1.14%)[20] - Growth stocks outperformed value stocks, with small-cap growth leading the performance rankings[20] Fund Flow Insights - On April 11, 2025, the net outflow of main funds was 3.621 billion yuan, with large orders seeing a net outflow of 9.974 billion yuan[3] - Small orders continued to see a net inflow of 16.564 billion yuan, indicating retail investor interest[3] ETF Trading Activity - Major ETFs such as the Huaxia Shanghai 50 ETF and the Huatai-PB CSI 300 ETF saw significant changes in trading volume, with the former increasing by 0.615 billion yuan and the latter decreasing by 2.167 billion yuan[28] - The total trading volume for ETFs was lower compared to the previous trading day, reflecting a cautious market sentiment[28] Global Market Overview - On April 11, 2025, the Hang Seng Index rose by 1.13%, while the Nikkei 225 fell by 2.96%[32] - European indices showed positive performance, with the DAX Index increasing by 4.53% and the FTSE 100 rising by 3.04%[32] - In contrast, major US indices experienced declines, with the Dow Jones Industrial Average down by 2.50%[32]

Market Performance - On April 10, 2025, the A-share market experienced a rebound, with the Shanghai Composite Index rising by 1.16%, the Shenzhen Component Index increasing by 2.25%, and the ChiNext Index up by 2.27%[2] - The total market turnover was 1,609.186 billion yuan, a decrease of 90.088 billion yuan from the previous trading day[2] - A total of 5,022 stocks rose, while 392 stocks fell[2] Sector and Style Analysis - Among the 30 CITIC first-level industries, the top performers included Comprehensive Finance (up 4.41%), Retail Trade (up 4.29%), and Textile and Apparel (up 3.80%)[20] - The laggards were Coal (up 0.03%), Electric Power and Utilities (up 0.29%), and Agriculture, Forestry, Animal Husbandry, and Fishery (up 0.61%)[20] - Growth stocks outperformed value stocks across different market capitalizations, with small-cap growth leading the way[20] Fund Flow - On April 10, 2025, the net inflow of main funds was 3.657 billion yuan, with large orders seeing a net inflow of 13.595 billion yuan and small orders continuing to see net inflows of 12.046 billion yuan[24] - Major ETFs such as the Huaxia Shanghai 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -1.614 billion yuan and -0.869 billion yuan respectively[29] Global Market Trends - On April 10, 2025, major Asia-Pacific indices closed higher, with the Hang Seng Index up 2.06% and the Nikkei 225 Index up 9.13%[33] - Conversely, European indices fell on April 9, 2025, with the DAX Index down 3.00% and the FTSE 100 Index down 2.92%[5] - In the U.S., major indices rose significantly, with the Dow Jones Industrial Average increasing by 7.87% and the Nasdaq Composite up by 12.16%[5]