中软国际（354） 更新报告 公司持续回购研发，云智能业务稳定增长 2024 年持续回购：2024H1 年公司实现收入 79.26 亿元，同比下降 6.2%；主要来自核心大客户业务业务需求减少所致。其中云智能业务收 入 33.68 亿，同比增长 2%；归母净利润 2.86 亿元，同比下降 18.6%。毛 利率同比下降至 23。1%，主要由宏观因素导致大客户定价业务所致。自 2023 到 2024 年期间，公司持续进行了多次股份回购，累计回购并注销 了近 2.6 亿股股票，展示了公司对自身长期发展的坚定信念与信心。 AIGC 驱动布局全栈场景服务：公司锚定成为全方位 AI 软件与服务供 应商的目标，全力加速前行，深度嵌入金融、电力、能源、钢铁及医药 等多元行业头部客户的业务核心，缔结紧密且深远的合作关系。模型工 厂领域，公司精准锁定 AI 咨询规划为突破口，高屋建瓴地切入顶层设 计架构，深度挖掘自然语言处理（NLP）、计算机视觉（CV）及预测应用 的无限潜能，通过创新实践持续注入澎湃动能，塑造行业领先的模型解 决方案，为客户业务的智能化转型筑牢根基。 云智能业务稳定增长：24H1 云智能业务营收 33.68 亿 ...

中国软件国际（00354.HK） 鸿蒙生态核心卡位，纯血+开源鸿蒙双轮驱动业绩增长 优于大市 | --- | --- | --- | --- | |--------------|--------------------------|---------------|--------------------------------------------| | 证券分析师： | 公司研究·公司快评 \n熊莉 | 021-61761067 | 计算机·计算机设备 \nxiongli1@guosen.com.cn | | 证券分析师： | 艾宪 | 0755-22941051 | aixian@guosen.com.cn | 投资评级：优于大市（维持） 执证编码：S0980519030002 执证编码：S0980524090001 事项： 事件：10 月 22 日，原生鸿蒙之夜及华为全场景新品发布会在深圳举行。华为常务董事、终端业务董事长、 智能汽车解决方案 BU 董事长余承东表示，截至目前，鸿蒙生态设备超过 10 亿台。会上我国首个国产移动 操作系统，HarmonyOS 5.0 即 HarmonyOS NEXT（纯 ...

2024 年 10 月 7 日 公司研究 中软国际携手华为、政府合作打造"AI 新三角"，全栈布局 AI 能力 ——中国软件国际（0354.HK）北京昌平未来科学城调研活动点评 要点 事件：2024 年 9 月 26 日，中软国际组织了位于北京昌平未来科学城的华为 &中软国际 AI 模型训练场的调研活动，介绍公司携手华为、政府合作打造 "AI 新三角"的战略，并展示了公司全栈式 AI 布局和未来发展规划。 中软国际+华为+政府共建"AI 新三角"，全力打造新质生产力。所谓"AI 新 三角"，是一个由中软国际、华为和政府三方共同构成的生态系统，其中： 1）中软国际：作为生态的组织者，将利用其在软件服务领域的技术积累以 及和华为的深度合作，结合自身的研发能力、服务能力和业务基础，助力 AI 生态建设。2）华为：作为生态的旗帜和先进生产力提供者，提供以昇腾、 盘古、华为云等为代表的算力基础和大模型平台。3）政府：作为生态土壤 支持者，通过制定实施相关的产业政策，为 AI 生态系统的发展提供必要的政 策环境和基础设施支持。 中软国际积极拥抱 AI，打造算力+大模型+AIGC 产品与服务+上层应用的端到 端全栈 AI ...

[Table_Page] 跟踪研究|软件与服务 证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------|--------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|-----------------------------|----------------------------|--------------|----------------------------------------------------------------------------------------|----------------| | [Table_Title] | 【广发计算机 | ...

Investment Rating - Maintains an "Overweight" rating with a target price of 6.58 RMB [5] Core Viewpoints - The company is a core partner of Huawei Cloud, benefiting significantly from the development of Huawei's AI Cloud [5] - The company has integrated hardware and software capabilities for HarmonyOS, aiding its industry implementation [5] - The company has released multiple AI innovative products, with potential for exceeding expectations in development [5] Financial Summary - Revenue for 2024E is projected at 17,945 million RMB, a 5% increase from 2023A [8] - Net profit for 2024E is expected to be 774 million RMB, a 9% increase from 2023A [8] - PE ratio for 2024E is estimated at 13.45, decreasing from 21.06 in 2023A [8] Market Data - Current stock price is 4.17 HKD [6] - 52-week price range is 3.45-6.83 HKD [6] - Current market capitalization is 11,449 million HKD [6] Product and Partnership Highlights - The company won the "Peak Climbing Partner Award" at Huawei Cloud Night, highlighting its contribution to Huawei Cloud's capabilities and sales growth [5] - Released 8 innovative hardware products based on KaihongOS at Huawei Connect, including edge computing terminals, smart gateways, robots, and charging piles [5] - Signed a strategic cooperation agreement with MiniMax to collaborate on AI Agent development, combining MiniMax's foundational model capabilities with the company's industry application expertise [5] - Launched the LMOps platform to reduce barriers in large model application development and introduced AI solutions for industries like power, finance, and auditing [5]

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 基石业务企稳，自主创新业务有望放量 中国软件国际(0354) [Table_Industry] 计算机 [Table_Invest] 评级： 增持 股票研究 /[Table_Date] 2024.09.09 [table_Authors] 朱丽江(分析师) 010-83939785 zhulijiang@gtjas.com 登记编号 S0880523060002 本报告导读： 公司业绩逐渐企稳，持续强化费用管控，新兴业务多点开花，市场回暖在即，自主 可控需求释放有望推动业务超预期发展。 投资要点： [Table_Summary] 维持"增持"评级，给予 6.58 元目标价。根据公司最新业绩，调整 并新增盈利预测，预计 2024-2026 年公司 EPS 分别为 0.28（-0.13）、 0.35（-0.16）、0.45 元，给予目标价 6.58 元，对应 2024 年 23.52 倍 PE，维持"增持"评 ...

Financial Performance - Revenue for the first half of 2024 was RMB 7.926 billion, a decrease of 6.2% compared to the same period in 2023[4] - Service revenue for the first half of 2024 was RMB 7.648 billion, a decrease of 7.8% compared to the same period in 2023[4] - Net profit for the first half of 2024 was RMB 285.353 million, a decrease of 18.6% compared to the same period in 2023[4] - Basic earnings per share for the first half of 2024 were RMB 10.93 cents, a decrease of 12.1% compared to the same period in 2023[4] - Revenue for the first half of 2024 decreased by 6.2% year-on-year to RMB 7,926.183 million[49] - Service income for the first half of 2024 decreased by 7.8% year-on-year to RMB 7,647.920 million[49] - Net profit for the first half of 2024 decreased by 18.6% year-on-year to RMB 285.353 million[49] - The company achieved revenue of RMB 7.926 billion and net profit of RMB 285 million in the first half of 2024[52] - Revenue for the first half of 2024 was RMB 7,926,183 thousand, a 6.2% decrease compared to the same period in 2023[61] - Service revenue for the first half of 2024 was RMB 7,647,920 thousand, a 7.8% decrease year-over-year[61] - Gross profit for the first half of 2024 was RMB 1,831,400 thousand, a 8.5% decrease compared to the same period in 2023[64] - Gross margin for the first half of 2024 was 23.1%, a 0.6% decrease year-over-year[64] - Sales and distribution costs for the first half of 2024 were RMB 425,950 thousand, a 1.2% increase compared to the same period in 2023[67] - Administrative expenses for the first half of 2024 were RMB 1,113,278 thousand, a 8.0% decrease year-over-year[67] - Financial expenses for the first half of 2024 were RMB 99,837 thousand, a 20.2% increase compared to the same period in 2023[68] - Other income for the first half of 2024 was RMB 94,577 thousand, a 34.2% decrease year-over-year[65] - Other gains for the first half of 2024 were RMB 104,890 thousand, compared to a loss of RMB 5,663 thousand in the same period in 2023[66] - Income tax expense for the first half of 2024 was RMB 10,481 thousand, compared to an income of RMB 8,314 thousand in the same period in 2023[68] - The company's available cash balance decreased to RMB 3,937,782 thousand in the first half of 2024, compared to RMB 5,088,641 thousand at the end of 2023[70] - Net current assets decreased to RMB 8,095,537 thousand in the first half of 2024, down from RMB 9,983,119 thousand at the end of 2023[70] - The company's profit for the period decreased by 18.6% to RMB 285,353 thousand in the first half of 2024, compared to RMB 350,687 thousand in the same period last year[71] - Basic earnings per share decreased by 12.1% to RMB 10.93 cents in the first half of 2024, compared to RMB 12.44 cents in the same period last year[71] - Revenue from the Technology Professional Services Group (TPG) decreased by 7.3% to RMB 7,076,954 thousand in the first half of 2024[72] - Revenue from the Internet Information Technology Services Group (IIG) increased by 3.7% to RMB 849,229 thousand in the first half of 2024[72] - Revenue for the six months ended June 30, 2024, was RMB 7,926,183 thousand, a decrease of 6.2% compared to RMB 8,450,060 thousand in the same period of 2023[79] - Gross profit for the six months ended June 30, 2024, was RMB 1,831,400 thousand, down 8.5% from RMB 2,001,135 thousand in the same period of 2023[79] - Net profit attributable to the company's owners for the six months ended June 30, 2024, was RMB 285,720 thousand, a decrease of 18.6% from RMB 351,028 thousand in the same period of 2023[79] - Total assets as of June 30, 2024, were RMB 13,107,051 thousand, a decrease of 7.1% from RMB 14,105,460 thousand as of December 31, 2023[81] - Current assets as of June 30, 2024, were RMB 12,195,876 thousand, down 5.8% from RMB 12,945,329 thousand as of December 31, 2023[81] - Total equity attributable to the company's owners as of June 30, 2024, was RMB 11,379,724 thousand, a decrease of 3.1% from RMB 11,742,461 thousand as of December 31, 2023[83] - Basic earnings per share for the six months ended June 30, 2024, were RMB 10.93 cents, down 12.1% from RMB 12.44 cents in the same period of 2023[79] - Diluted earnings per share for the six months ended June 30, 2024, were RMB 10.56 cents, a decrease of 12.6% from RMB 12.08 cents in the same period of 2023[79] - Non-current assets as of June 30, 2024, were RMB 5,011,514 thousand, an increase of 21.6% from RMB 4,122,341 thousand as of December 31, 2023[81] - Current liabilities as of June 30, 2024, were RMB 4,100,339 thousand, up 38.4% from RMB 2,962,210 thousand as of December 31, 2023[81] - Operating cash flow decreased to RMB -686,433 thousand in 2024 from RMB -731,184 thousand in 2023[87] - Investment cash flow increased to RMB -910,800 thousand in 2024 from RMB -721,980 thousand in 2023[87] - Financing cash flow turned negative to RMB -332,717 thousand in 2024 from RMB 812,612 thousand in 2023[87] - Total revenue decreased to RMB 7,926,183 thousand in 2024 from RMB 8,450,060 thousand in 2023[93] - Revenue from software and hardware sales decreased to RMB 278,263 thousand in 2024 from RMB 154,309 thousand in 2023[94] - Revenue from the Technology Professional Services Group (TPG) decreased to RMB 7,076,954 thousand in 2024 from RMB 7,631,522 thousand in 2023[96] - Revenue from the Internet IT Services Group (IIG) increased to RMB 849,229 thousand in 2024 from RMB 818,538 thousand in 2023[96] - Pre-tax profit decreased to RMB 295,834 thousand in 2024 from RMB 342,373 thousand in 2023[97] - Interest on borrowings increased to RMB 96,377 thousand in 2024 from RMB 77,399 thousand in 2023[98] - Earnings per share decreased to RMB 285,720 thousand in 2024 from RMB 351,028 thousand in 2023[99] - The weighted average number of ordinary shares for calculating basic earnings per share in 2024 was 2,614,104,739, a decrease from 2,821,509,612 in 2023[101] - The weighted average number of ordinary shares for calculating diluted earnings per share in 2024 was 2,706,115,049, down from 2,905,709,398 in 2023[101] - Trade and other receivables (net of provisions) increased to RMB 6,282,802 thousand in 2024 from RMB 5,304,724 thousand in 2023[103] - Receivables within 90 days accounted for RMB 4,162,887 thousand in 2024, up from RMB 4,019,768 thousand in 2023[105] - Trade and other payables decreased to RMB 1,555,845 thousand in 2024 from RMB 1,662,625 thousand in 2023[106] - Total borrowings increased to RMB 3,605,110 thousand in 2024 from RMB 3,016,817 thousand in 2023[108] - The company prepaid HKD 1.65 billion of loans in February 2024, with the remaining HKD 1.35 billion due in December 2025[109] - The average annual interest rate for borrowings in the first half of 2024 was 2.12%, down from 2.19% in 2023[109] - The company's issued and fully paid shares decreased from 3,027,011,358 to 2,809,753,358 between January 1, 2023, and June 30, 2024, with a corresponding reduction in share value from HKD 151,350,569 to HKD 140,487,669[110] - Capital commitments for property, plant, and equipment amounted to RMB 492,657,000 as of June 30, 2024, compared to RMB 542,091,000 at the end of 2023[110] - The company has committed to additional funding of RMB 246,708,000 for equity method investments as of June 30, 2024, down from RMB 276,408,000 in 2023[110] - Revenue from IT outsourcing services to related parties increased to RMB 4,604,000 in the first half of 2024, up from RMB 1,273,000 in the same period of 2023[112] - Employee compensation for the first half of 2024 totaled RMB 6,526,599,000, including director remuneration of RMB 22,389,000, compared to RMB 7,199,889,000 and RMB 11,995,000 respectively in 2023[113] - Amortization of intangible assets and depreciation expenses for the first half of 2024 were RMB 44,638,000 and RMB 130,436,000 respectively, compared to RMB 38,083,000 and RMB 198,267,000 in 2023[113] AI and Technology Transformation - The company focused on AI-driven transformation, establishing AI consulting, industry model training fields, and model factories[5] - The company developed a multi-heterogeneous large model operation management system to optimize computing resource allocation and scheduling[6] - The company launched HR.ai and Fin.ai models to enhance productivity through AI digital employees[11] - The company has achieved deep cooperation with top clients in industries such as finance, energy, and steel for AI pilot projects[12] - The company has successfully implemented NLP and CV training and inference projects, collaborating with leading clients in finance, energy, steel, and pharmaceutical industries[16] - The company has established partnerships with over 100 enterprises and institutions in fields such as scientific research, smart manufacturing, and healthcare, completing more than 100 projects[17] - The company's AI Agent product solutions, including "Ask Data," "Ask Strategy," "Ask Service," and "Ask Vision," have been upgraded and implemented in industries like finance, transportation, and manufacturing[18] - The company has developed the LMBSS system for managing diverse large models, successfully deploying it in projects such as Gui'an Development Group and Nanjing Big Data Bureau[17] - The company has integrated deep learning and data mining technologies to enhance AI support for the oil and gas pipeline industry[16] - The company launched the "Model Factory" service, offering end-to-end large model application R&D services, including model migration, training, and deployment[15] - The company has achieved compatibility certification for its "Ask" series integrated products with Huawei's training servers and AI framework[18] - The company has been selected for the "2023 Computing Power Network Industry Map" at the 2024 Computing Network Integration Development Conference[17] - The company established the Zhongsoft International AIGC Research Institute, focusing on AI model empowerment and data innovation[52] - The company became a partner in the Ascend AI ecosystem, providing AI computing power services across multiple industries[52] - The company is focusing on AI-related solutions and services, promoting local intelligent upgrades, and building cloud intelligence business capabilities in key regions such as Asia-Pacific[54] - The company is strengthening its organizational structure with a "Spearhead-Army-Base Camp" model, focusing on technology IP incubation and AI team formation[54] HarmonyOS Ecosystem - The company collaborated with over 300 application vendors in various fields for HarmonyOS native applications and services[7] - The company served over 500 categories and 400 brand customers in HarmonyOS chip southbound adaptation, with device access reaching tens of millions[7] - KaihongOS achieved full ecosystem connectivity with HarmonyOS Next, solidifying its leading position in the OpenHarmony ecosystem[23] - Upgraded OpenHarmony edge intelligent products, with 17 models and 13 self-developed products currently available[24] - Collaborated with 300+ application manufacturers in the HarmonyOS ecosystem, covering smart travel, life services, finance, government, healthcare, and cultural tourism[25] - Awarded "HarmonyOS Ecosystem Excellent Development Service Provider" and "HarmonyOS Ecosystem Pioneer Partner Award" at Huawei HDC 2024[25] - Cumulative service of 500+ categories and 400+ brand clients in the HarmonyOS chip adaptation business, with device access reaching tens of millions[25] - Approximately HKD 244 million of the net proceeds were used for the development of HarmonyOS and OpenHarmony products and solutions[76] - Secured multiple large-scale Hongmeng application development projects for state-owned banks, joint-stock banks, and leading insurance institutions[33] - Assisted in the release of HarmonyOS 4.2 and the beta launch of HarmonyOS NEXT, enhancing Huawei's smart ecosystem[42] - Collaborated with Huawei to develop the HiCar integrated solution, supporting the release of ADS 3.0 and the launch of AITO M9 and M7 series[42] ERP and Digital Transformation - The company accelerated the layout of the state-owned enterprise ERP application service market, aiming to become a leading provider of digital transformation solutions[8] - The company partnered with SAP to provide customized consulting solutions based on commercial AI technology[8] - The company has aggregated over 6,000 ecosystem partners and provided digital solutions and services to more than 20,000 customers[9] - The company expanded its ERP consulting and implementation services, securing projects with major clients like CNPC, Sinochem Group, and Southern Power Grid[20] - The company has provided data asset services to key clients in the manufacturing sector, including Changan Automobile and Chutian Technology, promoting data assetization and businessization[21] - The company is accelerating its layout in the ERP application service market for central state-owned enterprises, focusing on high-quality solutions and market expansion[54] - The company has established partnerships with over 100 local enterprises for digital transformation services through the Tangshan RPA demonstration center, replicating the model in Xiangyang[29] - The company has successfully implemented smart audit projects for CNOOC and Shandong Energy, and secured the China Postal Savings Bank's new audit project[40] Cloud and Ecosystem Partnerships - The company has established R&D and delivery centers in multiple countries including Thailand, Japan, Singapore, Saudi Arabia, and the UAE[10] - The company has been awarded the "Huawei Cloud Ecosystem Rock Award" twice, ranking first in Huawei Cloud ecosystem partner capability certifications[13] - The company focuses on industries like energy, finance, and government, serving major clients such as Huawei, HSBC, and China Mobile[14] - Business scale with Huawei Cloud grew over 30 times in seven years, winning the "Huawei Cloud Ecosystem Rock Award" in 2022 and 2023[26] - Certified with 8 primary and 10 secondary labels in CTSP cloud services, maintaining the top position among partners[27] - Successfully implemented 40+ CTSP projects in industries such as energy, steel, and pharmaceuticals, collaborating with leading customers on scenario-based applications of large models[27] - Successfully implemented over 20 advanced cloud integration projects in areas such as RPA, big data, and cloud services, including a data base project for a data group company and a cloud RDS project for an energy technology company[28] - Awarded "Annual Service Partner" by Huawei Cloud in the Asia-Pacific region, supporting smart city projects in Malaysia and Saudi Arabia's NEOM digital infrastructure[30] - The company has been the top partner of Huawei Cloud for seven consecutive years and has won the "Huawei Cloud Ecosystem Rock Award" twice[54] - The company is actively participating in open-source database communities and collaborating with ecosystem partners to achieve independent control of key basic software[54] Industry-Specific Solutions - The company launched the first "Fire Hong" solution in collaboration with Huawei, integrating big data, AI, and IoT technologies for smart fire prevention and control[36] - Developed the first water conservancy solution based on KaihongOS, achieving efficient data collection and remote control, winning the "2024 China Enterprise Digital Innovation Solution" award[36] - Released the first gas industry open-source Hongmeng solution "Ran Hong," enabling unified device communication and reducing manual intervention[37] - Introduced the Hongmeng-based smart station solution for urban rail transit, enhancing operational efficiency and passenger experience[38] - Launched four refined product solutions for aluminum industry clients, covering energy management and MES systems, serving over 10 major aluminum enterprises[39] - Promoted AI golden scenarios such as government hotline 12345, grassroots burden reduction, and industrial investment, completing POC verification and case studies in multiple cities[35] - Invested in the "One Field, Three Centers" project in Changping Energy Valley, providing infrastructure and development platform support for AI models and scenario applications in the power industry[34] Shareholder and Corporate Governance - Chairman and CEO Chen Yuhong holds 340,138,144 shares, representing approximately 12.11% of the company's issued share capital as of June

Investment Rating - The report assigns a "Buy" rating to China Software International (00354 HK) with a target price of HKD 5 31 [1] Core Views - The company reported H1 2024 revenue of RMB 7 926 billion (YoY -6 2%) and net profit attributable to shareholders of RMB 286 million (YoY -18 6%) due to reduced demand from core clients [1][2] - Gross margin decreased by 0 6 percentage points YoY to 23 1% while sales expenses increased by 1 2% to RMB 426 million [1][2] - Cloud and intelligent business revenue grew by 2 0% YoY to RMB 3 368 billion accounting for 42 5% of total revenue [1][2] - The company is advancing its "1+3" strategic layout focusing on cloud intelligence AIGC HarmonyOS and AIoT applications and enterprise digital transformation services [1][3] - In AIGC the company is developing model factory services and collaborating with leading clients in finance energy and healthcare sectors [3] - In the HarmonyOS ecosystem the company is building an independent IoT platform and expanding into industries like military energy and transportation [3] - The company is strengthening its position in the ERP market targeting state-owned enterprises and leveraging Huawei Cloud partnerships [4][5] Financial Performance and Forecast - Revenue is expected to decline slightly in 2024 but recover with steady growth in 2025-2026 [1][5] - Net profit attributable to shareholders is forecasted to be RMB 676 million in 2024 and RMB 759 million in 2025 [1][5] - The company's PE ratio for 2024-2025 is estimated at 13 5x and 12 0x respectively [5] Business Segments - Core business revenue in H1 2024 was RMB 4 558 billion (YoY -11 5%) while cloud and intelligent business revenue reached RMB 3 368 billion (YoY +2 0%) [2][5] - The top five clients contributed 60 0% of total service revenue and the top ten clients contributed 68 8% [2] Strategic Initiatives - The company is deepening its collaboration with Huawei becoming a comprehensive partner in Huawei Cloud and leading in capability certifications [5] - It is expanding internationally with R&D and delivery centers in Thailand Japan Singapore Saudi Arabia and the UAE [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINASOFT INTERNATIONAL LIMITED 中軟國際有限公司 * （於開曼群島註冊成立之有限公司） （股份代號：354） 有關二零二三年年報之補充公佈 本公佈由中軟國際有限公司（「本公司」）董事（「董事」）會（「董事會」）就於二零二四 年四月二十六日所刊發本公司截至二零二三年十二月三十一日止年度之年報（「二 零二三年年報」）之內容提供若干補充資料而作出。除文義另有所指外，本公佈所 採用之詞彙與二零二三年年報所界定及使用者具有相同涵義。 下文載列有關二零二三年年報所載本公司於二零一八年十二月十日根據上市規則 第17.07(1)(c)條所採納的股份獎勵計劃的補充資料。 於二零二三年八月三十日，本公司向若干董事及僱員授出獎勵以認購本公司 145,460,000股股份，每股股份獎勵於緊接獎勵授出日期之前的收市價為5.08港元， 在歸屬時須達成若干績效目標方可歸屬獎勵。績效目標與(i)本集團的財 ...

2024 年 8 月 19 日 公司研究 新兴业务发展健康，持续回购彰显公司长期发展信心 ——中国软件国际（0354.HK）2024 年中期业绩点评 要点 事件：公司公布 2024 年中期业绩，实现收入 79.26 亿元人民币，同比下滑 6.2%，主要系 2023 年核心大客户业务需求收缩所致；1H24 实现毛利润 18.31 亿元，对应毛利率同比下滑 0.6pct 至 23.1%，该毛利率水平相较 2H23 环比下降 0.3pct，主要受核心大客户降价影响；1H24 实现净利润 2.85 亿元，同比下滑 18.6%，净利率同比下滑 0.55pct 至 3.6%。 AIGC 创新驱动，布局 AI 全栈场景服务打通大模型：公司致力于成为大模型 时代全方位的 AI 软件和服务供应商，加强与金融、电力、能源、钢铁和医药 等多个行业的头部客户深度合作。1)模型工厂方面，公司以 AI 咨询规划切入 顶层设计，围绕自然语言处理（NLP）、计算机视觉（CV）和预测应用实现 创新实践；2)算力运营方面，公司通过昇腾 AI 算力运营服务，与覆盖科研高 校、智能制造、智慧城市和医疗健康等多个领域的上百家企业和机构合作； 3)AI ...