Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 22.80 and a sector rating of "Outperform" [1][7]. Core Insights - In 2024, the company achieved a slight revenue growth of 6.8%, reaching RMB 5.623 billion, while the net profit increased by 4.9% to RMB 202 million. The non-recurring net profit saw a significant rise of 39.84% [5][9]. - The company's intelligent computing and big data businesses are steadily developing, supporting the "Buy" rating [5][7]. - The company is actively expanding its intelligent computing business, with significant projects like the second phase of the Songjiang Big Data Computing Center, which is part of Shanghai's major engineering list for 2024 [10]. Financial Performance Summary - The company forecasts revenues of RMB 71.1 billion, RMB 83.9 billion, and RMB 96.4 billion for 2025, 2026, and 2027 respectively. The net profit is expected to be RMB 2.8 billion, RMB 3.3 billion, and RMB 3.9 billion for the same years [7][9]. - The earnings per share (EPS) are projected to be RMB 0.20, RMB 0.24, and RMB 0.28 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 113.3, 93.5, and 80.5 [7][9]. - The company reported a gross margin of 19.29% for 2024, a slight increase of 1.30 percentage points year-on-year [10]. Market Position and Strategy - The company is positioned as a digital transformation expert in various sectors, focusing on comprehensive service capabilities and industry-specific solutions [10]. - The demand for smart computing and data solutions is increasing due to the rapid growth of digital infrastructure in smart city initiatives, benefiting the company's business expansion [10]. - The company has successfully completed multiple digital information system upgrades for government agencies, establishing a foundation for future projects [10].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has shown strong performance in Q1, driven by dual engines of computing power and data elements, positioning itself as a key player in Shanghai's computing power and big data services [3][6] - The company achieved a revenue of 5.623 billion yuan in 2024, representing a year-on-year growth of 6.82%, with a net profit of 202 million yuan, up 4.92% year-on-year [6] - The company is actively expanding its intelligent computing business and has initiated the second phase of the Songjiang Big Data Technology Center, which is a significant project for Shanghai's computing power infrastructure [6][7] Financial Data and Forecast - Key financial data and forecasts are as follows: - Revenue (million yuan): 2023: 5264, 2024: 5623, 2025E: 6417, 2026E: 7474, 2027E: 8858 - Year-on-year growth rates: 2024: 6.8%, 2025E: 14.1%, 2026E: 16.5%, 2027E: 18.5% [5][10] - Net profit (million yuan): 2023: 193, 2024: 202, 2025E: 243, 2026E: 297, 2027E: 371 - Year-on-year growth rates: 2024: 4.9%, 2025E: 20.0%, 2026E: 22.1%, 2027E: 25.2% [5][10] - Fully diluted EPS (yuan): 2024: 0.15, 2025E: 0.18, 2026E: 0.22, 2027E: 0.27 [5][10] Business Performance - The company's cloud computing and big data business generated revenue of 2.998 billion yuan in 2024, a year-on-year increase of 17.89%, while the intelligent products business saw a decline of 33.98% [6] - The company has become a major player in Shanghai's big data services, winning contracts for data operation services for the city’s big data center for six consecutive years [6][7] Strategic Initiatives - The company is focusing on enhancing its core business structure and optimizing its operations, including the transfer of equity in Shanghai Broadcasting Communication Technology Co., Ltd. [6] - The company is actively participating in the development of AI applications, particularly in government vertical models, and has been recognized as a leading unit in the Shanghai Computing Power Network Association [7] Valuation and Investment Recommendations - The company is expected to achieve steady revenue growth in 2024, with significant improvements in non-recurring profits, indicating enhanced operational efficiency [7] - Revenue projections for 2025, 2026, and 2027 are 6.417 billion yuan, 7.474 billion yuan, and 8.858 billion yuan respectively, with net profits of 243 million yuan, 297 million yuan, and 371 million yuan [7][10] - The report suggests a reasonable valuation range of 26.64 to 32.84 yuan based on PE and PS methods, maintaining the "Outperform the Market" rating [7][10]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 5.623 billion yuan for 2024, a year-on-year increase of 6.82%, and a net profit attributable to shareholders of 202 million yuan, up 4.92% year-on-year. The non-recurring net profit attributable to shareholders was 171 million yuan, reflecting a significant year-on-year growth of 39.84%, slightly exceeding market expectations [1] - The cloud computing and big data business achieved a revenue of 2.998 billion yuan, growing 17.89% year-on-year, indicating a robust growth trend in intelligent computing and cloud services [2] - The company has successfully completed the delivery and acceptance of the Shanghai Big Data Center's 2023 data operation service project and has been awarded the 2024-2025 data operation service project, marking the sixth consecutive year of service [2] - The industry solutions segment generated a revenue of 2.381 billion yuan, with an 8.03% year-on-year increase, demonstrating stable development and effective cost control [3] - The company is positioned as a key player in the digital economy, with significant contributions to Shanghai's digital transformation, particularly in data elements and intelligent cloud services [4] Financial Summary - For 2025-2027, the company is projected to achieve revenues of approximately 6.601 billion yuan, 7.813 billion yuan, and 9.296 billion yuan, respectively, with net profits of about 253 million yuan, 321 million yuan, and 408 million yuan [5] - The company's gross margin for 2024 was 19.29%, an increase of 1.3 percentage points compared to the previous year, indicating improved profitability [3] - The report outlines a steady increase in earnings per share (EPS), projected to reach 0.18 yuan in 2025 and 0.30 yuan in 2027 [7]

Core Insights - YunSai ZhiLian reported a revenue of 5.623 billion yuan for 2024, representing a year-on-year growth of 6.82%, while the net profit attributable to shareholders was 202 million yuan, up 4.92% [1][2] - The company's operating cash flow decreased significantly by 24.67% to 348 million yuan, indicating increasing financial pressure despite revenue growth [3] - Research and development (R&D) investment fell by 0.9% to 369 million yuan, with the R&D expenditure as a percentage of revenue declining to 6.57%, raising concerns about the company's innovation capabilities [4] Revenue and Profitability - The net profit growth of 4.92% is lower than the previous year's growth rate of 6.70%, indicating a slowdown in profitability [2] - The adjusted net profit, excluding non-recurring items, was 171 million yuan, showing a substantial increase of 39.84%, suggesting significant adjustments in non-operating income [2] - The weighted average return on equity was 4.32%, only a slight increase of 0.13 percentage points from the previous year, reflecting limited improvement in profitability [2] Cash Flow Management - The net cash flow from operating activities was 348 million yuan, down 24.67% year-on-year, highlighting potential issues in accounts receivable management and cost control [3] - The net cash flow from financing activities was -3.2253 million yuan, an increase in outflow of 18.425 million yuan compared to the previous year, indicating heightened financial strain [3] - The net cash flow from investing activities was -1.058 billion yuan, worsening from -574 million yuan the previous year, suggesting increased financial burden from investments that have not yielded significant returns [3] Research and Development - R&D investment of 369 million yuan represented a decrease of 0.9% year-on-year, with a capitalized R&D rate of 0%, indicating a lack of conversion of R&D spending into capitalized assets [4] - The decline in R&D investment as a percentage of revenue to 6.57% raises concerns about the company's commitment to technological innovation, which is crucial for maintaining competitiveness in the information technology services sector [4] - Continuous reduction in R&D spending could jeopardize the company's future innovation capabilities and long-term growth prospects [4]

云赛智联股份有限公司 审计报告 上会师报字(2025)第 2458 号 上会会计师事务所（特殊普通合伙） 中国 上海 · 计师 寧务所(特殊善通合伙) lied Public Accountants (Shecial Genera 审计报告 上会师报字(2025)第 2458 号 云赛智联股份有限公司全体股东: 一、审计意见 我们审计了云赛智联股份有限公司(以下简称"公司")财务报表,包括 2024 年 12 月 31 日的合并及母公司资产负债表,2024年度的合并及母公司利润表、合并及母 公司现金流量表、合并及母公司所有者权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制，公 允反映了公司 2024年 12 月 31 日的合并及母公司财务状况以及 2024 年度的合并及母 公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会 计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国 注册会计师职业道德守则，我们独立于公司，并履行了职业道德方面的其他责任。 我们相信，我们获取的 ...

云赛智联股份有限公司 内部控制审计报告 上会师报字(2025)第 2459 号 上会会计师事务所（特殊普通合伙） 中国 上海 ·计师 李 务 所(特殊善通合伙) ntilied Public Accountants (Special Seneral Par 内部控制审计报告 上会师报字(2025)第 2459 号 云赛智联股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们 审计了云赛智联股份有限公司(以下简称"贵公司")2024年12月 31日的财务报告 内部控制的有效性。 一、企业对内部控制的责任 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情 况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根 据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为,贵公司于 2024年 12 月 31 日按照《企业内部控制基本规范》和相关 规定在所有重大方面保持了有效的财务报告内部控制。 令计师 李今所（特殊普通合伙） Centified Public Accountants (Special ...

云赛智联股份有限公司 2024 年度独立董事述职报告 本人董剑萍，女，1974 年 10 月出生，本科学历，执业律师。曾任上海轻工 国际（集团）有限公司法律部法律顾问，北京市通商律师事务所上海分所律师。 现任君合律师事务所上海分所合伙人。自 2020 年 6 月 18 日起担任公司独立董事、 董事会薪酬与考核委员会主任、董事会审计与合规委员会委员、董事会提名委员 会委员。 本人董剑萍，作为云赛智联股份有限公司（以下简称：云赛智联、公司）的 独立董事，根据《公司法》、《上市公司治理准则》、《上市公司独立董事管理 办法》等法律法规和《公司章程》的规定，依法履职、勤勉尽责，积极发挥独立 董事作用，维护公司整体利益和全体股东尤其是中小股东的合法权益。现将本人 2024 年度履职情况报告如下： 一、独立董事基本情况 报告期内，公司第十二届董事会独立董事未发生变动，独立董事基本情况如 下： 报告期内，本人任职符合《上市公司独立董事管理办法》第六条规定的独立 性要求，不存在影响独立性的情况。 二、独立董事年度履职情况 报告期内，我积极参加了公司召开的所有董事会和股东大会，认真履职，认 真审阅会议议案及相关材料，关注公司生产 ...

云赛智联股份有限公司 2024 年度独立董事述职报告 本人封松林，作为云赛智联股份有限公司（以下简称：云赛智联、公司）的 独立董事，根据《公司法》、《上市公司治理准则》、《上市公司独立董事管理 办法》等法律法规和《公司章程》的规定，依法履职、勤勉尽责，积极发挥独立 董事作用，维护公司整体利益和全体股东尤其是中小股东的合法权益。现将本人 2024 年度履职情况报告如下： 一、独立董事基本情况 报告期内，公司第十二届董事会独立董事未发生变动，独立董事基本情况如 下： 本人封松林，男，1964 年 4 月出生，博士。曾任中科院半导体所副研究员、 研究员、副所长，中科院上海微系统所研究员、副所长、所长，中科院上海高等 研究院院长、研究员，2024 年 5 月退休，本公司第十一届董事会独立董事。现 任本公司第十二届董事会独立董事。自 2020 年 6 月 18 日起担任公司独立董事、 董事会提名委员会主任、董事会战略委员会委员、董事会薪酬与考核委员会委员， 自 2024 年 3 月 26 日起担任董事会审计与合规委员会委员。 报告期内，本人任职符合《上市公司独立董事管理办法》第六条规定的独立 性要求，不存在影响独立性的 ...

云赛智联股份有限公司 2024 年度独立董事述职报告 本人李远勤，作为云赛智联股份有限公司（以下简称：云赛智联、公司）的 独立董事，根据《公司法》、《上市公司治理准则》、《上市公司独立董事管理 办法》等法律法规和《公司章程》的规定，依法履职、勤勉尽责，积极发挥独立 董事作用，维护公司整体利益和全体股东尤其是中小股东的合法权益。现将本人 2024 年度履职情况报告如下： 一、独立董事基本情况 报告期内，公司第十二届董事会独立董事未发生变动，独立董事基本情况如 下： 本人李远勤，女，1973 年 7 月出生，博士研究生，中国注册会计师。曾任 中国工商银行会计结算部科长，上海大学管理学院讲师、副教授、会计系副系主 任，美国华盛顿大学 FOSTER 商学院访问学者，本公司第十一届董事会独立董事。 现任上海大学管理学院教授、上海大学管理学院会计系系主任。自 2020 年 6 月 18 日起担任公司独立董事、董事会审计与合规委员会主任、董事会提名委员会 委员、董事会薪酬与考核委员会委员。 报告期内，本人任职符合《上市公司独立董事管理办法》第六条规定的独立 性要求，不存在影响独立性的情况。 二、独立董事年度履职情况 报告期 ...

| | | 云赛智联股份有限公司 关于续聘上会会计师事务所（特殊普通合伙）的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 拟聘任的会计师事务所名称：上会会计师事务所（特殊普通合伙） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 上会会计师事务所（特殊普通合伙）原名上海会计师事务所，创建于 1981 年，是由财政部试点成立的全国第一家会计师事务所；1998 年改制为由注册会 计师个人出资并承担有限责任的上海上会会计师事务所有限公司；2013 年年底 转制为特殊普通合伙制，更名为上会会计师事务所（特殊普通合伙）。上会建所 逾四十年来，讲究业务质量和服务质量，崇尚职业道德，拥有较高执业素质的团 队，业务不断扩展，深得客户信赖。注册地址：上海市静安区威海路 755 号 25 层。上会具有财政部批准的会计师事务所执业证书，已根据财政部和中国证监会 《会计师事务所从事证券服务业务备案管理办法》等相关文件的规定进行了从事 证券服务业务备案，具有丰富的证券服务业务经验。 2024 年 12 月已 ...