风险提示。边锋网络旗下产品流水下滑，数字营销业务及技术信息服务收入增长不及预期。 本报告导读： 公司25Q1 营收稳步增长，利润大幅提升。 公司游戏业务表现稳定，看好公司数字科技及数据要素方向 探索，以及浙江大数据交易中心、传播大脑等后续表现。 投资要点： 公司游戏业务 表现稳定，看好公司数字科技及数据要素方向探索，以及浙江大数据交易中心、传播大 脑等后续表现，维持"增持"评级。我们预计 2025-2027 年公司 EPS 分别为0.53/0.59/0.65 元，参考可比公 司，给予公司2025 年28 倍动态PE，对应目标价 14.84元，维持"增持"评级。 营业收入稳步增长，25Q1 利润大幅提升。2024 年公司营业收入30.97 亿元，同比增长 0.61%；归母净 利润 5.12 亿元，同比下降22.84%。2025Q1 公司营业收入7.06 亿元，同比增长4.16%；归母净利润1.44 亿元，同比增长44.86%，主要驱动因素包括：1）子公司盈利能力有所提升，2）公司及子公司持有的 交易性金融资产公允变动收益5250.20 万元。 游戏业务持续增长，"文化+科技"融合发展。2024 年，公司游戏业务 ...

截至2025年5月30日收盘，浙数文化（600633）报收于12.89元，较上周的12.78元上涨0.86%。本周，浙数文化5月29日盘中最高价报13.56元。5月 29日盘中最低价报12.68元。浙数文化当前最新总市值163.45亿元，在游戏板块市值排名10/26，在两市A股市值排名940/5146。 本周关注点 公司公告汇总：浙数文化2024年年度权益分派实施，每股现金红利0.16元 公司公告汇总 浙数文化发布2024年年度权益分派实施公告，主要内容如下：- 每股分配现金红利0.16元（含税），总计派发现金红利202891915.52元。- 权益分 派的相关日期为：股权登记日2025年6月5日，除权（息）日和现金红利发放日均为2025年6月6日。- 分红对象包括无限售条件流通股股东，其中 特定股东如浙报传媒控股集团有限公司等红利由公司自行发放。- 扣税说明：个人股东及证券投资基金根据持股期限不同，实际派发现金红利分 别为税后每股0.128元、0.144元和0.16元；QFII股东及香港联交所投资者按照10%的税率代扣代缴所得税后每股实际派发现金红利0.144元；机构投 资者每股实际派发现金股利0.16元。 ...

证券代码：600633 证券简称：浙数文化 编号：临 2025-030 浙报数字文化集团股份有限公司2024年年度权益分派 实施公告 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法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.16元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/5 | － | 2025/6/6 | 2025/6/6 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 18 日召开的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,268,074,472股为基数，每股派发现 金红利0.16元（含税），共计派 ...

浙数文化 20250527 摘要 2024 年边锋游戏业务净利润约 6 亿元，受益于掼蛋项目买量减少及销 售费用下降，利润同比增加约 2,000 万元。2025 年该业务预计保持稳 健增长，仍是收入主要来源。 公司 IDC 业务受北京基地上架率低影响，2024 年利润降至不到 5,000 万元，计提近 3,000 万元商誉减值。2025 年北京基地招商顺利，但收 入取决于客户上电需求。杭州富阳基地效益良好，过去两年利润近 1 亿 元。 AI 应用方面，传播大脑 2024 年营收超 1.5 亿元，亏损缩窄至 500 万元， 预计 2025 年营收突破 2 亿元并扭亏为盈。该产品与视觉中国合作，并 已帮助嘉兴融媒体中心导流卖货 3 亿元。 数字政务领域，公司通过大模型和平台批量制造智能体；智慧医疗领域， 提供全场景解决方案，并拓展到浙江以外地区；AI 文旅领域，上线 APP"45 度"，探索本地化生活服务。 数据运营业务与钉钉合作上线"找数据"功能，有望通过政策支持发展。 数字营销业务子公司淘天集团毛利率高，但扩展受限；九天互动拓展途 虎养车、米哈游等客户，净利率改善。 Q&A 今年（2025 年）第一季度公司整 ...

核心观点 公司主营业务保持稳健，已走出社交业务战略调整阶段。从收入看，一季度实现稳健增长，预计主要系 边锋网络的游戏业务、富春云的IDC 业务等核心主业保持稳健。社交业务的战略调整已基本不再明显影 响公司的业绩增长，未来核心关注边锋网络的精品化游戏战略，及富春云科技在杭州和北京的IDC 机组 上电率情况。 持续关注创新业务。1）浙江大数据交易中心自2025 年战略动作频繁：与钉钉达成战略合作，联合运营 钉钉数据流通中心；浙江省级公共数据资源登记平台与国家级同步上线；持续丰富平台内公共数据资 源，新增多个地方专区。公司积极布局有望率先受益数据要素发展的大方向。2）关注公司"谷子经 济"布局进展。 1）一季度投资收益高增。一季度公司公允价值变动净收益为0.53 亿元，主要来自世纪华通、华数传媒 等股票投资收益，去年同期该项目收益仅0.06 亿元。世纪华通一季度涨幅为25.1%，华数传媒为 15.1%，平治信息为21.4%。 2）有效税率同比减少。一季度公司有效税率为11.7%，同比减少15.1pct；确认所得税0.20 亿元，同比 减少48.2%。 2、持续推进数据要素布局 浙江大数据交易中心：与钉钉联合推出"数 ...

公司报告 | 季报点评 浙数文化（600633） 证券研究报告 浙数文化一季报点评：营收稳健增长，利润显著增长 事件 浙数文化于 2025 年 4 月 22 日公布一季度财报，公司实现总营业收入 7.06 亿元，同比增长 4.16%；利润总额达到 1.68 亿元，同比增长 18.92%；实现 归母净利润 1.44 亿元，同比增长 44.86%。 点评 公司一季度盈利能力显著提升。2025 年第一季度，浙数文化实现营业收入 7.06 亿元，同比增长 4.16%；归属于上市公司股东的净利润 1.44 亿元，同 比增长 44.86%。主要驱动因素包括：1、子公司盈利能力提升：子公司业 绩改善，贡献了更高的利润。2、交易性金融资产公允价值变动：公司及子 公司持有的交易性金融资产公允价值增加 5250.20 万元，显著提升了当期 利润。3 非经常性损益：非经常性损益 4082.55 万元，主要来自政府补助 和金融资产公允价值变动，进一步增厚了净利润。 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][5]. Core Views - The company reported significant profit growth in Q1 2025, with a revenue of 706 million yuan, a year-on-year increase of 4.16%, and a net profit attributable to shareholders of 144 million yuan, up 44.86% year-on-year [1][5]. - The company is focusing on AI applications in the TMT sector and small-cap/media, with a strong performance in gaming and marketing contributing to stable profits, while AI-related fields are expected to provide new growth [5][6]. - The company has a unique competitive advantage through its "3+1" digital ecosystem, which includes digital culture, digital technology, data operations, and innovation tracks [5][6]. Financial Summary - For 2025-2027, the company is projected to achieve revenues of 3.468 billion, 3.642 billion, and 3.824 billion yuan, with year-on-year growth rates of 12%, 5%, and 5% respectively [6][8]. - The net profit attributable to shareholders is expected to be 673 million, 753 million, and 806 million yuan for the same period, with growth rates of 32%, 12%, and 7% respectively [6][8]. - The company's current price-to-earnings (P/E) ratios are projected to be 26, 23, and 22 times for 2025, 2026, and 2027 respectively [5][6].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 16.27 [7][8]. Core Views - The company reported a significant increase in net profit for Q1 2025, with a year-on-year growth of 44.86%, attributed to improved sales expense ratios and contributions from fair value changes [1]. - The company is focusing on developing new consumption growth points such as the "Guzi Economy" while maintaining a strong user base in the leisure gaming sector, which is expected to provide stable revenue and profit [2]. - The company's IDC business aligns with AI computing demands, and the Zhejiang Big Data Trading Center is expected to benefit from the growing demand for AI data [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of RMB 706 million, a year-on-year increase of 4.16%, and a net profit of RMB 144 million, reflecting a year-on-year increase of 44.86% [1]. - The comprehensive gross margin for Q1 2025 was 57.52%, a decrease of 6.07 percentage points, primarily due to the rapid growth of the lower-margin digital marketing business [4]. Business Development - The company is implementing a "Quality Improvement and Efficiency Return" action plan, focusing on building advanced computing centers and AI application capabilities to enhance its digital entertainment business [2]. - The company has established three major IDC bases in Hangzhou and Beijing, which are expected to release additional cabinet resources in 2025, aligning with AI computing needs [3]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of RMB 673 million, RMB 773 million, and RMB 906 million for 2025, 2026, and 2027, respectively, with growth rates of 31.57%, 14.88%, and 17.16% [5][6]. - The valuation is based on a sum-of-the-parts (SOTP) approach, with target multiples of 19.3X PE for gaming, 28X PE for marketing, and 8.4X PS for digital technology, leading to a target market value of RMB 16.27 per share [12][13].

Financial Overview - The company achieved total revenue of 706 million yuan in Q1 2025, representing a year-on-year increase of 4.16% [1] - The net profit attributable to shareholders reached 144 million yuan, showing a significant year-on-year growth of 44.86% [1] - The net profit excluding non-recurring items was 103 million yuan, with a year-on-year increase of 44.56% [1] Profitability Analysis - Total sales, management, and financial expenses amounted to 202 million yuan, accounting for 28.66% of total revenue, a decrease of 20.06% compared to the same period last year, indicating improved cost management [2] Cash Flow Situation - Operating cash flow per share was 0.01 yuan, a significant improvement from -0.19 yuan in the same period last year, reflecting an increase of 103.68% [3] Accounts Receivable and Debt Situation - The accounts receivable reached 728 million yuan, which is 142.4% of the latest annual net profit, potentially impacting future cash flow [4] - Interest-bearing debt decreased from 138 million yuan to 53.02 million yuan, a reduction of 61.45%, indicating active debt reduction efforts by the company [4] Business Model and Investment Value - The company's performance relies heavily on R&D and marketing efforts, which investors should analyze for sustainability [5] - Since its listing, the company has raised a total of 6.645 billion yuan and distributed dividends of 2.097 billion yuan, resulting in a dividend-to-financing ratio of 0.32, an important factor for long-term investors [5] Summary - Overall, the company demonstrated strong profitability and cost control in Q1 2025, although the high level of accounts receivable warrants further attention [6] - Gross margin decreased to 57.52%, down 9.54 percentage points from the previous year, yet remains at a high level [7] - Net margin reached 21.06%, an increase of 37.71%, indicating effective cost control and efficiency improvements [7] - Earnings per share were 0.11 yuan, reflecting a year-on-year growth of 37.50%, showcasing an increase in shareholder equity [7]

Core Insights - The company reported a strong revenue growth and significant profit increase in Q1 2025, with total revenue reaching 706 million yuan, up 4.16% year-on-year, and net profit attributable to shareholders at 144 million yuan, up 44.86% year-on-year [2] Financial Performance - Q1 2025 revenue was 706 million yuan, a year-on-year increase of 4.16% - Net profit attributable to shareholders was 144 million yuan, a year-on-year increase of 44.86% - Non-recurring net profit was 103 million yuan, also up 44.56% year-on-year - Fair value changes contributed 52.5 million yuan to Q1 earnings [2] - Gross margin for Q1 was 57.52%, down 6.07 percentage points year-on-year - Net profit margin was 20.35%, up 5.72 percentage points year-on-year [2] Business Strategy - The company focuses on the "Cultural + Technology" main track, implementing the "1335" strategic action plan to optimize its industrial structure and enhance profitability through organic growth and mergers and acquisitions [3] - In the "Digital Culture+" sector, the company maintains a leading position in the gaming industry and explores new business scenarios in digital tourism and digital sports [3] - In the "Digital Technology+" sector, the company enhances market development and technical capabilities in digital media, smart city governance, and smart healthcare [3] - The company is expanding its data operation capabilities, with the Zhejiang Big Data Trading Center completing a share restructuring and achieving full coverage in the province [3] Investment Outlook - The company is backed by the Zhejiang Daily Press Group and focuses on innovation-driven development in digital culture, digital technology, and data operations - Projected net profits for 2025-2027 are 645 million, 750 million, and 830 million yuan, respectively, with corresponding EPS of 0.51, 0.59, and 0.65 yuan per share, and PE ratios of 26, 22, and 20 times [4]