2026 年 03 月 25 日 公司点评 买入/维持 合合信息(688615) 昨收盘:171.30 BC 端双轮驱动，海外布局持续深化 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 合合信息 沪深300 ◼ 股票数据 B 端产品与 AI 深度融合。2025 年公司 B 端产品实现收入 2.57 亿元， 同比增长 14.56%。公司发布了 AI Infra 产品 xParse，通过 AI 赋能企业 非结构化通用文档数据挖掘，释放数据价值，既可以加强大模型训练效果， 也可以大幅提升 AI Agent 在企业合规风险管理等场景的应用效果。此外， 在 TextIn 的 AI 产品线中上线 INTSIG Docflow，定位为具备自主进化能 力的文档处理 Agent。TextIn 已成功赋能制造、物流、金融等跨行业的 千余家客户，实现文档处理效率的大幅提升。 海外布局持续深化，收入增长强劲。公司持续推进海外商业化布局， C 端核心产品目前已覆盖了全球百余个国家和地区的亿级用户。2025 年 公司海外业务收入占比约 1/3，同比增长 34.11%。据 data ai 数据，扫描 全能王免费版曾在 ...

2026 年 03 月 25 日 GPT-5.4mini 与 nano 轻量登场，SkyReels-V4 登顶全球 AI 视频大模型榜首 —计算机行业周报 推荐(维持) 投资要点 相关研究 1、《（Netflix）：25Q4 业绩稳健 兑现，内容与广告双轮驱动，平台 化变现能力持续增强》2026-03-23 2、《微软（Microsoft）：云与 AI 维持高景气，Azure 持续强势》 2026-03-22 3、《计算机行业周报：OpenClaw 连 续版本更新，英伟达联合谢赛宁团 队发布 TMD 框架》2026-03-17 ▌算力：算力租赁价格平稳，SkyReels-V4 登顶全球 AI 视频大模型榜首 2026 年 3 月，昆仑万维旗下 SkyReels-V4AI 视频大模型，在 业内权威第三方评测平台 ArtificialAnalysis 的文生视频全 球榜单中登顶第一，超越 OpenAISora2、GoogleVeo3.1 等国 际顶尖模型。该模型完成全模态强化学习体系升级，新增多 帧参考等核心能力，大幅提升长视频生成稳定性。 ▌AI 应用：Discord 周访问量环比+2.09%，GPT- 5.4 ...

2026 年 03 月 25 日 GPT-5.4mini 与 nano 轻量登场，SkyReels-V4 登顶全球 AI 视频大模型榜首 —计算机行业周报 推荐(维持) 投资要点 相关研究 1、《（Netflix）：25Q4 业绩稳健 兑现，内容与广告双轮驱动，平台 化变现能力持续增强》2026-03-23 2、《微软（Microsoft）：云与 AI 维持高景气，Azure 持续强势》 2026-03-22 2026 年 3 月 18 日，OpenAI 推出了两款全新轻量化模型—— GPT-5.4mini 与 GPT-5.4nano。此次发布聚焦于真实生产环境 中的实际需求，即在保证模型响应速度与输出质量的前提 下，显著降低使用成本。两款模型继承了 GPT-5.4 的核心能 力，但在运行效率和经济性方面做出了更为极致的优化。 ▌AI 融资动向：Deeptune 完成 4300 万美元 A 轮融资 2026 年 3 月，AI 智能体模拟训练环境平台 Deeptune 完成 4300 万美元 A 轮融资，由 a16z 领投，多家机构及 OpenAI 研究员等 天使投资人参投，其 2023 年曾完成 310 万美 ...

中国国际金融股份有限公司 关于上海合合信息科技股份有限公司 2025 年度持续督导跟踪报告 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）根据《证 券发行上市保荐业务管理办法》、《上海证券交易所科创板股票上市规则》和《上海 证券交易所上市公司自律监管指引第 11 号——持续督导》等相关规定对上海合合信 息科技股份有限公司（以下简称"合合信息"或"公司"）进行持续督导，并出具本持 续督导跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体的 | 保荐机构已建立并有效执行了 持续督导制度，并制定了相应 | | | 持续督导工作制定相应的工作计划 | | | | | 的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始前，与 上市公司或相关当事人签署持续督导协议，明确双方在 | 保荐机构已与合合信息签订 《保荐协议》，该协议明确了双 方在持续督导期间的权利和义 | | | 持续督导期间的权利义务，并报上海证券交易所备案 | | | | | 务，并报上海证券交 ...

证券研究报告：计算机 | 公司点评报告 发布时间：2026-03-24 股票投资评级 增持|维持 个股表现 -17% -4% 9% 22% 35% 48% 61% 74% 87% 100% 2025-03 2025-06 2025-08 2025-10 2026-01 2026-03 合合信息 计算机 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 169.00 | | --- | --- | | 总股本/流通股本（亿股）1.40 / 0.97 | | | 总市值/流通市值（亿元）237 / 163 | | | 52 周内最高/最低价 | 331.20 / 145.49 | | 资产负债率(%) | 24.4% | | 市盈率 | 52.16 | | 第一大股东 | 镇立新 | 研究所 分析师:李佩京 SAC 登记编号:S1340525080003 Email:lipeijing@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1@cnpsec.com 合合信息(688615) 全面拥抱 AI，深化海外布局 事件 公司发布 2 ...

发布时间：2026-03-24 股票投资评级 增持|维持 个股表现 -17% -4% 9% 22% 35% 48% 61% 74% 87% 100% 2025-03 2025-06 2025-08 2025-10 2026-01 2026-03 合合信息 计算机 资料来源：聚源，中邮证券研究所 证券研究报告：计算机 | 公司点评报告 公司基本情况 | 最新收盘价（元） | 169.00 | | --- | --- | | 总股本/流通股本（亿股）1.40 / 0.97 | | | 总市值/流通市值（亿元）237 / 163 | | | 52 周内最高/最低价 | 331.20 / 145.49 | | 资产负债率(%) | 24.4% | | 市盈率 | 52.16 | | 第一大股东 | 镇立新 | 研究所 分析师:李佩京 SAC 登记编号:S1340525080003 Email:lipeijing@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1@cnpsec.com 合合信息(688615) 全面拥抱 AI，深化海外布局 事件 公司发布 2 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company reported a revenue of 1.81 billion yuan in 2025, reflecting a year-on-year growth of 25.8%, and a net profit attributable to shareholders of 450 million yuan, which is a 13.4% increase [4][6]. - The growth drivers identified are AI and international expansion, with significant contributions from both consumer and business segments [6]. - The company has launched new AI-driven products and achieved a monthly active user count of 190 million in the consumer segment, marking an 11.1% increase [6]. - The report highlights a strong growth trajectory, with revenue projections for 2026 and 2027 adjusted to 2.28 billion yuan and 2.87 billion yuan, respectively [6]. Financial Data Summary - Revenue and profit forecasts for the upcoming years are as follows: - 2024: Revenue of 1.44 billion yuan, net profit of 401 million yuan - 2025: Revenue of 1.81 billion yuan, net profit of 454 million yuan - 2026E: Revenue of 2.28 billion yuan, net profit of 587 million yuan - 2027E: Revenue of 2.87 billion yuan, net profit of 743 million yuan - 2028E: Revenue of 3.58 billion yuan, net profit of 933 million yuan [5][8]. - The gross margin is projected to remain stable around 84.5% to 86.7% over the forecast period [5]. - The return on equity (ROE) is expected to increase from 15.5% in 2025 to 21.8% in 2028 [5]. Market Performance - The company's stock closed at 190.78 yuan, with a price-to-book ratio of 9.1 and a dividend yield of 1.05% [1]. - The stock has experienced a price range of 368.68 yuan to 142.52 yuan over the past year [1]. Strategic Focus - The report emphasizes the company's commitment to expanding its product offerings in AI education, healthcare, and business data, which are expected to enhance revenue streams in the future [6]. - The company is also focusing on increasing its international market presence, with overseas revenue growth outpacing domestic growth [6].

Core Viewpoint - On March 18, brokerages provided target prices for listed companies, with notable increases for Nanjing Steel, Fuyao Glass, and Wancheng Group, showing target price increases of 47.23%, 45.45%, and 43.52% respectively, across the steel, automotive parts, and retail sectors [1][2]. Group 1: Target Price Increases - Nanjing Steel (600282) received a target price of 8.51 yuan, reflecting a target price increase of 47.23% [2] - Fuyao Glass (600660) has a target price of 84.00 yuan, with a target price increase of 45.45% [2] - Wancheng Group (300972) was assigned a target price of 280.00 yuan, indicating a target price increase of 43.52% [2] - Wanhua Chemical (600309) has a target price of 113.60 yuan, with a target price increase of 40.84% [2] - China Merchants Shekou (001979) received a target price of 12.80 yuan, reflecting a target price increase of 35.02% [2] Group 2: Brokerage Recommendations - A total of 34 listed companies received brokerage recommendations on March 18, with China Merchants Shekou, CITIC Publishing, Fuyao Glass, and Wancheng Group each receiving recommendations from three brokerages [3][4] - China Merchants Shekou (001979) closed at 9.48 yuan with three brokerage recommendations [4] - Fuyao Glass (600660) closed at 57.75 yuan, also receiving three brokerage recommendations [4] - Wancheng Group (300972) closed at 195.09 yuan, with three brokerages recommending it [4] Group 3: Rating Adjustments - On March 18, one company had its rating upgraded, with Zhongtai Securities raising Shanghai Bank's rating from "Hold" to "Buy" [5] - Shanghai Bank (601229) is now rated "Buy" by Zhongtai Securities [5] Group 4: First Coverage - Eight companies received initial coverage on March 18, with Hesheng Co. receiving a "Strong Buy" rating from Huachuang Securities [6] - Tian Gong Co. was given an "Add" rating by Dongwu Securities [6] - Neipu Mining (300818) received an "Add" rating from Guotai Junan Securities [6] - Bozhong Precision (688097) was rated "Add" by Northeast Securities [6] - Bojie Co. (002975) received a "Buy" rating from Zhongyou Securities [6]

Macro and Strategy - The liquidity remains abundant, with expectations of an increase in the excess reserve ratio to 1.4% in March, up from 1.3% in February, due to a decrease in fiscal deposits and continued central bank liquidity injections totaling 8,295 billion yuan in February [7][12] - The real estate sector is facing challenges with rental yield metrics, as current indicators do not adequately account for expected rental changes, leading to misleading assessments of rental yield effectiveness [7][8] Real Estate Industry - In the first two months of 2026, real estate development investment reached 9,612 billion yuan, a year-on-year decrease of 11.1%, but the decline is narrowing compared to the previous quarter [9][10] - New housing sales area fell by 13.5% year-on-year, with sales revenue down 20.2%, indicating a continued downturn in the market [9][10] - The average rental attractiveness in Shanghai and Beijing has significantly decreased, with Shanghai at -7.68% and Beijing at -5.88% compared to the 2018-2022 period, suggesting a strong correlation between rental expectations and housing prices [8][9] Metal Industry - The banking sector is experiencing a "deposit migration" phenomenon, where abundant liquidity is not effectively circulating into the real economy, with total funds in the real sector reaching a record high of 8.08 trillion yuan in early 2026 [12] - The current situation indicates a low efficiency in fund circulation, as household deposits are not translating into corporate deposits or investments, highlighting a lack of confidence in the economy [12] Media Industry - The media sector underperformed in February 2026, with the media index down 4.95%, lagging behind the broader market indices [17] - The issuance of game licenses remains high, with 334 licenses granted in the first two months of 2026, a 34.1% increase year-on-year, indicating potential growth opportunities in the gaming sector [17][18] - The market for AI applications is expanding, with significant advancements in AI capabilities and the introduction of new products, suggesting a promising outlook for companies involved in AI and gaming [20][21] Company-Specific Insights - 合合信息 (688615.SH) reported a revenue of 1.81 billion yuan for 2025, a 25.83% increase, with a net profit of 454 million yuan, reflecting strong growth in both B2B and B2C segments [22][23] - The company is focusing on expanding its product offerings in AI education and health, with a significant increase in C-end users and a robust growth trajectory expected for 2026 [22][23]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][23]. Core Insights - The company achieved a total revenue of 1.81 billion yuan in 2025, representing a year-on-year growth of 25.83%. The net profit attributable to shareholders was 454 million yuan, up 13.39% [1][8]. - The company is expected to maintain a strong growth trajectory, with projected revenue growth rates for 2026-2028 at 33%, 26%, and 27% respectively, leading to net profits of 603 million yuan, 757 million yuan, and 958 million yuan [3][23]. - The company is actively investing in R&D and marketing, with R&D expenses reaching 528 million yuan in 2025, an increase of 19.64%, and sales expenses rising by 37.88% to 592 million yuan [3][16]. Summary by Sections Financial Performance - In 2025, the company reported a revenue of 1.81 billion yuan, with a quarterly revenue of 507 million yuan in Q4, reflecting a growth of 30.17% year-on-year [1][8]. - The C-end revenue reached 1.544 billion yuan, growing by 28.11%, while the B-end revenue was 257 million yuan, up 14.56% [2]. - The gross margin for B-end business improved significantly, with a 9.21 percentage point increase [2][16]. User Growth and Product Development - The number of cumulative paid users reached 9.8776 million, marking a year-on-year increase of 32.78% [2]. - The company plans to continue launching new products, particularly in AI education and health sectors, leveraging its existing user base and product capabilities [2]. Market Outlook - The company is focusing on expanding its overseas market, which saw a revenue increase of 34.11% to 624 million yuan in 2025 [3]. - The contract liabilities reached 594 million yuan by the end of 2025, indicating a 14% year-on-year growth, suggesting strong future revenue potential [3].