证券代码：002368 证券简称：太极股份 公告编号：2025-015 太极计算机股份有限公司 关于控股股东及一致行动人增持计划期限届满暨实施完成的公告 中电太极（集团）有限公司、中电科投资控股有限公司保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、太极计算机股份有限公司（以下简称"公司"）于 2024 年 10 月 19 日披露 了《关于控股股东及一致行动人增持公司股份计划的公告》（公告编号：2024-029）， 基于对公司未来持续稳定发展的信心和长期投资价值的认可，为增强投资者信 心，中电太极（集团）有限公司（以下简称"中电太极"）及一致行动人中电科投 资控股有限公司（以下简称"电科投资"）拟自 2024 年 10 月 19 日起 6 个月内以 不限于集中竞价交易、大宗交易等深圳证券交易所允许的方式增持公司股份， 增持金额分别为不低于人民币 1 亿元且不超过 2 亿元和不低于人民币 5,000 万元， 双方合计增持股份数量不超过公司总股本的 2%。 2、截至本公告披露日，本次增持计划实施 ...

北京大成律师事务所 关于中电太极（集团）有限公司及一致行动人 增持太极计算机 股份有限公司股份 释 义 N- 法律意见书 大成 DENTONS 大成 is Dentons' Preferred Law Firm in China. 北京大成律师事务所 www.dentons.cn 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层(100020) 16-21F, Tower B, ZT International Center, No. 10, Chaoyangmen Nandajie Chaoyang District, 100020, Beijing, China Tel: +86 10-58137799 Fax: +86 10-58137788 | | | | 释 义 … | | --- | | 第一部分 律师声明……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 2 | | 第二部分 正文 ...

证 券 研 究 报 告 太极股份（002368）2024 年报点评 强推（维持） 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 7,836 | 8,607 | 10,040 | 12,203 | | 同比增速(%) | -14.8% | 9.8% | 16.7% | 21.5% | | 归母净利润(百万) | 191 | 377 | 471 | 589 | | 同比增速(%) | -49.1% | 97.2% | 24.9% | 25.2% | | 每股盈利(元) | 0.31 | 0.60 | 0.76 | 0.95 | | 市盈率(倍) | 81 | 41 | 33 | 26 | | 市净率(倍) | 3.0 | 2.8 | 2.6 | 2.4 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 11 日收盘价 公司研究 行业应用软件 2025 年 04 月 11 日 目标价：30 元 当前价：24.8 ...

Investment Rating - The report maintains a "Recommended" rating for the company [8] Core Viewpoints - The company has launched the "Taiji Low-Code Development Platform TDP V25.0.0," marking a new stage of intelligence in the low-code development field through AI-driven data modeling and code generation [4][5] - The company is positioned as a leader in the "Xinchuang" (information innovation) sector, with steady revenue growth from its subsidiary, Electric Science JinCang, which achieved a revenue of 433 million yuan in 2024, a year-on-year increase of 16.02% [6] - The company is actively developing data elements and aims to play a significant role in the national data element development strategy, focusing on data resource utilization challenges [7][9] Summary by Sections Product Development - The Taiji platform features an AI assistant for data modeling and an integrated Web IDE for code generation, allowing users to create and modify data models and application code using natural language [5] - Continuous upgrades to the platform are planned, including AI applications in intelligent component recommendations and process automation [5] Financial Performance - The company forecasts a revenue of 7.836 billion yuan for 2024, with a projected growth rate of -14.8%, followed by a recovery with expected revenues of 9.039 billion yuan in 2025, representing a growth rate of 15.4% [10][12] - The net profit attributable to shareholders is expected to be 191 million yuan in 2024, with significant growth anticipated in subsequent years, reaching 531 million yuan by 2027 [10][12] Market Position - The company has secured multiple benchmark projects across various industries, enhancing its market presence and establishing itself as a key player in the Xinchuang sector [6][7] - The company is also expanding its product offerings in management software, further solidifying its position in the state-owned enterprise market [7] Future Outlook - The company is expected to enhance its "cloud + data + application" service capabilities, with projected net profits of 313 million yuan in 2025 and 409 million yuan in 2026 [9][10] - The report anticipates a decline in PE ratios from 81 in 2024 to 29 by 2027, indicating improved valuation as earnings grow [10][12]

Investment Rating - The report maintains a "Recommended" rating for the company [8] Core Viewpoints - The company has launched the "Taiji Low-Code Development Platform TDP V25.0.0," marking a new stage of intelligence in the low-code development field through AI-driven data modeling and code generation [4][5] - The company is positioned as a leader in the "Xinchuang" (information innovation) sector, with steady revenue growth from its subsidiary, Electric Science and Technology JinCang, which achieved a revenue of 433 million yuan in 2024, a year-on-year increase of 16.02% [6] - The company is actively developing data elements and aims to play a significant role in the national data element development strategy, focusing on data resource utilization challenges [7][9] - The company is expected to enhance its "cloud + data + application" service capabilities, with projected net profits for 2025-2027 of 313 million, 409 million, and 531 million yuan, respectively [9] Financial Projections - The company forecasts total revenue of 7.836 billion yuan for 2024, with a growth rate of -14.8%, followed by 9.039 billion yuan in 2025, representing a growth rate of 15.4% [10][12] - The projected net profit for 2024 is 191 million yuan, with a significant increase to 313 million yuan in 2025, reflecting a growth rate of 63.7% [10][12] - The earnings per share (EPS) is expected to rise from 0.31 yuan in 2024 to 0.50 yuan in 2025, with a corresponding price-to-earnings (PE) ratio decreasing from 81 to 49 [10][12]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 7.836 billion yuan in 2024, a year-over-year decrease of 14.77%, and a net profit attributable to shareholders of 191 million yuan, down 49.08% year-over-year [4] - The fourth quarter of 2024 saw a revenue of 3.5 billion yuan, a year-over-year decline of 12%, with a net profit of 220 million yuan, down 9.8% year-over-year [4] - The company is undergoing a business structure optimization, leading to an increase in overall gross margin, which reached 24.08% in 2024, up 0.6 percentage points year-over-year [6] - The cloud and data services segment performed well, achieving a revenue of 1.173 billion yuan in 2024, a year-over-year increase of 12.34%, with a gross margin of 42.81% [6] - The subsidiary, Electric Science JinCang, reported a revenue of 430 million yuan in 2024, a year-over-year increase of 16.02% [6] - The company is expected to benefit from the domestic software autonomy and data element industry dividends, with projected revenues of 8.152 billion yuan, 9.158 billion yuan, and 10.646 billion yuan for 2025, 2026, and 2027 respectively [6] Financial Data and Profit Forecast - The company’s total revenue for 2023 was 9.195 billion yuan, with a projected revenue of 8.152 billion yuan for 2025, reflecting a year-over-year growth rate of 4% [5] - The net profit attributable to shareholders is projected to be 235 million yuan in 2025, representing a year-over-year growth of 22.9% [5] - The earnings per share are expected to increase from 0.31 yuan in 2024 to 0.38 yuan in 2025 [5] - The company’s price-to-earnings ratio is projected to be 66x in 2025, decreasing to 33x by 2027 [6]

Financial Performance - In 2024, the company achieved an operating revenue of 783,622.34 million yuan and a net profit attributable to shareholders of 19,108.42 million yuan, with a net profit excluding non-recurring gains and losses of 17,603.94 million yuan [2] - The company plans to disclose its Q1 2025 report on April 30, 2025 [3] Share Buyback and Stake Increase - The controlling shareholder, Zhongdian Taiji, and its concerted party, Dian Ke Investment, plan to increase their stake in the company starting from October 19, 2024, for a period of six months, through various trading methods allowed by the Shenzhen Stock Exchange [2] - As of now, Zhongdian Taiji and Dian Ke Investment have cumulatively increased their stake by 1.14% of the total share capital, with a total investment amounting to 7,111,512.65 yuan [3] Future Growth Strategies - The company will continue to deepen its "one body, two wings" development strategy in 2025, focusing on "trustworthy foundation, data-driven, and intelligent future" as key drivers for strategic transformation [3] - The strategy includes building a solid and reliable digital foundation, leveraging data for industry solutions, and embracing artificial intelligence for digital transformation [3] Mergers and Acquisitions - The company emphasizes the importance of internal and external mergers and acquisitions for business development and market value management, and will continue to explore opportunities in upstream and downstream industries and new technology fields [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company's business structure is continuously optimizing, with significant performance improvement noted in the second half of 2024 [4]. - The company achieved a revenue of 7.836 billion yuan in 2024, a year-on-year decrease of 14.77%, while the net profit attributable to shareholders was 191 million yuan, down 49.08% [3][10]. - The gross margin for 2024 was 24.08%, an increase of 0.60 percentage points year-on-year [3][4]. Business Performance Summary - In 2024, the cloud and data services segment generated revenue of 1.173 billion yuan, a year-on-year increase of 12.34%, accounting for 14.97% of total revenue [4]. - The self-developed software products segment reported revenue of 1.931 billion yuan, a decline of 6.25%, representing 24.65% of total revenue [4]. - The industry solutions segment saw revenue of 3.438 billion yuan, down 15.98%, making up 43.87% of total revenue [4]. - The digital infrastructure segment experienced a significant decline in revenue, totaling 1.150 billion yuan, down 37.70%, accounting for 14.68% of total revenue [4]. Growth Drivers - The company is actively participating in digital government projects, contributing to the construction of the Hengqin Guangdong-Macao Deep Cooperation Zone and Hainan Free Trade Port [5]. - The database business, particularly through its subsidiary, achieved revenue of 433 million yuan in 2024, a growth of 16.02% [5]. - The company is enhancing its cloud services capabilities, with its Beijing municipal government cloud platform passing technical capability assessments [8]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 8.957 billion yuan, 9.969 billion yuan, and 10.992 billion yuan, respectively, with corresponding net profits of 284 million yuan, 343 million yuan, and 408 million yuan [10][11]. - The earnings per share (EPS) are forecasted to be 0.46 yuan in 2025, 0.55 yuan in 2026, and 0.65 yuan in 2027 [10][11].

证券代码：002368 证券简称：太极股份 公告编号：2025-014 太极计算机股份有限公司 关于控股股东及一致行动人增持计划实施进展的公告 中电太极（集团）有限公司、中电科投资控股有限公司保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、太极计算机股份有限公司（以下简称"公司"）于 2024 年 10 月 19 日披露 了《关于控股股东及一致行动人增持公司股份计划的公告》（公告编号：2024-029）， 基于对公司未来持续稳定发展的信心和长期投资价值的认可，为增强投资者信 心，中电太极（集团）有限公司（以下简称"中电太极"）及一致行动人中电科投 资控股有限公司（以下简称"电科投资"）拟自 2024 年 10 月 19 日起 6 个月内以 不限于集中竞价交易、大宗交易等深圳证券交易所允许的方式增持公司股份， 增持金额分别为不低于人民币1亿元且不超过2亿元和不低于人民币5000万元， 双方合计增持股份数量不超过公司总股本的 2%。 2、截至本公告日，中电太极及一致行动人电科投资以集中竞价的方式 ...

Summary of Taiji Co., Ltd. Conference Call Company Overview - **Company**: Taiji Co., Ltd. - **Industry**: Digital Solutions and Services Key Financial Metrics - **2024 Revenue**: 7.836 billion CNY, a decrease of 14.77% year-on-year [3] - **Net Profit**: 191 million CNY, a decrease of 49% year-on-year [3] - **Net Profit (Excluding Non-Recurring Items)**: Decreased by 48.53% [3] - **Operating Cash Flow**: Negative 207 million CNY, improved by 62.64% from negative 555 million CNY in the previous year [3] - **Fourth Quarter Performance**: Revenue and profit doubled compared to previous quarters [3] Business Segments and Performance - **Cloud Services**: Grew by 11.36% year-on-year [3] - **Self-developed Software Products**: Revenue exceeded 400 million CNY, with a net profit of 80 million CNY [3] - **Gross Margin**: Increased to 24.8% [4] Strategic Development Plans - **Three-Year Strategy**: "One Body, Two Wings, Three Engines" focusing on industry digitalization, product industrialization, and service platformization [5] - **Key Engines**: Trustworthy, Data, and Intelligence aimed at building a digital foundation for China [5] Market Strategy - **National Party and Government Market**: Implementing the "Front Store, Back Field, Full Sky" strategy, focusing on regional platforms [3][8] - **Beijing Center**: Focused on high-end customer solutions [8] - **Xi'an New Park**: Main R&D and delivery hub expected to be completed in 2025 [8] Technological Innovations - **AI Development**: Focus on integrated development of data, computing power, and model applications [10][14] - **Core Products**: Development of key products in the trusted computing field, including terminal and backend solutions [12] Organizational Adjustments - **Restructuring**: Major organizational changes in 2024, forming two new business groups to enhance focus on data elements and regional expansion [11] - **Five Major Segments**: Digital solutions, cloud and data services, self-developed products, digital infrastructure, and regional markets [11] Financial Management - **Cost Control**: Emphasis on optimizing cash flow management and controlling expenses to enhance profitability [15] - **R&D Expenses**: Decreased by 31% due to strategic adjustments and reduced government subsidies [17] Market Outlook - **2025 Market Demand**: Expected to be stable, with a focus on regional markets and gradual project initiation [21] - **AI and Cloud Solutions**: Anticipated increase in demand for integrated AI solutions post-2025 [20] Challenges and Risk Management - **External Environment**: Maintaining a robust order reserve of 10.8 billion CNY to ensure revenue stability [15] - **Debt Management**: Plans to enhance accounts receivable management to mitigate impairment losses [17] Conclusion - **Future Vision**: Taiji Co., Ltd. aims to become a leading digital service provider in China, focusing on innovation, market expansion, and enhancing profitability through strategic initiatives and technological advancements [8][27]