上 市 公 司 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（元） | 15.23 | | 一年内最高/最低（元） | 16.25/8.81 | | 市净率 | 4.3 | | 股息率%（分红/股价） | 0.98 | | 流通 A 股市值（百万元） | 24,186 | | 上证指数/深证成指 | 3,800.35/12,295.07 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 3.55 | | 资产负债率% | 35.97 | | 总股本/流通 A 股（百万） | 1,652/1,588 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-27 09-27 10-27 11-27 12-27 01-27 02-27 03-27 04-27 05-27 06-27 07-27 08-27 -20% 0% 20% 40% ...

中国经济网贵阳8月27日讯(记者宋雅静)27日，2025中国国际大数据产业博览会"智慧政府与公共资源交易治理"交流活动在贵阳举行。活动汇聚政府领导、 专家学者与企业代表，围绕人工智能赋能智慧政府建设与公共资源交易治理，展开深度研讨。 "智慧政府与公共资源交易治理"交流活动现场。 据了解，该活动由中国人民大学国家发展与战略研究院智慧治理学院承办，中国人民大学公共管理学院、公共资源交易研究中心及广联达（002410）科技股 份有限公司协办。 锚定数智化转型方向 中国人民大学苏州人工智能学院院长吉燕勇以"生成式人工智能：重塑跨领域跨行业的革新之路"为题，提出生成式AI已进入战略拐点，中国大模型(如 DeepSeek)进入全球推理第一梯队。他分享了AI在人才政策匹配、企业HR转型、新能源汽车国标查询等场景的实践，例如苏州组织部通过AI实现"政策找 人"，IBM借助AI将大中华区HR团队从100余人精简至2人。 中国人民大学高瓴人工智能学院教授曹朝则聚焦大模型与智慧治理融合，通过"应急智脑""专岗匹配智能体""多智能体社会模拟"三个案例，展示AI在防汛监 测、高校专业与岗位匹配、舆情传播预测等领域的应用，强调经验在AI ...

据证券之星公开数据整理，近期广联达(002410)发布2025年中报。截至本报告期末，公司营业总收入 28.0亿元，同比下降5.37%，归母净利润2.37亿元，同比上升23.65%。按单季度数据看，第二季度营业 总收入15.72亿元，同比下降5.24%，第二季度归母净利润2.07亿元，同比上升11.63%。本报告期广联达 盈利能力上升，毛利率同比增幅1.28%，净利率同比增幅32.47%。 本次财报公布的各项数据指标表现一般。其中，毛利率87.79%，同比增1.28%，净利率9.2%，同比增 32.47%，销售费用、管理费用、财务费用总计13.51亿元，三费占营收比48.25%，同比增0.58%，每股净 资产3.55元，同比增0.28%，每股经营性现金流-0.34元，同比增18.37%，每股收益0.14元，同比增 23.67% 财务报表中对有大幅变动的财务项目的原因说明如下： 货币资金变动幅度为-37.3%,原因:报告期购买理财产品、分配股利及业务周期特点上半年回款小于经 营投入等。 固定资产变动幅度为-3.83%,原因:固定资产随折旧计提账面价值减少，但其降幅低于总资产降幅，比 重增加。 合同负债变动幅度为 ...

Group 1 - The company, Guanglian Da (002410), confirmed on August 27 that the major shareholder has not reduced their stake in the company as of now [1]

市场表现上，基金调研股中，近5日上涨的有35只，涨幅居前的有天孚通信、广联达（002410）、豪声 电子等，涨幅为18.69%、14.54%、13.64%；下跌的有11只，跌幅居前的有新天药业、星云股份 （300648）、新瀚新材（301076）等，跌幅为15.67%、13.10%、11.18%。 数据宝统计，基金参与调研股中，近5日资金净流入的有14只，广联达近5日净流入资金4.72亿元，主力 资金净流入最多；净流入资金较多的还有广和通（300638）、美亚光电（002690）等，净流入资金分别 为1.89亿元、4347.32万元。 业绩方面，基金调研公司中，46家公司已经公布了半年报，净利润同比增幅最高的是索通发展 （603612）、纳睿雷达，净利润增长幅度为1568.52%、866.97%。（数据宝） 8月26日基金调研公司一览 昨日基金共对46家公司进行调研，扎堆调研天孚通信（300394）、新易盛（300502）、神州泰岳 （300002）等。 证券时报 数据宝统计，8月26日共56家公司被机构调研，按调研机构类型看，基金参与46家公司的调研 活动，其中，10家以上基金扎堆调研公司共9家。天孚通信最 ...

Group 1 - The core point of the article is the establishment of a new company, 土豆数据 (Potato Data) Holdings, which focuses on various AI-related businesses [1] - The registered capital of Potato Data Holdings is 62.23 million yuan, indicating a significant investment in the AI sector [1] - The business scope of the new company includes AI application software development, AI public data platforms, AI foundational resources and technology platforms, IoT device manufacturing, and smart unmanned aerial vehicle manufacturing [1] Group 2 - The company is co-funded by Beijing Guanglian Da Chuangyuan Investment Center (Limited Partnership), which is a subsidiary of Guanglian Da (002410) [1]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [5]. Core Insights - The company's core business is showing signs of recovery, with AI technology being leveraged to create new growth momentum. The first half of 2025 saw a revenue of 2.784 billion yuan, a year-on-year decrease of 5.23%, while net profit attributable to shareholders increased by 23.65% to 237 million yuan [1][3]. - The company is actively optimizing its business structure, with a notable transformation in its construction business and emerging new business areas. Digital construction revenue grew by 8.21% to 312 million yuan, and infrastructure and overseas business became significant growth points [2][3]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 2.784 billion yuan, down 5.23% year-on-year, while net profit attributable to shareholders reached 237 million yuan, up 23.65% [1]. - The gross margin improved by 1.11 percentage points to 87.79%, and management expenses decreased by 13.11% due to effective cost control [1]. Business Development - The digital construction business transformation has shown significant results, with a revenue increase of 8.21% and a gross margin increase of 26.03 percentage points to 52.01% in the second quarter [2]. - New products in the digital cost business are showing growth potential, with data-related products experiencing over 30% revenue growth [2]. AI Integration - The company is fully embracing AI as a core technology driver, with AI-related contracts exceeding 40 million yuan in the first half of 2025. AI applications have significantly enhanced product competitiveness and customer value [3]. - The AI service call volume surpassed 40 million times, indicating a strong integration of AI across various high-value scenarios [3]. Future Projections - The company is projected to achieve net profits of 449 million yuan, 663 million yuan, and 835 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 57X, 38X, and 30X [4][3].

Group 1: First Capital (002797.SZ) - The core conclusion indicates that First Capital has a distinctive focus on fixed income business, with significant growth potential driven by asset management and investment banking [1][6][7] - The company has transitioned towards a trading-driven model in its fixed income business, with revenue increasing from 288 million to 646 million, and its share of total revenue rising from 11.03% to 18.29% over the past three years [7] - The asset management and investment banking sectors are identified as the main growth drivers, with asset management projected to account for 32.4% of revenue by 2024 [7] Group 2: TMT Technology Industry - The report highlights a positive outlook for the AI computing chain, with expected growth across various sectors including computing chips, servers, and optical modules [2][11] - NVIDIA's introduction of Spectrum-XGS Ethernet aims to create AI super factories by overcoming existing limitations in data center expansion [9] - The domestic computing industry is focusing on enhancing the performance and capacity of domestic computing chips, while the overseas sector is advancing high-end technology and global layout [10] Group 3: Real Estate Industry - Shanghai's recent policy adjustments are seen as a significant step towards market stabilization, with measures including the removal of purchase limits for certain demographics and adjustments to mortgage rates [12][14] - The new policies are expected to stimulate demand and improve sales performance in the real estate market, particularly benefiting first-time buyers and non-local purchasers [13][14] - The report suggests that the recent policy changes serve as a positive signal for the industry, indicating a commitment to stabilizing the market [14] Group 4: Kingsoft Office (688111.SH) - Kingsoft Office reported a steady revenue growth of 10.12% year-on-year, with a projected revenue of 5.9 billion, 7 billion, and 8.5 billion for 2025, 2026, and 2027 respectively [4][16] - The company is increasing its R&D investment, which reached 9.6 billion in the first half of 2025, representing a 19% year-on-year increase [18] - The WPS365 business is experiencing rapid growth, with a 62.27% increase in revenue, indicating strong market demand for its services [17] Group 5: Huadong Medicine (000963.SZ) - Huadong Medicine reported a revenue increase of 3.39% year-on-year, with a net profit growth of 7.01% in the first half of 2025 [30] - The pharmaceutical industrial segment is showing robust growth, driven by innovative product offerings and increased R&D investment [30][31] - The medical aesthetics segment is experiencing a recovery, with improvements noted in the second quarter of 2025 [31] Group 6: Sunshine Power (300274.SZ) - Sunshine Power achieved a revenue of 43.53 billion, reflecting a year-on-year growth of 40.34%, with a net profit increase of 55.97% [32] - The company is expanding its product offerings in the energy storage sector, which saw a significant revenue increase of 128% [32][33] - New product launches in the energy storage segment are expected to enhance the company's market position [33]

Core Insights - The company reported a total revenue of 2.8 billion yuan for the first half of 2025, a year-on-year decrease of 5.37%, while the net profit attributable to shareholders increased by 23.65% to 237 million yuan [1] - The gross margin improved by 1.28% to 87.79%, and the net profit margin increased by 32.47% to 9.2% [1] - The company is focusing on enhancing its cash flow management and has seen a 19% increase in net cash flow from operating activities due to improved collection of receivables [6] Financial Performance - Revenue for Q2 2025 was 1.572 billion yuan, down 5.24% year-on-year, while net profit for the same period was 207 million yuan, up 11.63% [1] - Total expenses (selling, administrative, and financial) amounted to 1.351 billion yuan, accounting for 48.25% of revenue, a slight increase of 0.58% year-on-year [1] - Earnings per share rose by 23.67% to 0.14 yuan, while the net asset per share increased by 0.28% to 3.55 yuan [1] Asset and Liability Changes - Cash and cash equivalents decreased by 37.3% due to investments in financial products and dividend distributions [2] - Accounts receivable increased by 33.85% due to seasonal collection patterns [2] - The company experienced a 50.16% decrease in employee compensation liabilities as performance bonuses from the previous year were paid out [5] Investment and R&D - The company increased its prepayments by 84.22% due to higher service prepayments [3] - Research and development expenses decreased by 7.73% as the company focused on cost control [6] - The company is investing in AI technology for the construction industry, leveraging its proprietary model ecGPT, which has capabilities in various areas including document parsing and knowledge integration [16][17] Market Position and Future Outlook - The company has a low return on invested capital (ROIC) of 3.89%, indicating a need for improvement in capital efficiency [12] - Analysts expect the company's performance in 2025 to reach 485 million yuan, with an average earnings per share forecast of 0.29 yuan [14] - The company is gaining attention from institutional investors, with notable fund managers increasing their holdings [15]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.784 billion yuan, a year-on-year decrease of 5.23% [1] - Net profit attributable to shareholders reached 237 million yuan, reflecting a year-on-year growth of 23.65% [2] - Operating costs decreased by 13.14%, while sales expenses increased by 3.78% [7] - Management expenses decreased by 13.11%, and financial expenses saw a significant reduction of 32.95% [8] Business Segments AI Development - The company initiated its AI research in 2015 and launched an "All in AI" strategy in 2023, establishing a comprehensive AI system [2] - AI applications contributed over 40 million yuan in contracts in the first half of 2025, surpassing the total for the previous year [2] Infrastructure Business - The infrastructure sector has shown steady growth, with significant investments in water conservancy and electricity [3] - The company has developed a complete product system covering the entire process of design, cost, and construction [3] Overseas Business - Revenue from overseas operations reached 116 million yuan, a year-on-year increase of 9.62% [4] - The second quarter saw a revenue of 64.75 million yuan, marking a 21.62% year-on-year growth [4] Digital Cost Business - Revenue in the digital cost sector was 2.286 billion yuan, a decrease of 7.06% [4] - The decline was attributed to reduced income from previously signed cloud contracts and a focus on product value upgrades [4] Digital Construction Business - Revenue in this segment was 312 million yuan, an increase of 8.21%, with a gross margin improvement to 52.01% [5] - The company is shifting towards standardized project-level products to enhance profitability [5] Digital Design Business - Revenue from digital design was 31 million yuan, a decrease of 13.11% [5] - The focus is on improving customer engagement and establishing benchmarks for future growth [5] Market Outlook - The company anticipates continued investment in urban renewal, municipal pipelines, and infrastructure projects [6] - Plans include accelerating AI product commercialization and expanding infrastructure business [6] Cost Management - The company has implemented strict cost control measures, resulting in a decrease in overall expenses [11] - Management expenses were reduced through personnel optimization and resource sharing [11] Future Strategies - The company aims to leverage new policy opportunities from upcoming regulations to enhance market share [12] - Focus on expanding AI capabilities and exploring new business opportunities in overseas markets [12]