格隆汇1月26日丨广联达(002410.SZ)公布，预计2025年1月1日至2025年12月31日归属于上市公司股东的 净利润3.76亿元-4.26亿元，比上年同期增长：50.15%-70.11%；扣除非经常性损益后的净利润3.18亿 元-3.68亿元,比上年同期增长:82.62%-111.34%。 报告期内，公司持续优化资源配置，加强精细化管理，成本费用同比下降，经营效率提升。 业绩变动原因说明:报告期内，公司持续优化产品和业务结构，营业总收入较2024 年略有下降，净利润 保持增长，盈利能力持续提升：(1)数字成本业务收入略有下降，续费率稳中有升；(2)数字施工业务战 略聚焦初见成效，收入实现增长，毛利率提升，经营质量持续改善；(3)国际化进程稳步推进，海外收 入实现较快增长。 ...

南财智讯1月26日电，广联达发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为37600 万元—42600万元，同比预增50.15%—70.11%；预计2025年全年归属于上市公司股东的扣除非经常性损 益的净利润为31800万元—36800万元，同比预增82.62%—111.34%；报告期内，公司持续优化产品和业 务结构，营业总收入较2024年略有下降，净利润保持增长，盈利能力持续提升：（1）数字成本业务收 入略有下降，续费率稳中有升；（2）数字施工业务战略聚焦初见成效，收入实现增长，毛利率提升， 经营质量持续改善；（3）国际化进程稳步推进，海外收入实现较快增长。报告期内，公司持续优化资 源配置，加强精细化管理，成本费用同比下降，经营效率提升。 ...

广联达公告，预计2025年度净利润为3.76亿元-4.26亿元，同比增长50.15%-70.11%。报告期内，公司持 续优化产品和业务结构，营业总收入较2024年略有下降，净利润保持增长，盈利能力持续提升：（1） 数字成本业务收入略有下降，续费率稳中有升；（2）数字施工业务战略聚焦初见成效，收入实现增 长，毛利率提升，经营质量持续改善；（3）国际化进程稳步推进，海外收入实现较快增长。 ...

证券代码：002410 证券简称：广联达 公告编号：2026-001 广联达科技股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：预计净利润为正值且属于同向上升 50%以上情形 | 项 | 目 | | 本报告期 | | | 上年同期 | | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的 | | | 37,600 | ～ | 42,600 | 25,042.43 | | 净利润 | | 比上年同期增长 | 50.15% | ～ | 70.11% | | | 扣除非经常性损益后的 | | | 31,800 | ～ | 36,800 | 17,412.76 | | 净利润 | | 比上年同期增长 | 82.62% | ～ | 111.34% | | | 基本每股收益（元/股） | | | 0.2291 | ～ | 0.2596 | 0.1513 ...

Core Insights - The growth logic of China's enterprise services has relied on two main advantages: low-cost engineering talent and affordable sales and implementation teams. However, these advantages are rapidly diminishing due to demographic changes and rising wage levels [1][10] - The traditional To B business model is facing structural failure, necessitating a fundamental change in production relationships to sustain growth [1][10] - The evolution of enterprise services can be segmented into three eras: 1.0, 2.0, and the emerging 3.0, with each representing a shift in business models and operational strategies [1][2] Group 1: Era 1.0 - Control-Centric Approach - In the 1.0 era, companies like Yonyou and Glodon dominated the market by focusing on control over finances, inventory, and personnel, using a military-like organizational structure to capture market share [3][5] - Yonyou leveraged the widespread adoption of computerized accounting to establish a comprehensive distribution system, effectively creating a "ground army" for market penetration [5][6] - Glodon achieved deep market penetration in the construction sector by tying its software to national pricing standards, thus gaining significant pricing power and market dominance [6][7] Group 2: Era 2.0 - SaaS Aspirations and Challenges - The 2.0 era saw a shift towards SaaS models, with companies like Fenshangxiaoke and Beisen attempting to replicate successful Western models by leveraging capital and internet strategies [11][12] - Fenshangxiaoke's aggressive customer acquisition strategy faced challenges due to the rational decision-making of enterprise owners, leading to high customer churn rates [13][16] - Beisen adopted an integrated approach by offering a comprehensive suite of HR solutions, which successfully built a competitive moat but also significantly increased operational costs [14][15] Group 3: Era 3.0 - AI-Driven Transformation - The 3.0 era is characterized by companies like HeyGen and Manus, which utilize AI to redefine labor delivery models, moving away from traditional human resource dependencies [2][19] - HeyGen exemplifies extreme efficiency, achieving over $35 million in ARR with a small team, demonstrating that AI can replace traditional labor-intensive processes [22][36] - Manus represents a shift towards software functioning as a digital employee, capable of independently completing tasks, thus opening up new revenue streams by targeting labor budgets rather than IT budgets [23][39] Group 4: Changes in Business Models and Market Dynamics - The delivery model has shifted from providing tools to delivering results, eliminating the need for extensive training and reducing implementation friction [30][32] - The efficiency of 3.0 companies is starkly higher, with HeyGen achieving a revenue per employee of $1 million, compared to traditional SaaS companies that struggle to exceed $46,000 [33][36] - The market focus has transitioned from IT budget "rent" to labor budget "wages," significantly expanding the potential market size for AI-driven solutions [38][40] Group 5: Future Outlook - The future of China's To B market is expected to feature a bimodal structure, with established players like Glodon maintaining their market position while new entrants like HeyGen leverage AI for competitive advantage [41][42] - Companies in the middle ground, relying on outdated models, are at risk of being squeezed out as they cannot compete with either the efficiency of AI-driven firms or the entrenched advantages of legacy players [42] - The key for future entrepreneurs is to identify niches where AI can fully replace human labor, creating specialized tools that address specific problems [42]

Investment Rating - The report indicates a positive outlook for the computer industry, suggesting that it has fundamental support for investment and potential for future growth [1][2]. Core Insights - The computer sector is expected to experience a rebound in performance due to the recovery of the macro economy and advancements in AI technology, which are anticipated to enhance profitability [1][10]. - The report highlights a significant increase in demand for CPUs, driven by the rise of AI applications and the need for high-performance computing [16][19]. - The introduction of sandbox environments for AI agents is seen as a critical development, enhancing system security and performance in high-concurrency scenarios [22][29]. Summary by Sections Investment Allocation - In Q4 2025, the public fund allocation for the computer industry was 1.6%, a decrease of 0.8 percentage points from the previous quarter, ranking it 14th among 30 sectors [2][3]. - The top ten holdings in the computer sector included Inspur Information, Kingsoft Office, and Sangfor Technologies, with notable changes in the composition of these holdings [4][5]. Valuation Metrics - As of January 23, 2026, the PE (TTM) for the computer industry was 94.6x, placing it in the 94.80th percentile historically, while the PS (TTM) was 4.0x, in the 71.40th percentile [10][11]. - The report suggests that despite high PE levels, there is still room for growth in PS and PCF valuations as the market sentiment improves [10][11]. CPU Price Expectations - Intel and AMD are expected to raise server CPU prices by 10% to 15% in Q1 2026 due to supply constraints and increased demand from AI applications [16][21]. - The report emphasizes the growing importance of CPUs in AI workloads, particularly in managing complex tasks and ensuring system stability [19][40]. Key Investment Themes - The report identifies several key investment themes, including leadership in the digital economy, AIGC applications, and the importance of data elements and new industrialization [41][42]. - Specific companies recommended for investment include Inspur Information, Kingsoft Office, and various firms involved in AI and data solutions [41][42].

Group 1 - The A-share market has seen a rebound in AI application concept stocks, with Shanghai Steel Union rising over 11% [1] - Other notable gainers include Jiuqi Software and Zhejiang Wenhu Internet, both hitting the 10% limit up, while Jinxi Modern and Zhongkong Technology increased by over 9% [1] - The overall trend indicates a positive momentum in the AI sector, as evidenced by the MACD golden cross signal formation [2] Group 2 - Shanghai Steel Union's market capitalization is approximately 9.791 billion, with a year-to-date increase of 22.29% [2] - Jiuqi Software has a market cap of around 8.217 billion and a year-to-date increase of 19.27% [2] - Zhejiang Wenhu Internet's market cap stands at about 16.3 billion, with a significant year-to-date increase of 40.28% [2]

证券日报网讯1月20日，广联达（002410）在互动平台回答投资者提问时表示，海外业务是公司比较确 定的发展方向，现阶段的重点区域包括亚洲市场和其他地区。 ...

证券日报网讯1月20日，广联达（002410）在互动平台回答投资者提问时表示，基建业务目前占公司整 体收入的比重还不是很高，不过公司也已经针对这一领域的市场需求变化，在既有产品基础上进行了新 的调整，形成了覆盖设计、成本、施工全价值链的产品体系。经过近些年的打磨与验证，产品价值已逐 步获得市场认可并展现出一定的竞争优势，后续也会着重加快在基建业务的推广进度。 ...

证券日报网讯1月20日，广联达（002410）在互动平台回答投资者提问时表示，公司一直高度重视市值 管理，通过提升盈利能力与核心竞争力，推动企业高质量发展，持续夯实企业内在价值。 ...