Investment Rating - The report maintains an "Outperform" rating for the company with a target price raised to 18.45 RMB, reflecting a significant increase from the previous target of 10.95 RMB [1][8]. Core Insights - The company demonstrates steady operational performance with a strong order backlog, transitioning its new business from an investment phase to a harvest phase by 2025. Projected revenues for 2025-2027 are 7.42 billion RMB, 8.03 billion RMB, and 8.78 billion RMB, respectively, with net profits attributable to shareholders expected to be 241 million RMB, 316 million RMB, and 376 million RMB [1][8]. - In 2024, the company achieved a revenue of 6.90 billion RMB, reflecting a growth of 4.5%, while net profit attributable to shareholders was 124 million RMB, a decline of 42.81% primarily due to increased investments in new business and asset impairments. However, Q1 2025 showed a revenue of 1.65 billion RMB, up 0.76%, and a net profit of 72 million RMB, up 271.83% [1][8]. - The traditional business remains stable, while new business initiatives are seen as a second growth curve, focusing on consulting and industry solutions in sectors like digital agriculture and smarter energy [1][8]. Financial Summary - Revenue projections for 2025-2027 are 7.42 billion RMB, 8.03 billion RMB, and 8.78 billion RMB, with net profits of 241 million RMB, 316 million RMB, and 376 million RMB, respectively. The earnings per share (EPS) are expected to be 0.41 RMB, 0.54 RMB, and 0.64 RMB for the same period [3][5]. - The company reported a significant increase in new contracts, with a total contract value exceeding 810 million RMB in 2024 and new contracts worth approximately 150 million RMB in Q1 2025 [1][8]. - The financial metrics indicate a projected net profit margin improvement, with net profit margins expected to rise from 1.8% in 2024 to 4.2% by 2027 [5][8].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price raised to 18.45 RMB, reflecting a significant increase from the previous target of 10.95 RMB [1][8]. Core Insights - The company demonstrates steady operational performance with a strong order backlog, transitioning its new business from an investment phase to a harvest phase by 2025. Projected revenues for 2025-2027 are 7.42 billion RMB, 8.03 billion RMB, and 8.78 billion RMB respectively, with net profits attributable to shareholders expected to be 241 million RMB, 316 million RMB, and 376 million RMB [1][8]. - In 2024, the company achieved a revenue of 6.90 billion RMB, marking a 4.5% increase, while net profit attributable to shareholders was 124 million RMB, a decrease of 42.81% primarily due to increased investments in new business and asset impairment [1][8]. - The first quarter of 2025 saw a revenue of 1.65 billion RMB, a 0.76% increase, and a net profit of 72 million RMB, a substantial increase of 271.83%, driven by exchange rate gains and increased fiscal subsidies [1][8]. Financial Summary - Revenue projections for 2025, 2026, and 2027 are 7.42 billion RMB, 8.03 billion RMB, and 8.78 billion RMB respectively, with net profits of 241 million RMB, 316 million RMB, and 376 million RMB [3][5]. - The earnings per share (EPS) are forecasted to be 0.41 RMB, 0.54 RMB, and 0.64 RMB for 2025, 2026, and 2027 respectively [3][5]. - The company’s net asset return rate is expected to improve from 3.0% in 2024 to 7.3% by 2027 [3][5]. Business Development - The company is focusing on expanding its new business lines, particularly in digital agriculture and smart energy, while maintaining stability in its traditional business [1][8]. - In digital agriculture, the company is developing a comprehensive technology system that includes smart farming and fisheries, winning several key projects in 2024 [1][8]. - The company is also enhancing its ecosystem partnerships with major cloud providers like Alibaba Cloud and Tencent Cloud to accelerate AI applications in various industries [1][8].

证券代码：002649 证券简称：博彦科技 公告编号：2025-018 （三）本次实施的分配方案与股东大会审议通过的分配方案一致。 （四）本次实施分配方案距离股东大会通过的时间未超过两个月。 二、本次实施的利润分配方案 以公司现有总股本剔除已回购股份 0 股后的 585,344,532 股为基数，向全体 股东每 10 股派 1.710000 元人民币现金（含税；扣税后，通过深股通持有股份的 香港市场投资者、境外机构（含 QFII、RQFII）以及持有首发前限售股的个人和 证券投资基金每 10 股派 1.539000 元；持有首发后限售股、股权激励限售股及无 限售流通股的个人股息红利税实行差别化税率征收，本公司暂不扣缴个人所得税， 待个人转让股票时，根据其持股期限计算应纳税额【注】；持有首发后限售股、股 权激励限售股及无限售流通股的证券投资基金所涉红利税，对香港投资者持有基 金份额部分按 10%征收，对内地投资者持有基金份额部分实行差别化税率征收）。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股 （含 1 年）的，每 10 股补缴税款 0.171000 元；持股超过 1 年的，不需补缴税款 ...

博彦科技股份有限公司 2024 年度权益分派实施公告 公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 博彦科技股份有限公司（以下简称"公司"或"本公司"）2024 年度利润分配方 案已获 2025 年 5 月 16 日召开的 2024 年度股东大会决议通过，现将利润分配方 案事宜公告如下： 一、股东大会审议通过利润分配方案等情况 （一）本次利润分配方案具体内容为：以 2024 年 12 月 31 日公司总股本 585,344,532 股为基数，向全体股东每 10 股派发现金股利 1.71 元（含税），不以 公积金转增股本，不送红股。如在本分配方案公告后至实施权益分派股权登记日 期间，公司总股本发生其他变化的，公司将按照"现金分红总额不变"的原则， 以股权登记日的总股本为基数调整分配比例。 证券代码：002649 证券简称：博彦科技 公告编号：2025-018 四、权益分派对象 （二）自分配方案披露至实施期间公司总股本未发生变化。 （三）本次实施的分配方案与股东大会审议通过的分配方案一致。 （四）本次实施分配方案距离股东大会通过的时间未超过两个月。 二、本次实施的 ...

证券代码：002649 证券简称：博彦科技 公告编号：2025-017 博彦科技股份有限公司 2024 年度股东大会决议公告 公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决提案的情况。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议的召开情况 1、会议召开时间 （1）现场会议召开时间：2025 年 5 月 16 日 15:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 16 日上午 9:15—9:25，9:30—11:30 和下午 13:00—15:00；通过深圳 证券交易所互联网投票系统进行网络投票的时间为 2025 年 5 月 16 日上午 9:15 至下午 15:00 的任意时间。 2、会议召开地点：北京市海淀区西北旺东路 10 号院东区 7 号楼博彦科技 大厦会议室。 （二）会议出席情况 1、总体出席情况 出席本次股东大会的股东及股东代表共 289 名，代表股份 112,092,874 股， 1 占公司有表决权股份总数的 1 ...

法律意见书 植德京（会）字[2025]0060 号 北京植德律师事务所 关于博彦科技股份有限公司 2024 年度股东大会的 二〇二五年五月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com Aaaaa 北京植德律师事务所 关于博彦科技股份有限公司 2024 年度股东大会的 法律意见书 植德京（会）字[2025]0060 号 致：博彦科技股份有限公司（贵公司） 北京植德律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出 席并见证贵公司 2024 年度股东大会（以下简称"本次会议"）。 本所律师参加本次会议进行见证，并根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法 ...

Core Viewpoint - The company is focusing on enhancing its research and development capabilities in artificial intelligence and robotics, aiming to integrate hardware into its solutions to better meet industry needs [2][5]. R&D Focus - The company will concentrate on artificial intelligence, developing scenario-level solutions across various industries, and enhancing technical capabilities [2]. - Robotics will also be a key area, with plans to introduce practical cases in certain business lines and collaborate with universities and strategic investments [2]. - The company aims to deepen its own solution capabilities while actively partnering with hardware manufacturers to create integrated solutions [2]. Partnership with Alibaba - Alibaba is a significant client and partner, with over 10 years of collaboration, providing R&D, operation, and technical support for Alibaba's products [3]. - The company has participated in the development of 57 financial intelligent solutions with Alibaba, focusing on credit risk control and compliance quality inspection [3]. Employee Planning - Future personnel planning will focus on business structure upgrades and operational efficiency rather than personnel expansion, aiming to enhance per capita revenue [4]. - The overall employee scale is expected to remain stable or slightly adjusted, with an emphasis on improving output efficiency through technology [4]. 2025 Performance Outlook - The company anticipates steady revenue growth in 2025, focusing on strategic large clients in finance, internet, and high-tech sectors [5]. - New business areas such as digital agriculture and smart energy will be prioritized, with a goal to enhance solution capabilities and provide comprehensive lifecycle services [5]. - In 2024, the company signed contracts worth over 810 million yuan, with expectations for rapid revenue growth from new business in 2025 [5]. Financial Performance - In Q1 2025, the company reported a main revenue of 1.652 billion yuan, a year-on-year increase of 0.76%, and a net profit of 71.6942 million yuan, up 271.83% [6]. - The company’s gross profit margin stood at 19.58%, with a debt ratio of 27.69% [6]. Profit Forecast - Various institutions have provided profit forecasts for the company, with expected net profits of 2.18 billion yuan in 2025 and 2.64 billion yuan in 2026 [7]. - The company has seen a net inflow of 100 million yuan in financing over the past three months, indicating positive market sentiment [7].

证券代码：002649 证券简称：博彦科技 博彦科技股份有限公司 投资者关系活动记录表 编号：2025-002 | □ | 特定对象调研 □ 分析师会议 | | --- | --- | | 投资者关系活动 | □ 媒体采访 □ 业绩说明会 | | 类别 | □ 新闻发布会 路演活动 √ | | | □ 现场参观 □ 其他（请文字说明其他活动内容） | | | 本次活动采用现场路演+策略会小范围的形式，参会人员共计 15 | | | 人，来自 8 家机构，具体名单如下： | | | 所属公司 姓名 | | | 华夏基金管理有限公司 刘平、李彦、贾静雯 | | | 摩根士丹利华鑫基金管理有限公司 雷志勇 | | | 开源证券股份有限公司 陈宝健、李海强 | | 参与单位名称及 | 上海鹏石投资管理有限公司 宁屹 | | 人员姓名 | 北京明澄私募基金管理有限公司 侯子骄 | | | 首创证券股份管理有限公司 邓睿祺 | | | 李登虎、程广飞、孙晟、何珅 建信基金管理有限责任公司 | | | 华、刘志威 | | | 国泰海通证券股份有限公司 宋亮 | | | 在交流活动中，我公司严格遵守相关规定，保证信息披露真实 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has shown significant profit growth in Q1 2024, with a notable increase in net profit by 271.83% year-on-year, primarily due to a substantial reduction in financial expenses [5] - The company is focusing on enhancing its AI capabilities and has established a comprehensive AI-driven model to support financial institutions in overcoming challenges related to data security and compliance [6] - The collaboration with Alibaba has strengthened the company's position in the fintech sector, leading to the launch of 57 financial intelligent solutions [7][8] - The company is actively expanding its new business segments, achieving a total contract amount exceeding 8.1 billion yuan in 2024, with a focus on digital agriculture and smart energy [9] - The future outlook for the company is positive, with projected EPS of 0.37, 0.45, and 0.52 yuan for 2025-2027, indicating a favorable growth trajectory [10] Company Overview - The latest closing price of the company is 13.15 yuan, with a total market capitalization of 77 billion yuan [4] - The company has a total share capital of 5.85 billion shares, with 5.49 billion shares in circulation [4] - The company has a debt-to-asset ratio of 29.1% and a current P/E ratio of 62.62 [4] Financial Performance - In 2024, the company reported total revenue of 68.99 billion yuan, a decrease of 4.50% year-on-year, while the net profit attributable to the parent company was 1.24 billion yuan, down 42.81% [5] - The projected revenue for 2025 is 74.75 billion yuan, with an expected growth rate of 8.35% [12] - The company anticipates a significant recovery in net profit, with projections of 218 million yuan in 2025, reflecting a growth rate of 75.42% [12]

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） | 13.15 | | --- | --- | | 总股本/流通股本（亿股）5.85 / 5.49 | | | 总市值/流通市值（亿元）77 / 72 | | | 52 周内最高/最低价 | 16.94 / 7.32 | | 资产负债率(%) | 29.1% | | 市盈率 | 62.62 | | 第一大股东 | 王斌 | 证券研究报告：计算机 | 公司点评报告 发布时间：2025-05-06 股票投资评级 买入|维持 个股表现 -23% -13% -3% 7% 17% 27% 37% 47% 57% 67% 77% 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 博彦科技 计算机 "技术+场景+生态"，AI 驱动效率革命 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:丁子惠 SAC 登记编号:S1340523070003 Email:dingzihui@cnpsec.com AI 大模型在金融业的规模化应 ...