Industry Rating - The industry rating is maintained at "Outperform" [1] Core Insights - The report suggests that the years 2025-2026 are expected to mark the commercialization of AI Agents, driven by advancements in large model capabilities and the introduction of key players like OpenAI, Anthropic, Microsoft, and Google [2][3] - The total addressable market (TAM) for AI Agents is estimated at approximately 3.61 trillion yuan, with significant opportunities in vertical industries such as IT and finance [2][3] - AI Agents are projected to replace specific standardized roles in various sectors, with a focus on enhancing productivity and ROI for businesses [3][48] Summary by Sections Investment Rating - The report maintains a rating of "Outperform" for the industry [1] Market Potential - The total addressable market (TAM) for AI Agents is estimated at 3.61 trillion yuan, calculated based on total salary levels, replacement rates, and efficiency optimization [50][54] - The report highlights six core scenarios where AI Agents are expected to penetrate first, including coding, banking, human resources, legal, cybersecurity, and customer service [61][62] Key Industry Insights - AI Agents are anticipated to significantly impact the banking sector, with 54% of jobs having a high potential for automation, leading to an estimated TAM of 1774.32 billion yuan in this field [71][77] - In the coding sector, AI is expected to automate up to 99% of coding tasks by the end of 2025, with a TAM of approximately 4357.84 billion yuan [63][68] - The report emphasizes that AI Agents will first replace roles in high-salary, white-collar industries such as finance, IT, and law, where the ROI for AI implementation is more favorable [55][57] Company Recommendations - The report suggests monitoring companies involved in general office applications and enterprise SaaS, as well as those in vertical markets like banking, human resources, and cybersecurity [3][4]

Core Insights - The report highlights the potential of AI in driving new opportunities for the company, which is a leading provider of consulting, industry solutions, and digital technology services [2][4] - The company has a strong track record of serving numerous Fortune 500 and China 500 companies across various sectors including finance, high-tech, internet, energy, manufacturing, and agriculture [4][5] - The report projects the company's net profit attributable to shareholders for 2025-2027 to be 252 million, 319 million, and 372 million CNY respectively, with corresponding PE ratios of 31.4, 24.8, and 21.2 times, indicating that the company's valuation is below the average of comparable companies [2][4] Company Overview - The company is focused on consolidating its traditional IT service advantages while deepening product development and solution innovation [4] - It is actively cultivating high-value-added business segments and steadily forming specialized new business teams, with a focus on enhancing consulting service capabilities and the integration of trusted software and hardware [4] - The company has a long-standing partnership with Alibaba, exploring the application of large models in the financial sector, and has been involved in upgrading core systems for financial institutions [4][5] Strategic Collaborations - The company has been a deep collaborator with Microsoft for 30 years, providing IT services and developing intelligent application solutions based on cloud and AI platforms [5] - It is one of the first companies to access Microsoft Azure OpenAI commercial service permissions, focusing on delivering automation and intelligent robotics solutions [5]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is a leading provider of consulting, industry solutions, and digital technology services, with a strong focus on AI and new business opportunities [4][5]. - The company has established long-term partnerships with major players like Alibaba and Microsoft, enhancing its capabilities in AI applications across various industries [5][6]. - Financial projections indicate a steady growth in revenue and net profit from 2025 to 2027, with a corresponding decrease in P/E ratios, suggesting an attractive valuation compared to peers [4][63][68]. Summary by Sections Company Overview - The company has extensive experience in consulting and technology services, having served numerous Fortune 500 and Chinese 500 companies across various sectors including finance, high-tech, and agriculture [14][17]. Financial Performance - In 2024, the company achieved a revenue of 68.99 billion yuan, a year-on-year increase of 4.5%, while net profit decreased by 42.8% to 1.24 billion yuan due to increased investments in new businesses [18][21]. - Revenue sources are primarily from products and solutions, research and development engineering, and IT operations maintenance [19][22]. Business Strategy - The company is focusing on new industries and clients to create a second growth curve, with significant contracts signed in digital agriculture and smart energy sectors [24][29]. - It aims to optimize its business types and cultivate high-value, high-margin services, particularly in consulting and integrated software solutions [33][34]. AI and Technology Partnerships - The company collaborates with Alibaba and Microsoft to accelerate the implementation of AI solutions in various sectors, particularly in finance [5][42]. - It has developed an "AI Agent platform" to facilitate the integration of AI into existing business systems, enhancing delivery speed and flexibility [39][40]. Financial Projections - The company forecasts revenue growth from 73.31 billion yuan in 2025 to 86.64 billion yuan in 2027, with a gradual increase in gross margin [63][68]. - Expected net profits for 2025, 2026, and 2027 are projected at 2.52 billion, 3.19 billion, and 3.72 billion yuan respectively [68].

证券代码：002649 证券简称：博彦科技 公告编号：2025-019 博彦科技股份有限公司 关于高级管理人员辞职的公告 博彦科技股份有限公司（以下简称"公司"）董事会于近日收到公司副总经理 李全有先生提交的辞职报告，李全有先生因个人发展规划原因申请辞去公司副总 经理职务，本次辞职后将不再担任公司任何职务。 李全有先生的原定任期至 2025 年 12 月 19 日第五届董事会任期届满。根据 相关法律法规，李全有先生的辞职报告自送达公司董事会之日起生效，其辞职不 会影响公司相关工作正常运行。 1 截至本公告披露日，李全有先生持有公司股票 12,000 股。辞职后其股份变动 将继续严格遵守《上市公司股东减持股份管理暂行办法》《上市公司董事和高级 管理人员所持本公司股份及其变动管理规则》等相关规定。 公司于 2025 年 4 月 2 日披露了李全有先生的股份减持计划，具体详见《关 于部分董事、高级管理人员减持股份的预披露公告》（公告编号：2025-006），截 至本公告披露日，李全有先生尚未实施上述减持计划，且自辞职生效日起的 6 个 月内，其所持股票因离职原因全部进入锁定状态。 公司董事会对李全有先生任职期间恪尽 ...

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].

Group 1 - The profit distribution plan for 2024 has been approved by the shareholders' meeting held on May 16, 2025, which includes a capital reserve transfer to increase share capital without issuing new shares [1][2] - The distribution plan specifies a cash dividend of 1.71 RMB per 10 shares for all shareholders, with different tax treatments for various categories of investors [1][2] - The record date for the distribution is set for May 28, 2025, and the ex-dividend date is May 29, 2025 [2] Group 2 - The cash dividends will be directly credited to the accounts of A-share shareholders through their custodial securities companies on the ex-dividend date [2] - The company will bear all legal responsibilities and consequences if there are insufficient cash dividends during the distribution process [2] - The announcement includes contact information for inquiries and references to documents related to the dividend distribution [2][3][4]

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 ...