拓尔思信息技术股份有限公司 2024 年第三季度报告 1 证券代码：300229 证券简称：拓尔思 公告编号：2024-065 拓尔思信息技术股份有限公司 2024 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财 务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 拓尔思信息技术股份有限公司 2024 年第三季度报告 注 01：2024 年前三季度，公司保持健康的经营发展态势,营业收入、归属于上市公司股东的净利润、经营活动产生的 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | --- | --- | --- | --- | --- | |-------------------------------------------- ...

Liang Song I.song@htisec.com [Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 拓尔思（300229）公司半年报点评 2024 年 08 月 29 日 [Table_InvestInfo] 业绩仍处承压期，大模型应用+数据服务 推动公司未来发展 [Table_Summary] 投资要点： 业绩短期承压，人工智能软件产品及服务收入上升。公司发布 2024 年半年报。 2024H1 公司实现营业收入 3.97 亿元，同比下降 10.63%；归母净利润 5981.16 万元，同比下降 14.12%；扣非归母净利润 3657.12 万元，同比下降 27.28%。 关于公司营收下降原因方面，2024H1，公司大数据软件产品及服务、人工智 能软件产品及服务收入有所上升，而安全产品和系统集成及其他收入两类业 务相较于 2023 年同期有所下降。安全产品下降主要系传统安全隔离网闸产品 受下游公共安全等行业客户原有项目进度推迟及新增项目采购延缓影响所 致，系统集成及其他收入下降主要系公司聚焦软件主业而减少系统集成相关 业务所致。关于公司利润下降原因方面，公司 2024H1 其 ...

公司点评报告 · 计算机行业 :模型多行业落地, 软件销售需求待复苏 — 2024 年中报业绩点评 2024年9月2日 ● ● 事件:公司发布 2024年半年度报告,报告期内实现营收 3.97亿元,同比下 降 10.63%;实现归母净利润 0.60亿元,同比下降 14.12%;实现扣非归母净 利润 0.37 亿元,同比下降 27.28%。 人工智能软件业务同比增长,软件销售下游需求待复苏:报告期内,公司主 营业务持续转型,大数据软件/人工智能软件/软件销售/系统集成及其他收入 分别为 2.13/1.02/0.35/0.48 亿元,分别同比+3.44%/+21.71%/-44.64%/- 50.33%。软件销售收入下降的原因主要是由于下游公共安全等行业客户的项 目进度推迟和新增项目采购延缓所致,系统集成及其他业务收入的减少则是因 为公司将重心转至软件主业上,减少系统集成相关业务。报告期内,公司毛利 率为 70.28%,同比增长 7.22pcts;公司实施控费,销售及研发费用同比下降, 销 售 / 管 理 / 研 发 费 用 分 别 为 0.64/1.04/0.71 亿 元,同比变 化 - 25.19%/+11. ...

计算机 | 证券研究报告 — 调整盈利预测 2024 年 8 月 29 日 300229.SZ 买入 原评级：买入 市场价格:人民币 11.03 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (49%) (38%) (27%) (16%) (5%) 5% Aug-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 拓尔思 深圳成指 绝对 (32.5) (11.4) (22.9) (41.9) 相对深圳成指 (18.4) (5.4) (8.9) (20.8) | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 795.29 | | 流通股 ( 百万 ) | | 794.70 | | 总市值 ( 人民币 百万 ) | | 8,772.07 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 160.43 | | 主要股东 | | | ...

拓尔思信息技术股份有限公司 2024 年半年度报告全文 拓尔思信息技术股份有限公司 2024 年半年度报告 2024-050 2024 年 8 月 28 日 1 拓尔思信息技术股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人李渝勤、主管会计工作负责人崔哲敏及会计机构负责人(会计 主管人员)林义声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本年度报告中涉及未来计划或规划等前瞻性陈述的，均不构成公司对投资 者的实质承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理 解计划、预测与承诺之间的差异，敬请投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和应 对措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请投资 者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 拓尔思信息技术股份有限公司 20 ...

请务必阅读正文之后的免责条款部分 19 3.5 大模型逐步落地，引领 B+G 端 AIGC 赛迪顾问人工智能与大数据研究中心发布了《中国大模型发展研究报告(2024)》重要研究 成果，从核心技术能力、市场竞争能力、产品创新能力、市场发展潜力及生态开放能力五个维 度出发，评选出中国大模型领军企业二十强，拓尔思以拓天大模型在这五个维度的综合成绩， 成功入选并位居前列。 23 利用大模型技术能力，结合数星产业大脑上百类宏观、中 观、微观相关数据，提供智能化研报生成助手，自动化生 研报生成助手 成研报标题、研报目录、研报内容，并结合各类插件化数 据提供精准实时数据的插入与内容生产。 可对语音、文本等各类投诉数据完成客户投诉原因、投诉 客服数据智能分析助 手 渠道、投诉诉求、是否高危、是否重复等核心要求完成自 动化分析。 智能客服(消费者保 护) 资料来源：拓尔思大模型白皮书，中邮证券研究所 | --- | --- | --- | |----------------|------------------|---------------------------------------------------------- ...

公司的投资评级如下: 中航证券社服团队：以基本面研究为核心，立足产业前沿，全球视野对比，深度跟踪元宇宙、餐饮旅游、免税、医美、珠宝、教育等行业，把球最新消费趋 势,以敏锐嗅觉挖掘价值牛股。 负责本研究报告全部或部分内容的每一位证券分析师，再次申明，本报告清晰、准确地反映了分析师本人的研究观点。本人薪酬的任何部分过去不曾与、现 在不与,未来也将不会与本报告中的具体推荐或观点直接或间接相关。 风险提示：投资者自主作出投资决策并自行承担投资风险，任何形式的分享证券投资收益或者分担证券证券投资损失的书面或口头承诺均为无效。 中航证券研究所发布 请务必阅读正文之后的免责声明部分 联系地址：北京市朝阳区望京街道望京东园四区2号楼中航产融大厦 中航证券有限公司 公司网址:www.avicsec.com 联系电话:010-59219558 传真:010-59562637 请务必阅读正文之后的免责声明部分 增持：未来六个月行业增长水平高于同期沪深 300指数。 中性：未来六个月行业增长水平与同期沪深 300指数相若。 减持：未来六个月行业增长水平低于同期沪深300指数。 ◆ 盈利预测 证券研究报告 请务必阅读正文之后的免责声明 ...

总股本(百万股) 总市值(百万) 流通股本(百万股) 11,324.19 公司基本数据 795.29 11,332.91 794.68 流通市值(百万) 月最高/最低价(元) 34.80/9.56 10.32 每股净资产(元) 4.21 市盈率(TTM) 310.78 市净率(PB) 3.38 净资产收益率(%) 1.09 Q4 公司分别实现营收2.11/2.34/1.57/1.80亿元,同比+10.62%/- 0.31%/-25.94/-33.32%，归母净利润分别为 0.3/0.39/-0.47/0.14 作者 亿元,同比+43.76%/-26.44%/-260.66%/-43.2%。分行业看,金 融业务实现营收 3.13 亿元/同比-9.79%；公安及安全业务实现营 亿元/同比-12.85%;融媒体业务实现营收 0.98/同比-8.23%。随 着公司大模型等人工智能等相关新产品的不断推出和行业的横向 手订单金额为 5.43 亿元，较 2022年末增加 1,448.05 万元，公司 相关研究报告 期末在手订单金额同比开始上升。 ▲ 盈利能力方面，①毛利率方面，2023年公司整体毛利率68.37%/ 202 ...

Revenue and Profit Performance - Revenue for the reporting period was RMB 178.24 million, a decrease of 15.35% compared to the same period last year[2] - Net profit attributable to shareholders of the listed company was RMB 27.25 million, a decrease of 9.74% year-on-year[2] - Basic earnings per share decreased by 15.93% to RMB 0.0343[2] - Total operating income for the period: 178,244,396.98, a decrease from 210,572,417.17 in the previous period[33] - Net profit attributable to owners of the parent company was 27,252,720.64 yuan, down from 30,192,747.63 yuan[45] - Comprehensive income for the period totaled 27,228,435.19 yuan, with a year-on-year increase to 31,542,290.12 yuan[34] - Basic and diluted earnings per share were 0.0343 and 0.0343 respectively, compared to 0.0408 in the previous period[34] Cash Flow and Liquidity - Net cash flow from operating activities improved by 30.96% to RMB -16.79 million compared to the same period last year[2] - Net cash flow from operating activities was -16.79 million, a decrease from -24.33 million in the previous period[49] - Net cash flow from investing activities improved by 59.11% to -73,100,061.14 due to increased redemption of bank wealth management products[21] - Net cash flow from investing activities was -73.10 million, an improvement from -178.79 million in the previous period[49] - Net cash flow from financing activities was -2.18 million, compared to -16.23 million in the previous period[49] - Total cash and cash equivalents at the end of the period were 229.90 million, down from 262.13 million in the previous period[49] - Cash outflow for operating activities was 181.48 million, a decrease from 202.50 million in the previous period[49] - Cash inflow from investing activities was 373.04 million, an increase from 237.93 million in the previous period[49] - Cash outflow for investing activities was 446.14 million, up from 416.73 million in the previous period[49] - Cash outflow for financing activities was 2.18 million, a significant decrease from 16.23 million in the previous period[49] - The company's cash and cash equivalents decreased by 92.07 million during the period, compared to a decrease of 219.49 million in the previous period[49] - The company's initial cash and cash equivalents balance was 321.97 million, decreasing to 229.90 million by the end of the period[49] Assets and Liabilities - Total assets at the end of the reporting period were RMB 3.71 billion, a slight decrease of 0.93% compared to the end of the previous year[2] - Total current liabilities decreased to RMB 304.41 million, down from RMB 361.45 million at the end of the previous year[13] - Total liabilities: 386,579,465.94, with non-current liabilities increasing to 25,129,032.27 from 20,165,966.05[33] - Total equity attributable to the parent company: 3,352,105,013.12, a slight decrease from 3,379,383,249.61[33] - Monetary funds decreased to 237,992,040.11 yuan from 331,177,985.30 yuan[40] - Trading financial assets increased to 240,022,887.23 yuan from 197,623,242.70 yuan[40] - Accounts receivable decreased to 259,974,815.37 yuan from 274,397,092.69 yuan[40] Operating Costs and Expenses - Operating costs fell by 53.20% to 48,507,210.25 due to reduced system integration business[21] - Operating costs for the period: 48,507,210.25, significantly lower than the previous period's 103,642,311.66[33] - R&D expenses increased to 34,542,209.72 from 27,700,482.78 in the previous period[33] - Financial expenses decreased by 145.84% to -528,998.97 as convertible bonds were redeemed and delisted[21] - Financial expenses were -528,998.97 yuan, compared to 1,153,973.61 yuan in the previous period[45] - Credit impairment losses decreased by 87.90% to 1,238,910.78 due to recovery of long-overdue receivables[21] Investments and Development - Development expenditure increased significantly to RMB 202.79 million, up from RMB 161.55 million at the end of the previous year[13] - The company's investment in data resources under development expenditure was RMB 6.28 million[13] - Investment income increased by 503.48% to 1,739,185.34 due to gains from investment exits and equity method income[21] Accounts Receivable and Prepayments - Accounts receivable increased by 31.09% to 42,417,081.60 due to new bills not yet cashed[21] - Prepayments surged by 219.40% to 2,527,909.38 due to new prepayments for technical services and rent[21] Inventory and Contract Liabilities - Inventory decreased by 64.53% to 23,550,859.36 as some projects recognized revenue and cost of sales[21] - Contract liabilities dropped by 47.03% to 29,663,536.51 due to revenue recognition from some projects[21] Non-Recurring Items and Other Income - Non-recurring gains and losses amounted to RMB 13.06 million, primarily driven by non-current asset disposal gains of RMB 7.20 million[2] - Other comprehensive income after tax was 25,515.85 yuan, compared to -512,603.14 yuan in the previous period[45] Shareholder Equity and Restricted Shares - The weighted average return on equity decreased by 0.23 percentage points to 0.81%[2] - Total restricted shares at the end of the period: 704,887 shares, with an increase of 98,438 shares during the period[31] Corporate Actions and Approvals - The company received approval from the Shenzhen Stock Exchange for its private placement of shares on March 22, 2024, and submitted a revised response to the exchange's feedback on April 18, 2024[32] Employee Compensation - Cash paid to employees increased to 82,185,689.93 yuan from 70,224,976.13 yuan[34] Sales and Services - Cash received from sales of goods and services was 155,626,978.64 yuan, slightly down from 156,974,634.75 yuan in the previous period[34]