Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company has shown steady revenue growth, achieving a revenue of 1.652 billion yuan in 2024, a year-on-year increase of 10.41%, while the net profit attributable to the parent company decreased by 29.11% to 230 million yuan [1]. - The company is deeply engaged in the AI sector, with significant investments in AI-related projects and a strong focus on enhancing its core competitiveness through increased R&D spending, which rose by 16.92% in 2024 [5]. - The company is well-positioned to benefit from the trends in digital economy and AI technology, with expectations for rapid growth in order volume in the future [5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.652 billion yuan, a 10.41% increase from the previous year, while the net profit attributable to the parent company was 230 million yuan, down 29.11% [1][10]. - For Q1 2025, the company achieved a revenue of 488 million yuan, a 15.08% year-on-year increase, with a net profit of 73.49 million yuan, down 12.25% [1]. Business Segments - The collaborative office product line generated revenue of 495 million yuan in 2024, up 7.03%, integrating AI technology to enhance efficiency and reduce costs for clients [2]. - The smart channel product line saw revenue of 696 million yuan, a 12.89% increase, leveraging AI and data intelligence to improve operational efficiency [3]. - The intelligent computing and data intelligence product line reported revenue of 391 million yuan, a 16.91% increase, focusing on cloud services and AI-native solutions [4]. R&D and Future Outlook - The company signed AI-related contracts worth 207 million yuan in 2024, with 25 projects aimed at large enterprises [5]. - The company anticipates significant growth in net profit for 2025-2027, projecting 290 million yuan, 350 million yuan, and 440 million yuan respectively, with corresponding P/E ratios of 40, 33, and 26 [5][10].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][17]. Core Views - The company has shown steady revenue growth, achieving a revenue of 1.652 billion yuan in 2024, a year-on-year increase of 10.41%, while the net profit attributable to the parent company decreased by 29.11% to 230 million yuan [1]. - The company is deeply engaged in the AI sector, with significant investments in AI-related projects and a strong focus on enhancing its core competitiveness through increased R&D spending, which rose by 16.92% in 2024 [5]. - The company is well-positioned to benefit from the trends in digital economy and AI technology, with expectations for rapid growth in order volume due to its strong R&D capabilities and alignment with national strategies [5]. Financial Performance Summary - In 2024, the company reported a revenue of 1.652 billion yuan, with a growth rate of 10.41% compared to the previous year [10]. - The net profit attributable to the parent company for 2024 was 230 million yuan, reflecting a decline of 29.11% year-on-year [10]. - The company expects net profits for 2025, 2026, and 2027 to be 290 million yuan, 350 million yuan, and 440 million yuan respectively, with corresponding P/E ratios of 40, 33, and 26 [5][10]. Business Segment Performance - The collaborative office product line generated revenue of 495 million yuan in 2024, a year-on-year increase of 7.03%, integrating AI technology to enhance efficiency for clients [2]. - The smart channel product line achieved revenue of 696 million yuan in 2024, growing by 12.89% year-on-year, leveraging AI to improve marketing and operational efficiency [3]. - The intelligent computing and data intelligence product line reported revenue of 391 million yuan in 2024, with a growth of 16.91%, focusing on AI-native cloud computing solutions [4]. Order and R&D Investment - The company secured new AI-related contracts totaling 207 million yuan in 2024, with 25 key projects aimed at major clients like China Mobile and China Unicom [5]. - R&D investment is expected to continue to rise, supporting the company's strategy to maintain technological leadership in the AI sector [5].

Financial Performance - In 2024, the company achieved operating revenue of 165,217.08 million CNY, a year-on-year increase of 10.41% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 21,827.05 million CNY, up 16.81% from the previous year [1] - The overall gross profit margin for 2024 was 39.15%, an increase of 0.48 percentage points compared to the previous year [2] Product Development - The company launched Rich AIBox 2.0, an AI application development platform that integrates multiple advanced large models, including DeepSeek-V3 and DeepSeek-R1 [2] - Rich AIBox 2.0 aims to provide a one-stop intelligent agent construction solution, facilitating efficient AI application value transformation [2] Profitability Challenges - The net profit for 2024 was 23,013.91 million CNY, a decrease of 9,449.12 million CNY compared to the previous year, primarily due to fluctuations in the stock price of an investment made in 2023 [3] Future Growth Drivers - Future growth is expected to benefit from the rapid development of AI in China, with a focus on AI, intelligent computing, and the establishment of a complete AI ecosystem [4] - The company is developing digital employees for customer service, marketing, and internal office scenarios, anticipating significant growth in this area [4] Industry Context - In 2024, China's software and information technology service industry reported a total software business revenue of 137,276 billion CNY, a year-on-year growth of 10.00% [5] - The company's performance is favorable compared to the industry, with a higher growth rate in both operating revenue and net profit [5] Industry Outlook - The AI industry is undergoing rapid transformation, with intelligent agents and intelligent computing driving core growth [5] - The demand for computing power is expected to surge, prompting the company to focus on building AI-native cloud computing solutions [6]

证券代码：300634 证券简称：彩讯股份 公告编号：2025-032 彩讯科技股份有限公司 关于使用暂时闲置募集资金及自有资金进行现金管理的 进展公告 本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、误导性陈述或者重大遗漏。 彩讯科技股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日召开 第三届董事会第二十七次会议及第三届监事会第二十三次会议，审议通过了 《关于使用暂时闲置募集资金及自有资金进行现金管理的议案》，同意公司在 不影响募集资金投资项目建设和公司正常经营的情况下，使用不超过人民币 1.4 亿元的暂时闲置募集资金及不超过人民币 8 亿元的暂时闲置自有资金进行现金 管理，期限为自公司董事会审议通过之日起 12 个月内有效。在前述额度和期限 内，资金可循环滚动使用。具体内容详见公司于 2025 年 4 月 12 日在巨潮资讯网 （www.cninfo.com.cn）披露的《关于使用暂时闲置募集资金及自有资金进行现金 管理的公告》（公告编号：2025-021）。 近期，公司使用部分暂时闲置募集资金和自有资金购买了相关理财产品，现 就相关事宜公告如下： | 受托方 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance met market expectations, with revenue of 488 million yuan, a year-on-year increase of 15.08%, and a net profit attributable to shareholders of 73 million yuan, down 12.25% [2] - The company has launched its "AI 2.0" strategy, aiming to introduce self-learning digital employees by 2026, focusing on enhancing short-term ROI through precise empowerment and long-term value growth by restructuring business processes with AI [8] - The earnings per share (EPS) forecast for 2024-2025 has been adjusted to 0.72 yuan and 0.89 yuan, respectively, with a projected EPS of 1.01 yuan for 2027, indicating potential benefits from the growth in AI applications and the information technology sector [8] Financial Summary - Total revenue is projected to grow from 1,652 million yuan in 2024 to 2,778 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.06% [1][9] - The net profit attributable to shareholders is expected to increase from 230 million yuan in 2024 to 455 million yuan in 2027, with a notable growth rate of 40.71% in 2025 [1][9] - The company's price-to-earnings (P/E) ratio is forecasted to decrease from 47.29 in 2024 to 23.91 in 2027, indicating an improving valuation over time [1][9]

证券研究报告·公司点评报告·IT 服务Ⅱ 彩讯股份（300634） 2025 年一季报点评：业绩符合市场预期，聚 焦彩讯"AI 2.0"战略 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,496 | 1,652 | 1,961 | 2,333 | 2,778 | | 同比（%） | 25.18 | 10.41 | 18.67 | 18.99 | 19.06 | | 归母净利润（百万元） | 324.63 | 230.14 | 323.84 | 403.72 | 455.25 | | 同比（%） | 44.31 | (29.11) | 40.71 | 24.67 | 12.76 | | EPS-最新摊薄（元/股） | 0.72 | 0.51 | 0.72 | 0.89 | 1.01 | | P/E（现价&最新摊薄） | 33.52 | 47.29 | 33.61 | 26.96 | 23.91 | [关键词： ...

Financial Performance - The company's revenue for Q1 2025 was CNY 488,405,304.65, representing a 15.08% increase compared to CNY 424,391,710.59 in the same period last year[5]. - Net profit attributable to shareholders decreased by 12.25% to CNY 73,492,681.19 from CNY 83,748,105.60 year-on-year[5]. - Basic earnings per share fell by 15.79% to CNY 0.16 from CNY 0.19 in the same period last year[5]. - Net profit for the current period was ¥72,428,067.97, a decrease of 10.4% from ¥80,725,241.22 in the previous period[25]. - Basic and diluted earnings per share for the current period were both ¥0.16, down from ¥0.19 in the previous period[25]. Cash Flow - The net cash flow from operating activities surged by 415.13%, reaching CNY 131,467,804.12, compared to a negative cash flow of CNY 41,718,211.67 in the previous year[5]. - Cash flow from operating activities increased significantly to ¥603,649,776.57, compared to ¥343,658,719.23 in the previous period[27]. - Net cash flow from operating activities was $131.47 million, a significant improvement from a net outflow of $41.72 million in the previous period, indicating a turnaround in operational efficiency[28]. - Cash inflow from financing activities totaled $18.50 million, down from $26.70 million, indicating a decrease in borrowing activities[28]. - The net increase in cash and cash equivalents was -$114.66 million, compared to -$54.90 million in the previous period, highlighting ongoing liquidity challenges[28]. Assets and Liabilities - Total assets increased by 0.65% to CNY 3,454,229,029.94 from CNY 3,432,002,962.03 at the end of the previous year[5]. - Total current assets decreased from ¥2,753,611,747.94 to ¥2,664,792,698.82, a decline of about 3.2%[21]. - Total liabilities decreased to ¥608,035,597.66 from ¥637,125,465.77 in the previous period[23]. - The company's goodwill decreased to ¥7,393,079.12 from ¥20,789,460.33 in the previous period[22]. Investments - The company's long-term receivables grew by 521.34%, primarily due to an increase in financing lease business[9]. - The company's long-term equity investments increased from ¥62,425,009.21 to ¥88,202,028.16, an increase of about 41.4%[21]. - Cash outflow from investment activities increased to $398.39 million from $16.98 million, leading to a net cash flow from investment activities of -$167.87 million, a decline from a positive cash flow of $41.20 million previously[28]. Shareholder Information - The total number of common stock shareholders at the end of the reporting period is 51,123[14]. - The largest shareholder, Shenzhen Bailang Technology Co., Ltd., holds 19.94% of shares, totaling 89,972,600 shares[14]. Operational Changes - The company plans to sell part of its controlling subsidiary's equity, with an announcement made on January 8, 2025[18]. - The company is involved in a joint investment with related parties, as announced on January 9, 2025[18]. - The company has revised its articles of association and business scope, with the announcement made on January 23, 2025[19]. Financial Reporting - The company has not yet audited its first-quarter report, which may impact the reliability of the financial data presented[30]. - The company will implement new accounting standards starting in 2025, which may affect future financial reporting[29].

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.1600 | 0.1900 | -15.79 | 0.1400 | | 每股净资产（元） | 6.26 | 5.9 | 6.1 | 5.27 | | 每股公积金(元) | 2.3 | 2.2 | 4.55 | 2.1 | | 每股未分配利润(元) | 2.71 | 2.50 | 8.4 | 1.93 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 4.88 | 4.24 | 15.09 | 3.84 | | 净利润(亿元) | 0.73 | 0.84 | -13.1 | 0.61 | | 净资产收益率(%) | 2.64 | 3.20 | -17.5 | 2.63 | 数据四舍五入，查看更多财务数据>> 前十大流通股东累计持有： 20204.81万股，累计占流通股比： 46.49%，较上期变化： -233.42 万股。 | 名称 持有 ...

证券代码：300634 证券简称：彩讯股份 公告编号：2025-031 彩讯科技股份有限公司 关于公司 2025 年第一季度取得 发明专利证书的公告 本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、误导性陈述或者重大遗漏。 一、基本情况 | 序 | 发明名称 | 专利 | 专利号 | | 证书号 | | 专利 | | | 授权 | | | 专利 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | 类型 | | | | | 申请日 | | | 公告日 | | | 权人 | | 1 | 结合音乐的灯光显示控制方 | 发明 | ZL 2021 1 | 第 | 7667554 | 号 | 2021 | 年 | 12 | 年 2025 | | 01 | 彩讯 | | | 法、系统、设备及存储介质 | 专利 | 1601274.2 | | | | 月 24 | | 日 | 月 14 | 日 | | 股份 | | | 一种基于大数据的车载多用 | 发明 | Z ...

打造了采讯数字员工产品同时也利用这个agent的能力实现对企业内部信息系统原有能力的一个整合来帮助企业提升营销率公司的数字员工目前是已经在不动产智能顾问办公助手等等这些场景实现了落地我们认为公司这项业务它未来会主要受到新创以及AI的一个驱动 系统办公平台它作为办公管理系统非常重要的组成部分信创渗透程度也是很深的信创邮箱系统作为企业信息化管理的中央一环借助信创知识也是逐渐的释放一个国产化替代的这样一个需求公司信创邮箱有望凭借它比较强大的客户基础以及全站的信创适配能力 感谢大家本网参加平安证券TMT团队的电话会议今天分享的是采讯股份的首次覆盖报告题目是新创邮箱领先企业AI权占布局拓展价值边界采讯股份它是我们国产邮箱领域的一个领先企业最早是做手机邮箱业务起家的目前是由协同办公智慧渠道云大数据这三大产品线 并且在AI方面也是实现了从算力到算法的一个全站的过去那公司和中微移动是有着非常紧密的一个合作关系的公司被靠中移积极的拓展它的下游与很多的行业的同步客户都形成了一个密切的合作那也确立了行业内的一个优势的竞争地位 业绩方面呢公司在2024年带三季度业绩表现是非常良好的收入是实现了4.29亿元实现了19.26%的这样一个 ...