泛微网络(603039)：持续降本增效 拓宽专项产品矩阵

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but a significant increase in net profit due to cost-cutting measures and improved investment performance [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 810 million yuan, a year-on-year decrease of 8.8% [1]. - The net profit attributable to shareholders after deducting non-recurring items was 58 million yuan, a year-on-year increase of 79.9% [1]. - In Q2 2024, the company reported revenue of 480 million yuan, down 11.6% year-on-year, with a net profit of 34 million yuan, up 130.2% year-on-year [1]. Business Analysis - Software revenue for the first half of 2025 was 270 million yuan, down 10.2% year-on-year [2]. - Technical services revenue was 510 million yuan, down 6.5% year-on-year, marking the first decline in recent years [2]. - The significant growth in net profit was attributed to cost reduction measures, with total costs and expenses amounting to 770 million yuan, a decrease of 10.1% year-on-year, outpacing the revenue decline [2]. - Investment income in the first half of 2024 was -12 million yuan, with losses from joint ventures and associates narrowing by approximately 14 million yuan compared to the previous year [2]. - The company is expanding internationally by establishing localized teams in countries like Singapore, Indonesia, and Malaysia, and has developed a product matrix with fourteen specialized products, including the Xiaoe.AI intelligent system [2]. Profit Forecast and Valuation - Revenue projections for 2025 to 2027 are 2.21 billion yuan, 2.07 billion yuan, and 2.00 billion yuan, reflecting year-on-year declines of 7.7%, 6.3%, and 3.6% respectively [3]. - Net profit forecasts for the same period are 250 million yuan each year, with year-on-year growth of 41.0%, -0.7%, and -1.6% [3]. - The corresponding price-to-earnings ratios are projected at 65.3, 65.8, and 66.8 times, maintaining a "buy" rating [3].