太极股份(002368)：信创驱动金仓新签合同额高增 数据与AI转型加速

Core Insights - The company is experiencing short-term profit pressure due to increased investments during its strategic transformation, but overall performance is steadily recovering [1][2] - The company reported a revenue of 4.865 billion yuan for the first three quarters, a year-on-year increase of 12.15%, while the net profit attributable to shareholders was 4 million yuan, up 114.31% year-on-year [1][2] - In Q3 alone, the company generated a revenue of 1.083 billion yuan, a year-on-year decline of 37.18%, and a net profit of -600,000 yuan, down 104.29% year-on-year [1][2] Financial Performance - For the first three quarters, the company achieved an operating cash flow of -1.809 billion yuan, a year-on-year decrease of 13.22% [1] - The company’s R&D expense ratio increased by 4.50 percentage points year-on-year due to heightened investments in databases, data elements, and artificial intelligence [2] Strategic Developments - The company has signed contracts nearing 3 billion yuan driven by the acceleration of the "信创" initiative, with new contracts for the "金仓" project doubling compared to the previous year [2] - The company is actively participating in various AI projects and has launched products such as a trusted data space and a low-code development platform, contributing to a strong start in data and intelligent business [2] Investment Outlook - The company maintains a "strong buy" investment rating, with projected net profits attributable to shareholders of 316 million yuan, 428 million yuan, and 495 million yuan for the years 2025 to 2027 [3]