Workflow
浙数文化(600633):核心主业稳中向上,AI应用和数据运营业务进展迅速

Investment Rating - The investment rating for the company is "Outperform the Market" [6][21][25] Core Views - The company's core business remains stable with rapid progress in AI applications and data operations. In the first half of 2025, the company reported a revenue of 1.41 billion yuan, a slight increase of 0.09% year-on-year, while net profit grew significantly by 156.3% to 380 million yuan, aided by investment income from Haikan Co., Ltd. [1][4][9] Financial Performance - In the first half of 2025, the company's revenue was 1.41 billion yuan, with online gaming, online social, technology information, and digital operations generating revenues of 705 million, 70 million, 250 million, and 380 million yuan respectively, showing year-on-year changes of +9.0%, -52.5%, -9.5%, and +14.0% [1][9] - The gross profit margin for the first half of 2025 was 55.7%, down 7.1 percentage points year-on-year, with digital culture and digital technology margins at 59.1% and 37.6%, respectively [2][12] - The overall expense ratio decreased by 5.5 percentage points to 25.6%, with sales, management, financial, and R&D expense ratios at 11.7%, 6.8%, 0.01%, and 7.2% respectively [2][12] Business Focus - The company is focusing on the "Culture + Technology" main channel, utilizing AI technology to optimize its layout in gaming, sports, and cultural tourism. It has developed AI algorithms to enhance gaming experiences and is advancing the construction of an intelligent service platform [3][20] - In the digital technology sector, the company has achieved an 86.7% coverage rate for its provincial media integration network and is upgrading its computing infrastructure [3][20] - The data operation sector has seen significant business expansion, with the Zhejiang Big Data Trading Center launching new zones and participating in the establishment of the Zhejiang Data Business Alliance [3][20] Investment Recommendations - The report maintains a positive outlook on the company's advantages in the digital economy and AIGC era, projecting net profits of 630 million, 740 million, and 820 million yuan for 2025-2027, with diluted EPS of 0.50, 0.58, and 0.64 yuan respectively [4][21]