广联达（002410）：经营指标全面改善，AI赋能产品升级

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company has shown resilience in its operations despite pressures in the downstream market, with expectations for steady revenue growth as new pricing tools are gradually rolled out and construction products are promoted at scale [4]. - The integration of AI has become a significant growth driver, contributing over 40 million yuan directly to contract amounts and enhancing product competitiveness [4]. - Financial forecasts have been adjusted, with projected revenues for 2025-2027 expected to be 6.338 billion, 6.659 billion, and 7.130 billion yuan respectively, and net profits expected to be 512 million, 696 million, and 854 million yuan [4][6]. Summary by Sections Financial Performance - For the first half of 2025, the company reported revenue of 2.784 billion yuan, a year-on-year decrease of 5.23%, while net profit attributable to shareholders was 237 million yuan, an increase of 23.65% [1][2]. - The gross margin improved to 52.01%, up 26.03 percentage points from the same period last year, indicating effective operational adjustments [3]. - Cash flow from operating activities increased by 162 million yuan year-on-year, with a notable reduction in cash outflow from operating activities by 19% [3]. Business Segments - The digital cost business generated 2.286 billion yuan, down 7.06% year-on-year, primarily due to a decrease in revenue from previously signed cloud contracts [2]. - The digital construction segment saw revenue rise to 312 million yuan, an increase of 8.21% year-on-year, while the digital design segment's revenue fell to 31 million yuan, down 13.11% [2]. - Overseas business revenue increased by 9.62% to 116 million yuan [2]. AI Integration - AI has been pivotal in driving growth, with over 40 million yuan in contracts directly attributed to AI initiatives and the development of over 80 AI products [4]. - The company is focusing on high-value scenarios for AI applications, enhancing its core business capabilities [4].