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 ...

事件：4月11日，公司发布2024年年度业绩报告。报告期内，公司实现营业收入 16.52 亿元，同比增长 10.41%；实现归母净利润 2.3 亿元，同比下降 29.11%；实现扣非归母净利润 2.18亿元，同比增长 16.81%。 三大产品线稳定增长，AI产业化初现成效。报告期内，公司三大产品线与 AI 深度融合，维持稳定增 长，24年全年累计新增客户数 87家，公司行业竞争力与影响力显著提升：1）协同办公：实现营收4.95 亿元，同比增长7.03%，包括AI智能邮箱、AI办公助手、企业级AI知识库、各办公场景AI智能体等； 2）智慧渠道：实现营收 6.96 亿元，同比增长 12.89%，业务涵盖 AI营销助手、智能客服、数智人应 用、超拟人智能体、语音智能体，同时公司是华为鸿蒙生态 ISV；3）智算服务与数据智能：实现营收 3.91 亿元，同比增长 16.91%，业务涵盖云咨询服务和解决方案、算力部署与管理一体化解决方案、数 据采集、治理、分析及安全服务等。 信创产业加速深化，AI应用+智算服务打开第二增长曲线。公司信创业务进展顺利，公司以信创邮箱 Rich Mail与统一办公平台为核心，是信创领域主要参 ...

公司点评报告 · 计算机行业 营收稳健增长，AI 赋能三大产品线发力 2025年4月15日 彩讯股份(300634.SZ) 推荐 维持评级 分析师 吴砚靖 ☎: 010-66568589 网:wuyanjing@chinastock.com.cn 分析师登记编码：S0130519070001 研究助理:胡天昊 ☎: 010-80927637 网: hutianhao_yj @chinastock.com.cn | 市场数据 | 2025-4-15 | | --- | --- | | 股票代码 | 300634 | | A 股收盘价(元) | 22.86 | | 上证指数 | 3,238.23 | | 总股本(万股) | 45,121 | | 实际流通 A 股(万股) | 43,468 | | 流通 A 股市值(亿元) | 99 | www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 相对沪深 300 表现图 2025-4-15 料来源:Wind,中国银河证券研究院 事件:4月11日,公司发布 2024年年度业绩报告。报告期内,公司实现 ● 营业收入 ...

[Table_Author] 分析师：吕伟 分析师：郭新宇 执业证号：S0100521110003 执业证号：S0100518120001 邮箱：lvwei_yj@mszq.com 邮箱：guoxinyu@mszq.com 彩讯股份（300634.SZ）2024 年年报点评 AI 战略全面升级，智算业务打开成长新空间 2025 年 04 月 15 日 ➢ 事件概述：2025 年 4 月 11 日公司发布 2024 年年报，报告期内公司实现 营业收入16.52亿元，同比增长10.41%；归母净利润2.3亿元，同比下降29.11%； 扣非归母净利润 2.18 亿元，同比增长 16.81%。 ➢ 信创业务持续发力，在鸿蒙原生应用领域持续深入布局。1）信创：公司以 "信创邮箱 + 统一办公平台" 为核心布局信创领域。Rich Mail 邮箱系统拥有国 产自主知识产权，完成全栈信创认证，具备邮件安全网关技术等多项专利，可全 面替代微软 Exchange 和原 IBM Domino 邮件系统，满足企业数字化办公和国 产替代需求。2024 年，Rich Mail 信创安全邮箱系统市场份额持续扩大，成功 签约上银基金、联通在 ...

Key Insights - The report highlights the evolving factors influencing the 10Y government bond yield in China, indicating a shift from CPI as a primary indicator to a more complex interplay of financial data, real estate prices, and external factors like the USD index [9][10][11] - The export growth of China showed a strong rebound in March, driven by the timing of the Spring Festival, but overall export growth for the first quarter has declined compared to the previous quarter, particularly in sectors like automobiles and electronics, indicating marginal adjustment pressures [4][12][13] - The financial data for March indicates a significant increase in social financing, primarily driven by government bonds and loans, suggesting a proactive fiscal stance, while corporate credit bonds saw a decrease, reflecting rising financing costs [5][14][22][23] Group 1: Bond Market Analysis - The report discusses the iterative exploration of factors affecting the 10Y government bond yield, emphasizing the need for a revised predictive model that incorporates new variables such as the USD index and adjusted financial data [9][10][11] - The analysis suggests that the bond market may experience volatility depending on future monetary policy decisions, particularly regarding interest rate cuts and the overall economic environment [5][14][17] Group 2: Trade and Export Insights - The report notes that the challenges facing China's exports are exacerbated by the cumulative 145% tariffs imposed by the US on many Chinese goods, which could lead to a negative growth rate in exports in the second quarter [4][12][13] - It is projected that if the trend of reduced exports to the US continues, it could significantly impact China's overall export growth, with potential declines in other regions also anticipated [4][12][13] Group 3: Financial Data Overview - The March financial data shows a robust increase in social financing, with a notable contribution from government bonds, indicating a shift towards fiscal stimulus [5][14][22] - The report highlights that corporate short-term loans are on the rise, while long-term loans are decreasing, reflecting a preference for immediate financing solutions amid economic uncertainties [22][23]

| | 金额 | 占利润总额比例 | 形成原因说明 | 是否具有 可持续性 | | --- | --- | --- | --- | --- | | 投资收益 | 13.528.366.03 | 6.33% | 主要系处置交易性金融资产取得的投资收益。 | 否 | | 公允价值变动损益 | -13,847,925.59 | -6.48% | 主要系公司持有的交易性金融资产公允价值变 动收益。 | 否 | | 资产减值 | -23,863,204.82 | -11.17% | 主要系计提的商誉减值准备及在建工程减值准 备等。 | 否 | | 营业外收入 | 156.492.25 | 0.07% | 主要系部分合同负债无需退回。 | 否 | | 营业外支出 | 352,368.12 | 0.16% | 主要系捐赠支出及其他。 | 否 | | 资产处置收益 | 88,920.00 | 0.04% | 主要系使用权资产处置收益。 | 否 | | 其他收益 | 12,467,933.21 | 5.84% | 主要系与日常经营活动相关的政府补助。 | 분 | 值得一提的是，彩讯股份董事长杨良志的报酬由2023年的71.85 ...

计算机 2025年04月14日 彩讯股份(300634.SZ) 公司扣非归母净利润表现较好，三大产品线稳步增长 推荐 ( 维持) 公 司 报 告 股价:22.86元 行情走势图 证券分析师 | 闫磊 | 投资咨询资格编号 | | --- | --- | | | S1060517070006 | | | YANLEI511@pingan.com.cn | | 黄韦涵 | 投资咨询资格编号 | | | S1060523070003 | HUANGWEIHAN235@pingan.com.cn 事项： 公司公告2024年年报。2024年，公司实现营业收入16.52亿元，同比增长 10.41%；实现归母净利润2.30亿元，同比下降29.11%；实现扣非归母净利润 2.18亿元，同比增长16.81%。公司公告利润分配预案：以448,252,960股为基 数，向全体股东每10股派发现金红利1.25元（含税），不送红股，不以资本公 积金转增股本。 平安观点： 报 点 评 证 券 研究助理 王佳一 一般证券从业资格编号 S1060123070023 WANGJIAYI446@pingan.com.cn | | 2023A | ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [24]. Core Viewpoints - The ongoing evolution of global trade frictions necessitates a focus on investment opportunities within the domestic innovation industry, particularly in the context of rising tariffs and the potential for increased market share of domestic technology products [3][5]. - The introduction of Google's Agent2Agent Protocol aims to standardize interactions between AI agents, which could enhance interoperability and resource sharing across various platforms, thereby fostering ecosystem development [9][11]. - The computer industry is anticipated to experience dual improvements in performance and valuation due to accelerating demand recovery, with specific recommendations for investment in various sectors including domestic innovation, Huawei's supply chain, AI, low-altitude economy, and financial IT [20]. Summary by Sections Industry News and Commentary - The U.S. government has increased tariffs on Chinese imports to 125%, while certain tech products have been exempted from these tariffs, indicating a complex trade environment that may benefit domestic technology sectors [6][7]. - The domestic innovation industry is expected to develop rapidly, with a projected market size exceeding 400 billion yuan for PC and server markets from 2024 to 2028, driven by the increasing acceptance of domestic hardware and software products [8]. Weekly Market Review - The computer industry index fell by 5.79% last week, underperforming the CSI 300 index, which declined by 2.87%. The overall P/E ratio for the computer industry stands at 50.8 times [14][17]. - Among 360 A-share stocks in the computer sector, 32 saw price increases, while 327 experienced declines, reflecting a challenging market environment [17]. Investment Recommendations - The report strongly recommends focusing on the domestic innovation sector, with specific companies highlighted for investment, including Haiguang Information, Longxin Zhongke, and others. Additionally, sectors such as Huawei's supply chain and AI are also recommended for investment [20].

Group 1 - The core viewpoint of the news is that CaiXun Co., Ltd. (300634.SZ) has reported its annual results for 2024, highlighting significant institutional investment in the company [1] - As of April 11, 2025, a total of 140 institutional investors disclosed holdings in CaiXun's A-shares, amounting to 203 million shares, which represents 45.02% of the total share capital [1] - The top ten institutional investors collectively hold 42.97% of the shares, with a slight decrease of 0.56 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, the Southern CSI 1000 ETF, reported a decrease in holdings, accounting for a reduction of 0.19% compared to the previous quarter [2] - A total of 133 new public funds were disclosed this period, including funds such as Jianxin Optimized Allocation Mixed A and Huaxia CSI 1000 ETF [2] - One foreign fund, Hong Kong Central Clearing Limited, also reported a slight decrease in holdings compared to the previous quarter [2]

彩讯股份（300634）公告，2024年营业收入16.52亿元，同比增长10.41%。归属于上市公司股东的净利 润2.3亿元，同比下降29.11%。基本每股收益0.52元/股。以4.48亿股为基数，向全体股东每10股派发现 金红利1.25元(含税)，送红股0股(含税)，以资本公积金向全体股东每10股转增0股。 ...