2025年05月05日 证券研究报告 | 人工智能行业专题： 2025Q1海外大厂CapEx和ROIC总结梳理 行业研究 · 行业专题 计算机 · 人工智能 投资评级：优于大市（维持评级） 证券分析师：熊莉 021-61761067 xiongli1@guosen.com.cn S0980519030002 请务必阅读正文之后的免责声明及其项下所有内容 摘要 资料来源：微软财报，国信证券经济研究所整理 请务必阅读正文之后的免责声明及其项下所有内容 请务必阅读正文之后的免责声明及其项下所有内容 Ø 云厂商资本开支及业绩情况复盘。回顾一季度微软、亚马逊、谷歌及Meta数据，微软、Meta、亚马逊资本开支同比增 速放缓，环比开始下行。各厂商收入增速整体放缓，Meta、谷歌、亚马逊收入环比下滑，受AI推动微软收入、利润稳 健增长。 Ø 云收入及ROIC情况。整体来看，各厂商云收入均保持增长，云收入总体增速有所放缓。投入资本回报率（ROIC）方面， 受整体收入、利润情况影响，Meta、亚马逊ROIC环比下降。 Ø 风险提示：AI应用落地不及预期、市场需求不及预期、行业竞争加剧、宏观经济波动。 目录 01 云厂商资本开支 ...

中证智能财讯 安井食品（603345）4月29日披露2024年年度报告。2024年，公司实现营业总收入151.27亿元，同比增长7.70%；归母净利润14.85亿元，同比 增长0.46%；扣非净利润13.6亿元，同比下降0.45%；经营活动产生的现金流量净额为21.04亿元，同比增长7.58%；报告期内，安井食品基本每股收益为5.08 元，加权平均净资产收益率为11.48%。公司2024年度分配预案为：拟向全体股东每10股派现10.15元（含税）。 | 主要会计数 | 2024年 | 2023年 | | 本期比上年同 | | --- | --- | --- | --- | --- | | 据 | | 调整后 | 调整前 | 期增减(%) | | 营业收入 | 15,126,651,674. 36 | 14,045,234,826. 03 | 14,045,234,826.03 | 7.70 | | 归属于上市 | | | | | | 公司股东的 | 1,484,831,242.06 | 1,478,066,338. 58 | 1,478,066,338. 58 | 0. 46 | | 浄利润 | | | | ...

中证智能财讯 *ST春天（600381）4月29日披露2024年年度报告。2024年，公司实现营业总收入2.7亿元，同比增长26.36%；归母净利润亏损1.99亿元，上年 同期亏损2.68亿元；扣非净利润亏损1.62亿元，上年同期亏损2.44亿元；经营活动产生的现金流量净额为8097.37万元，同比增长238.56%；报告期内，*ST春 天基本每股收益为-0.34元，加权平均净资产收益率为-17.26%。 | 主要会计数据 | 2024年 | 2023年 | 本期比上 年同期增 | | --- | --- | --- | --- | | | | | 減(%) | | 营业收入 扣除与主营业务无关 | 270. 264. 426. 62 | 213.876.676.45 | 26. 36 | | 的业务收入和不具备 | | | | | 商业实质的收入后的 | 223, 572, 664. 73 | 206, 784, 656. 28 | 8. 12 | | 营业收入 | | | | | 归属于上市公司股东 | -198, 766, 233. 98 | -267,865,267.06 | 不适用 | | 的净利润 ...

中证智能财讯 云路股份（688190）4月30日披露2025年第一季度报告。公司实现营业总收入4.21亿元，同比下降4.87%；归母净利润7890.91万元，同比增长 4.34%；扣非净利润7744.74万元，同比增长13.05%；经营活动产生的现金流量净额为-1.17亿元，上年同期为1344.9万元；报告期内，云路股份基本每股收益 为0.66元，加权平均净资产收益率为3.10%。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 营业收入 | 421, 060, 236. 88 | 442, 628, 552. 95 | | 归属于上市公司股东的净利润 | 78, 909, 141. 97 | 75, 627, 498. 03 | | 归属于上市公司股东的扣除非 | 77, 447, 440. 66 | 68, 509, 630. 24 | | 经常性损益的净利润 | | | | 经营活动产生的现金流量净额 | -116, 887, 365. 56 | 13, 448, 975. 41 | | 基本每股收益(元/股) | 0. 66 | 0. 63 | | 稀释每股收益( ...

Financial Overview - Qin Chuan Machine Tool achieved a total operating revenue of 1.044 billion yuan in Q1 2025, representing a year-on-year increase of 6.39% [2] - The net profit attributable to shareholders was 27.4861 million yuan, up 7.81% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 6.8653 million yuan, showing a significant increase of 52.59% year-on-year [2] Key Financial Indicators - The gross profit margin was 17.24%, an increase of 3.89 percentage points, indicating improved cost control [7] - The net profit margin was 3.0%, down 11.42 percentage points, reflecting pressure on net profit [7] - The ratio of operating expenses to revenue was 11.05%, a decrease of 2.96 percentage points, showing some success in expense management [7] - Earnings per share were 0.03 yuan, an increase of 8.33% year-on-year [7] - The operating cash flow per share was 0.03 yuan, a substantial increase of 126.53%, indicating improvement in cash flow from operating activities [7] - The book value per share was 4.8 yuan, up 1.13% year-on-year [7] Accounts Receivable and Cash Flow - The accounts receivable were notably high, with the amount representing 1957.84% of the latest annual net profit [4] - The company's cash and cash equivalents totaled 1.435 billion yuan, a decrease of 8.81% compared to the same period last year [4] - The ratio of cash and cash equivalents to current liabilities was only 84.89%, and the average operating cash flow over the past three years was only 7.5% of current liabilities [4] Capital Structure and Financing - As of the end of the reporting period, the company's interest-bearing debt was 1.021 billion yuan, a decrease of 16.81% year-on-year [5] - Since its listing, the total amount of financing raised by the company has been 5.359 billion yuan, while the total amount of dividends paid has been 154 million yuan, resulting in a dividend financing ratio of only 0.03 [5] Business Model and Performance Evaluation - The company's performance is primarily driven by research and development, marketing, and equity financing [6] - The return on invested capital (ROIC) for the previous year was 1.16%, indicating weak capital returns [6] - The company needs to carefully analyze the underlying factors driving its performance, as the added value of its products or services appears to be low [6]

Core Viewpoint - Gotion High-Tech (688390) reported a significant increase in revenue for Q1 2025, with total operating income reaching 1.882 billion yuan, a year-on-year increase of 67.13%, while the net profit attributable to shareholders narrowed to -28.03 million yuan, reflecting a 2.75% improvement year-on-year [1] Financial Performance - Total operating revenue for Q1 2025 was 1.882 billion yuan, up 67.13% from 1.126 billion yuan in Q1 2024 [1] - The net profit attributable to shareholders for Q1 2025 was -28.03 million yuan, compared to -28.82 million yuan in Q1 2024, showing a 2.75% improvement [1] - Gross margin decreased to 19.41%, down 29.33% year-on-year, while net margin improved to -0.57%, a 66.62% increase year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 221 million yuan, accounting for 11.72% of revenue, a decrease of 31.57% year-on-year [1] - Earnings per share remained at -0.12 yuan, with operating cash flow per share improving to -1.04 yuan, a 74.68% increase year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased to 1.112 billion yuan, a 22.58% rise from 907 million yuan [1] - Accounts receivable rose significantly to 1.117 billion yuan, up 75.19% from 637 million yuan [1] - Interest-bearing debt surged to 1.5 billion yuan, a substantial increase of 240.29% from 441 million yuan [1] - Net asset value per share decreased to 11.25 yuan, down 34.40% year-on-year from 17.15 yuan [1] Market Position and Investor Sentiment - The company has a low return on invested capital (ROIC) of 0.72%, indicating weak capital returns in recent years [1] - Analysts project a revenue of 324 million yuan for 2025, with an average earnings per share estimate of 1.33 yuan [2] - Several funds have increased their holdings in Gotion High-Tech, with HSBC Jintrust Low Carbon Pioneer Stock A being the largest holder, managing 3.853 billion yuan [3]

证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为6.38%，资本回报率一般。去年的净 利率为4.84%，算上全部成本后，公司产品或服务的附加值不高。融资分红：公司上市2年以来，累计 融资总额60.06亿元，累计分红总额4.43亿元，分红融资比为0.07。商业模式：公司业绩主要依靠资本开 支驱动，还需重点关注公司资本开支项目是否划算以及资本支出是否刚性面临资金压力。需要仔细研究 这类驱动力背后的实际情况。 财报体检工具显示：建议关注公司现金流状况(货币资金/流动负债仅为50.24%)建议关注公司债务状况 (有息资产负债率已达25.55%)建议关注公司应收账款状况(应收账款/利润已达327.9%) 据证券之星公开数据整理，近期阿特斯(688472)发布2025年一季报。截至本报告期末，公司营业总收入 85.86亿元，同比下降10.54%，归母净利润4725.82万元，同比下降91.83%。按单季度数据看，第一季度 营业总收入85.86亿元，同比下降10.54%，第一季度归母净利润4725.82万元，同比下降91.83%。本报告 期阿特斯应收账款上升，应收账款同比增幅达33.18%。 本次财报公布的各 ...

证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为18.59%，资本回报率极强。去年的 净利率为18.84%，算上全部成本后，公司产品或服务的附加值高。商业模式：公司业绩主要依靠资本 开支及股权融资驱动，还需重点关注公司资本开支项目是否划算以及资本支出是否刚性面临资金压力。 需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示：建议关注公司应收账款状况(应收账款/利润已达208.08%) 分析师工具显示：证券研究员普遍预期2025年业绩在2.81亿元，每股收益均值在1.39元。 据证券之星公开数据整理，近期先锋精科(688605)发布2025年一季报。截至本报告期末，公司营业总收 入3.0亿元，同比上升38.58%，归母净利润4198.37万元，同比下降10.26%。按单季度数据看，第一季度 营业总收入3.0亿元，同比上升38.58%，第一季度归母净利润4198.37万元，同比下降10.26%。本报告期 先锋精科应收账款上升，应收账款同比增幅达48.5%。 本次财报公布的各项数据指标表现一般。其中，毛利率27.76%，同比减24.06%，净利率14.0%，同比减 35.24%，销售费用、管理费 ...

市盈率(TTM)历史分位(%) 100 99x13 ହି 90 80 70 60 61615 55 3 50 40 30 al d 20 12:83 10 7.89 7.05 -83 0 2019-12-37 | 2020-06-30 | 2027-06-30 | 2020-12-37 1 2021-72-37 1 2-06-30 1 3-06-30 -12-37 2n- 中证智能财讯 东方创业（600278）4月26日披露2024年年度报告。2024年，公司实现营业总收入354.29亿元，同比增长5.30%；归母净利润2.16亿元，同比下 降20.53%；扣非净利润1.15亿元，同比下降23.14%；经营活动产生的现金流量净额为-2.12亿元，上年同期为3.12亿元；报告期内，东方创业基本每股收益为 0.25元，加权平均净资产收益率为2.91%。公司2024年度分配预案为：拟向全体股东每10股派现0.74元（含税）。 报告期内，公司合计非经常性损益为1.02亿元，持有金融资产和金融负债产生的公允价值变动损益以及处置金融资产和金融负债产生的损益为9949.18万元， 计入当期损益的政府补助为3498.53万元 ...

| 报告日期 | 机构筒称 | 研究员 | 近三年业绩 | 研报数 覆盖时长 | 2024预测 | 2025预测 | 2026预测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | 净利润(元) | 净利润(元) | 净利润(元) | (元) | | 2025-04-10 | 国盛证券 宋嘉吉 | | | | 9500.00万 | 2.04亿 | 3.09亿 | | | 2025-02-26 | 民生证券 邓永康 | | | | 9500.00万 | 2.04亿 | 3.35 Z | | | 2024-10-29 野村东方国际证券 | | 马晓明 | | | 1.50亿 | 2.07亿 | 2.92亿 | 23.94 | | 2024-08-28 | 方正证券 | 郭彦辰 | | | 1.82 Z | 2.71亿 | 3.54Z | | | 2024-07-21 | 天风证券 孙潇雅 | | | | 1.91亿 | 2.67 亿 | 3.54Z | 21.50 | | 2024-05-31 | 浙 ...