2025 年 4 月份，兴业证券计算机研究团队的金股是新大陆。虽然在 4 月中上 旬表现不错，但后期出现回调，最终全月绝对收益率为负 10.24%，相对收益 率为负 5.35%。截至 2025 年，新大陆的绝对收益率回撤至 6.29%，相对收 益率回撤至 3.94%。自 2020 年以来，整体金股的绝对收益率为 446.36%， 相对收益率为 449.8%。 兴业证券计算机研究团队如何选择 5 月份的金股？ 根据整个 5 月份对于信创和 AI 应用板块的看好，以及个股自身基本面的变化， 兴业证券计算机研究团队选择了金山办公作为 5 月份的金股。 计算机 5 月投资机会展望-2025 年第 5 期 20250505 摘要 • 2025 年一季度计算机行业营收同比增长 16.14%，归母净利润大幅增长 608.38%，扣非净利润亏损大幅收窄，整体和中位数法均显示行业出现拐 点，预示业绩改善。 • 细分领域中，硬件优于软件，B/C 端优于 G 端，出海业务表现较好，算力、 证券 IT、汽车电子等领域业绩突出，投资者可关注相关机会。 • 金山办公受益于信创业务改善、AI 应用领先和基本盘稳健增长，当前股价 较低，具备 ...

2025年5月5日，三维天地发布了2024年年报。报告显示，公司全年实现营业总收入3.33亿元，同比下降 0.46%；毛利润为6010.09万元，较上一年度的1.80亿元大幅减少；归属净利润为-1.88亿元，同比下滑 2584.86%。扣非净利润为-1.83亿元，同比下滑3385.76%。尽管公司在AI应用场景适配及信创环境适配 方面投入了大量资源，但受行业竞争加剧、客户预算收紧及招投标进程放缓等因素影响，业绩表现未达 预期。 供应链管理业务：技术融合但成本压力大 三维天地的供应链管理业务主要包括采购电子商务系统、采购供应链管理系统及销售管理系统等产品。 2024年，公司通过供应链管理与数据资产管理平台的融合，形成了供应链控制塔，旨在提升供应链管理 的效率和精准度。然而，尽管技术融合带来了一定的创新，但成本压力依然较大。 报告期内，公司为五矿集团等大型综合集团提供了供应链管理解决方案，但在项目实施过程中，成本控 制成为一大难题。由于供应链管理业务的复杂性，公司在项目实施过程中需要投入大量的人力物力，导 致主营业务成本大幅增加。此外，客户对供应链管理产品的需求较为多样化，公司在满足客户需求的同 时，也面临着较大 ...

Market Performance - In April, A-shares experienced significant volatility, with the Shanghai Composite Index down 1.7% to 3279.03 points, the Shenzhen Component Index down 5.75% to 9899.82 points, and the ChiNext Index down 7.4% to 1948.03 points [1][2]. Future Outlook - Analysts are optimistic about the A-share market in May, suggesting it is a good time for positioning, as historical data shows that the Shanghai Composite Index has risen in 7 out of the last 15 years during the 10 trading days following the May Day holiday [2][3]. Sector Performance - Historical analysis indicates that consumer and large financial sectors tend to perform well in the 10 trading days before and after the May Day holiday, driven by policy support and upward industry trends [3][4]. Investment Strategies - Analysts recommend focusing on three asset categories: stable assets (high dividends, gold), self-sufficient industrial chains, and domestic consumption [4][5]. - There is a consensus that the Chinese stock market's upward momentum is not over, with suggestions to increase allocations to Chinese assets due to improved economic policies and a decrease in risk premiums [4][5]. Structural Opportunities - May is expected to see a structural recovery in A-shares, with a focus on consumption, technology, and dividend stocks as key investment themes [5].

近日，东方通（300379）(SZ300379)发布2024年年报，多项关键数据呈现出积极向好的发展态势，引发 市场关注。公司在营收方面取得了显著增长，2024年实现营业总收入7.58亿元，同比增长36%。从单季 度来看，第四季度实现营业收入4.64亿元，同比增长65%，环比增长250%，不仅验证了信创需求侧回暖 预期，也反映出公司在产品交付、项目推进以及市场响应速度上的优势。 当前面对挑战价值锚点犹存 面对困难与挑战，东方通也在年报开始的"致全体股东的一封信"中明确表态，将全力配合监管部门工 作，并且董事会已责成内审部门对公司内控关键控制点进行自查梳理。从管理层决策来看，基于对股东 利益和客户权益的考量，东方通将维护企业正常经营秩序置于重要位置。作为服务万余家政企客户的企 业，保障产品服务的优质性与持续性，成为公司当前除配合调查外最为重要的任务。 从盈利情况看，东方通2024年归母净利润为-5.76亿元，同比亏损幅度减少14.45%，剔除商誉影响后的 经营性亏损收窄44.24%。另据年报披露的子公司经营数据，从事应急业务的泰策科技全年亏损1.51亿 元，若与计提商誉减值的影响4.08亿元合并计算，共对公司净 ...

证券研究报告 AI精彩纷呈，信创替代加速 计算机行业2025年中期投资策略 3.投资建议 （1）AI：应用端推荐金山办公、鼎捷数智、迈富时、致远互联、金蝶国际、用友网络、同花顺、恒生电子、合合信息、拓尔思、 科大讯飞、焦点科技、中科创达、税友股份、上海钢联等，受益标的包括海天瑞声、石基信息、每日互动、高伟达、汉得信息、 新致软件、泛微网络、汉王科技、汉仪股份、三六零、万兴科技、彩讯股份、福昕软件、金桥信息、兴图新科等。 算力端推荐海光信息、中科曙光、淳中科技、浪潮信息、神州数码等，受益标的包括优刻得、青云科技、首都在线、寒武纪、 紫光股份、景嘉微、安博通、云天励飞、远东股份等。（2）大信创：推荐达梦数据、太极股份、神州数码、普联软件、顶点软 件、软通动力、润和软件、中国软件国际、普元信息、卓易信息、启明星辰、天融信、安恒信息、深信服等，受益标的中国软 件、中国长城、拓维信息、麒麟信安、中孚信息、诚迈科技、宝兰德、吉大正元、海量数据等。 姓名 陈宝健（分析师） 证书编号：S0790520080001 邮箱：chenbaojian@kysec.cn 姓名 刘逍遥（分析师） 证书编号：S0790520090001 ...

行 业 及 产 业 计算机 2025 年 05 月 05 日 25Q1 业绩回顾：行业加速恢复， 软硬协同+信创超预期 看好 ——计算机行业周报 20250428-20250502 相关研究 《字节 AI 布局 Agent+MCP！25Q1 机构 加仓 AI 应用 —— 计算机行业周报 20250421-20250425 》 2025/04/26 《跨境支付催化层出不穷!国内外厂商积极 拥抱 MCP！—— 计算机行业周报 20250414-20250418 》 2025/04/19 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 胡雪飞 A0230522120002 huxf@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com 徐平平 A0230123060004 xupp@swsresearch.com 曹峥 A023 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6][7]. Core Views - The company reported a revenue of 5.198 billion yuan in 2024, a year-on-year decline of 22.69%, with a net profit attributable to shareholders of -413 million yuan. For Q1 2025, revenue was 640 million yuan, down 8.85%, with a net profit of -80.625 million yuan [3][4]. - Despite short-term performance pressure, the long-term positive trend remains intact. The company is positioned as a leader in the domestic operating system market and is expected to benefit from the national strategy for information technology innovation [3][4]. - The company's self-developed software business showed improvement, with revenue reaching 1.719 billion yuan in 2024, up 5.01% year-on-year, and a gross margin of 77.38%, an increase of 4.49 percentage points [4][5]. - The subsidiary, Kylin Software, continues to lead the Chinese Linux market for 13 consecutive years, with 2024 revenue of 1.438 billion yuan and a net profit of 502 million yuan, reflecting growth from the previous year [4][5]. - The company is enhancing its collaboration across the industry chain, with advancements in its Kylin operating system across various platforms and integration with AI technologies [5]. - The company is also making strides in the tax sector with the successful implementation of the Golden Tax Phase IV project, which significantly reduces transaction costs [5]. Financial Summary - The projected revenues for 2025-2027 are 6.923 billion yuan, 7.855 billion yuan, and 8.915 billion yuan, respectively, with growth rates of 33.2%, 13.5%, and 13.5% [9][10]. - The net profit attributable to shareholders is expected to recover to 127 million yuan in 2025, 255 million yuan in 2026, and 345 million yuan in 2027, with corresponding growth rates of 130.8%, 100.8%, and 35.3% [9][10]. - The report forecasts a PE ratio of 303X for 2025, 151X for 2026, and 112X for 2027, indicating a potential for valuation improvement as profitability returns [6][9].

2025 年 05 月 04 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn | 相对沪深 | 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 中国软件 | | 3.5% | 5.0% | 50.3% | | 沪深 300 | | -3.7% | -1.2% | 4.6% | | 市场数据 | 2025/04/30 | | --- | --- | | 当前价格（元） | 45.38 | | 52 周价格区间（元） | 27.64-73.00 | | 总市值（百万） | 38,571.30 | | 流通市值（百万） | 38,285.10 | | 总股本（万股） | 84,996.25 | | 流通股本（万股） | 84,365.59 | | 日均成交额（百万） | 872.78 | | 近一月换手（%） | 4.79 | 相关报告 《中国软件（600536）2024 年三季报点评：前三 季度麒麟软件营收同比 ...

Core Viewpoint - The company is experiencing a decline in revenue but has turned a profit in net income, with expectations of further losses in the upcoming quarter while aiming for growth in its cloud computing and intelligent computing segments [1][2][5]. Financial Performance - The company achieved a revenue of 2.82 billion yuan in 2024, a decrease of 9.73%, and a net profit of 83 million yuan, marking a return to profitability [1]. - For Q1 2025, the company anticipates a net loss between 65 million and 75 million yuan, with a revenue forecast of 320 million to 340 million yuan, indicating a year-over-year decline of approximately 22% [1]. Business Segments - The cybersecurity business has been significantly impacted by market conditions, with revenues from cybersecurity products at 2.55 billion yuan, down 11.49%, while cloud computing products saw a revenue increase of 10.09% to 256 million yuan [2]. - The company is focusing on the growth of its cloud computing segment, particularly through the launch of its intelligent computing products, which have already secured over 20 million yuan in orders within two months of release [2]. Strategic Partnerships - The company has partnered with Huawei to launch new products, including the intelligent computing machine and the Kunlun-Xinchuang product series, aimed at enhancing application-level technology integration and ecosystem development [3][4]. - This collaboration is expected to accelerate the adoption of domestic chips and operating systems in key industries, while also providing the company with a self-controlled technology platform [3][4]. Future Outlook - The company aims to achieve a revenue target of at least half of its cybersecurity segment's output from its cloud computing business over the next 3-5 years [2]. - Revenue projections for 2025 to 2027 are estimated at 3.03 billion yuan, 3.47 billion yuan, and 3.98 billion yuan, respectively, with net profits expected to grow significantly [5].

Core Insights - The company reported a significant increase in revenue for the year 2024, achieving 31.316 billion yuan, a year-on-year growth of 78.13%, but the net profit attributable to shareholders decreased by 66.21% to 180 million yuan [1] - The gross profit margin for 2024 was 12.46%, showing a slight decline compared to the previous year [1] - The company is actively embracing AI and expanding its strategic focus on AI, data elements, industrial internet, and intelligent financial assets [4] Financial Performance - In Q4 2024, the company achieved a revenue of 9.109 billion yuan, a year-on-year increase of 91.79%, while the net profit attributable to shareholders was 104 million yuan, down 42.49% [2] - The gross profit margin for Q4 2024 was 12.88%, with a decrease in expense ratios for sales, management, and R&D [2] - For Q1 2025, the company reported a revenue of 7.011 billion yuan, a year-on-year growth of 28.65%, but a net loss of 198 million yuan, an improvement from a loss of 277 million yuan in the same period last year [3] Strategic Developments - The company completed the acquisition and integration of Tongfang Computer in January 2024, rebranding it as Softcom Computer in November 2024, enhancing its capabilities in IT infrastructure solutions [5] - Softcom Computer focuses on both PC terminal and enterprise-level businesses, providing a wide range of products that support various mainstream technology platforms [6] - The company is investing in AI technology and developing innovative solutions to support industry transformation, including the DenovoX intelligent computing service platform [4] Future Outlook - Revenue projections for 2025-2027 are estimated at 36.243 billion yuan, 43.555 billion yuan, and 53.334 billion yuan, with corresponding net profits of 356 million yuan, 432 million yuan, and 545 million yuan, indicating a recovery in performance driven by innovation and AI [7]