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]

星网锐捷（002396.SZ）2025 年一季报点评 Q1 净利润同比高增，加强 ICT 基建+AI 应用布局 2025 年 05 月 01 日 ➢ 事件：2025 年 4 月 28 日，星网锐捷发布 2025 年一季报。报告期内，公司 实现营业收入 34.85 亿元，同比增长 11.02%；归母净利润 0.42 亿元，同比增长 264.63%；扣非归母净利润 0.30 亿元，同比增长 8,829.05%。 ➢ Q1 业绩同比高增，主因数据中心交换机持续放量且改善经营。 公司 25Q1 净利润实现高增，主因去年 24Q1 净利润基数较低，且本季度子公司 锐捷网络实现 1.1 亿元归母净利润。公司当前持有锐捷网络 44.9%股份，其对公 司 Q1 归母净利润贡献较大，系因在 AI 算力需求持续驱动下，互联网数据中心 市场强势增长，面向互联网客户的数据中心交换机产品订单加速交付。公司改善 经营，在费用管控层面有所成效。公司 Q1 毛利率为 66.51%，同比提升 1.27%， 销 售 / 管 理 / 研 发 费 用 率 为 11.97%/5.99%/14.41% ， 同比变动 - 3.6pct/+0.02pct/ ...

事件：2025年4月28日，星网锐捷发布2025年一季报。报告期内，公司实现营业收入34.85亿元，同比增长 11.02%；归母净利润0.42亿元，同比增长264.63%；扣非归母净利润0.30亿元，同比增长8,829.05%。 Q1业绩同比高增，主因数据中心交换机持续放量且改善经营。 公司25Q1净利润实现高增，主因去年24Q1净利润基数较低，且本季度子公司锐捷网络（301165）实现1.1 亿元归母净利润。公司当前持有锐捷网络44.9%股份，其对公司Q1归母净利润贡献较大，系因在AI算力需 求持续驱动下，互联网数据中心市场强势增长，面向互联网客户的数据中心交换机产品订单加速交付。公 司改善经营，在费用管控层面有所成效。公司Q1毛利率为66.51%，同比提升1.27%，销售/管理/研发费用 率为11.97%/5.99%/14.41%，同比变动-3.6pct/+0.02pct/-2.45pct。 公司加强ICT+AI布局，积极拓展信创/视联网/车联网等AI应用。 星网锐捷 民生证券股份有限公司马天诣,范宇近期对星网锐捷（002396）进行研究并发布了研究报告《2025年一季 报点评：Q1净利润同比高增，加强I ...

随着4月股市交易收官，各券商新一期的月度金股也陆续出炉。 回顾4月，券商金股展现出较强的超额收益能力，最牛金股4月大涨83%，由3家券商共同推荐。近四成券商的 金股组合4月收益率为正，东北证券、华西证券收益率超10%。 展望5月市场，券商分析师普遍认为市场将震荡，有首席直言"调整即是布局良机"；板块上，内需消费、红利、 科技受到青睐。 4月最牛金股大涨83% 4月，A股三大指数月线集体收跌，其中创业板指跌逾7%。券商金股却整体表现出较强的超额收益能力，牛股 频现。 每市APP显示，东北证券金股组合以13.28%的月收益率拔得头筹，东北证券在4月推中数只大牛股，例如推荐 的万辰集团、先达股份4月分别大涨83%、61%。 华西证券则以10.57%的月收益率排名第二，华西证券推荐的牛股包括万辰集团、聚光科技，4月分别上涨 83%、26%。第三至第五名分别为东兴证券、华鑫证券、华源证券，其金股组合的4月收益率均超7%。排名靠 后的则是国投证券，4月金股组合收益率为-8%，西南证券、浙商证券收益率也在-5%以下。 5月金股扎堆消费内需板块 与此同时，券商5月金股也在密集披露中。目前，已有多只热门股票获得不少于2家券商推 ...

随着4月股市交易收官，各券商新一期的月度金股也陆续出炉。 回顾4月，券商金股展现出较强的超额收益能力，最牛金股4月大涨83%，由3家券商共同推荐。近四成券商的金股组合4月收益率为正，东北证券、华西证券收益率 超10%。 4月，A股三大指数月线集体收跌，其中创业板指跌逾7%。券商金股却整体表现出较强的超额收益能力，牛股频现。 每市APP显示，券商推荐的4月金股中表现最牛的是万辰集团，主营量贩零食业务，由信达证券、华西证券、东北证券三家券商共同推荐，在4月份大涨83%。涨幅 第二的是农药创新药龙头先达股份，4月大涨61%，由东北证券独家推荐。 涨幅第三的是长城证券推荐的科兴制药，4月上涨55%；排名第四的是华源证券推荐的民士达，4月上涨近55%。此外，4月涨幅较高的金股还包括锦波生物、盐津铺 子、上美股份，单月 均 涨超40%。 从各券商推荐的金股当月表现来看，每市APP收录的46家券商金股数据中，有17家在4月实现正收益，占比约37%。 每市APP显示，东北证券金股组合以13.28%的月收益率拔得头筹，东北证券在4月推中数只大牛股，例如推荐的万辰集团、先达股份4月分别大涨83%、61%。 华西证券则以10.57 ...

2025 年 04 月 30 日 公司点评 买入/维持 中国长城(000066) 目标价: 昨收盘:14.48 利润暂时承压，推出 AI 训推一体机 ◼ 走势比较 (30%) 4% 38% 72% 106% 140% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 中国长城 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 32.26/32.26 | | --- | --- | | 总市值/流通(亿元) | 467.1/467.07 | | 12 个月内最高/最低价 | 24.49/7.52 | | (元) | | 相关研究报告 <<业绩恢复增长，静待行业信创市场 成长 >>--2024-05-09 <<研发投入持续提升，飞腾加速产品 迭代>>--2023-11-07 <<自主计算产业国家队，有望受益于 信创市场回暖>>--2023-09-03 证券分析师：曹佩 电话： E-MAIL：caopeisz@tpyzq.com 分析师登记编号：S1190520080001 证券分析师：王景宜 电话： E-MAIL：wangjy@tpyzq.com 分析师登记编号 ...