科技·掘金 年报一季报总结电话会议 20250504 摘要 • 2025 年一季度电子行业营收 8,392 亿元，同比增长 17.6%，归母净利润 355 亿元，同比增长 31.2%，毛利率维持 15.5%，净利率提升至 4.1%， 延续快速增长态势。 • 半导体设备领域受益于自主可控和 AI 创新，2025 年一季度营收 179 亿元， 同比增长 33.5%，净利润 26 亿元，同比增长 25.2%。 • PCB 板块受益于 AI 云端算力需求和周期复苏，2025 年一季度营收 624 亿元，同比增长 24.5%，净利润 53 亿元，同比增长 55.7%。 • IC 芯片设计板块库存压力减小，2025 年一季度营收 261 亿元，同比增长 16%，归母净利润 305 亿元，同比增长 72%，其中 ISOC 板块表现突出。 • 计算机行业一季度收入增长 12.7%，利润同比增长 94%，信创板块表现 较好，关注 AI 产业链、信创、工业软件等投资机会。 • 通信板块一季度营收超 6,300 亿元，小幅增长，归母净利润 500 多亿元， 同比增长约 7%，净利率大幅增长 5.2 个百分点，运营商云和 IDC 业 ...

从市场传播看，我们希望市场投资者能对公司更加有信心，在 2024 年年报披露中，针对 2022 年的回购股份公司同步推出了员 工持股计划，经过两年的打磨和转型，公司业务目标更加明确， 实施员工持股计划将充分调动骨干力量的积极性。员工持股计划 中的考核目标，虽不代表公司的业绩承诺，但公司业务团队对达 成目标充满信心。 二、问答环节 问题 1：公司如何看待主营业务社保服务这几年相对下降情况？ 未来几年第三代社保卡（以下简称"三代卡"）的发卡节奏会加 快吗？ 证券代码：002908 证券简称：德生科技 广东德生科技股份有限公司 投资者关系活动记录表 编号：2025-003 | 投资者关系活动类 | 特定对象调研 分析师会议 | | --- | --- | | 别 | □媒体采访 业绩说明会  | | | □新闻发布会 路演活动 | | | 现场参观  其他（电话会议） | | 参与单位名称及人 | 同泰基金、鸿运私募、创富兆业、磐厚资本、明豪能源公司、望 | | 员姓名 | 睿投资、IncTar Cap、九祥资产、广东数联、润桂投资、果行育 | | | 德公司、云众创融、浙商资管、广发证券、东北证券、国 ...

Group 1 - The core viewpoint is that Tianjin has been approved to establish a national digital economy innovation development pilot zone, focusing on optimizing data infrastructure and accelerating the construction of a data network [1] - The data infrastructure aims to provide services for data collection, aggregation, transmission, processing, circulation, utilization, operation, and security, which are essential for releasing the value of data elements [1] - The data network will consist of data circulation access terminals, networks, and service platforms, aiming to create a secure and trustworthy environment for data circulation across various levels and sectors [1] Group 2 - The data network allows for "raw data not leaving the domain, data being usable but invisible," facilitating the open sharing of government data and efficient circulation of public and enterprise data [2] - An action plan for accelerating the construction of the data network over the next three years is being formulated, with specific districts identified for pilot applications [3] - Initial applications will cover 17 key areas, including healthcare, industrial manufacturing, transportation, and financial services, utilizing privacy computing technology to break down data barriers [3]

Group 1 - The forum focused on the integration of trusted data spaces and artificial intelligence ecosystems, gathering over 300 guests including government leaders, experts, and industry leaders to discuss the development of digital China [1] - The current transformation of data elements is reshaping global industrial competition, with the market-oriented reform of data element allocation being a key issue for high-quality digital economic development [1] - The collaborative development ecosystem is being accelerated by dual drivers of policy guidance and technological innovation, emphasizing rules, market leadership, technological foundations, and breakthrough scenarios [1] Group 2 - Trusted data spaces are essential for the market allocation of data resources, requiring a consensus on rules and governance frameworks to establish a secure and transparent sharing ecosystem [2] - The integration of trusted data spaces with artificial intelligence is seen as a critical path to address the challenges of data usage, with a call for deeper collaboration to stimulate data dynamics [2] - The establishment of a city-level data operation community aims to address fragmented data scenarios and inefficient applications, focusing on cross-regional data resource collaboration and standardized operational models [4] Group 3 - The launch of the 2025 China Information Association Data Element Application Innovation Competition aims to explore high-value application scenarios of data elements across various fields [3] - The development of a "data element + large model" integration ecosystem is proposed to break down data barriers between research institutions and enterprises, facilitating a data-driven research paradigm shift [3] - The "Trusted Data Space Industry Interconnection Scenario Case Report" aims to identify replicable data space scenarios with specific characteristics to support large-scale applications [4]

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]

Group 1 - The eighth Digital China Construction Summit showcased over 100 interactive experience projects and more than 30 physical models, with a first-show rate exceeding 65% [1] - Various robotics companies presented the latest products in embodied intelligence, brain-like computing, dense computing, and multimodal large models, highlighting advancements in digital integration across industries [1] - A robot capable of making over 10 types of coffee was demonstrated, showcasing the application of AI in beverage preparation by parameterizing the skills of a barista [1] Group 2 - An intelligent agent developed by Inspur Cloud improved government service efficiency, achieving a work order dispatch accuracy of 90% and reducing processing time by 40% [2] - The State Grid showcased a "data governance robot" system that monitors electricity data with millisecond-level precision, analyzing 100,000 data points per second to ensure stable power supply for manufacturing [2] - The 2025 Digital China Innovation Competition featured projects focused on practical applications of AI, including brain function imaging systems and urban traffic optimization solutions [2] Group 3 - Discussions at the summit emphasized the marketization and valuation of data elements, with suggestions to enhance data circulation infrastructure for better integration and collaboration [3] - The "data element ×" concept was proposed to drive cross-sector connections in energy, transportation, finance, and emergency services, aiming to amplify the multiplier effect of data elements [3] - The "Digital China Development Report (2024)" was released, indicating that China accounted for 61.5% of the 45,000 new generative AI patents globally in 2024 [3]

智通财经APP获悉，4月28日，国家发展改革委党组成员，国家数据局局长刘烈宏在第八届数字中国峰 会期间主持召开数字经济民营企业座谈会。下一步，国家数据局将深入贯彻党中央、国务院决策部署， 强化数据要素保障，深化数据资源开发利用和开放共享，推动科技创新和产业创新深度融合，打造具有 国际竞争力的数字产业集群，更好激发数字经济创新活力。同时，将持续强化与数字经济民营企业的常 态化沟通交流，了解企业发展情况，听取意见建议，积极帮助企业解决实际困难，为企业发展创造更好 政策环境。 会上，企业家们介绍了本企业和所在行业的发展情况，结合生产经营实际，对国家发展改革委、国家数 据局出台的有关政策落实情况谈了感受和想法，就下一步应对外部风险挑战，加快释放数据要素价值、 激发数字经济创新活力、稳增长稳就业等研提意见建议。企业家们表示，国内稳定的发展环境和政策支 持是企业能做好应对的核心底气，企业有信心在党中央、国务院坚强领导下，将外部压力转化为转型升 级的动力，实现更好发展。 刘烈宏与企业家们深入交流了当前及今后的国内外形势与市场需求变化，对企业关心的问题进行了探讨 和回应。他表示，当前，数字经济已成为国际竞争的主赛道，正在成为 ...

来源：中国新闻网 中新网福州5月2日电 (记者 蔡敏婕)随着人工智能进入大模型时代，高质量数据集成为核心要素。第八 届数字中国建设峰会近日在福建省福州市举行。在数据要素安全与流通基础设施分论坛上，人工智能与 数据流通的融合发展成为核心议题。 北京大学信息科学与技术学部主任梅宏认为，发展数字经济的关键是数据要素市场的培育与形成。我国 数据要素化尚处起步探索阶段，在资产地位、权属确权、流通交易、利益分配和安全隐私等方面存在诸 多障碍。迫切需要构建安全可信的流通基础设施，从技术、制度、生态多维度发力，保障数据安全，打 破流通壁垒，推动数据要素市场化，释放数据潜在价值。 工业和信息化部电子第五研究所所长、党委副书记杨建军指出，当前人工智能治理存在数据质量、制度 供给、责任界定等问题，各国治理理念存在差异。中国需在数据治理层面突破技术瓶颈，在制度供给层 面构建风险分类分级管理等机制，在场景落地层面加强政企协同、产学研合作，同时加强国际合作，构 建安全、可信、可持续的人工智能发展环境。(完) 王桂荣称，传统的基于边界防护的安全方法已经无法满足复杂网络环境下的防护需求，需要基于内生安 全理念构建纵深防御防御体系，该集团推出 ...

Group 1 - The core viewpoint emphasizes the importance of market-oriented allocation of data elements for achieving high-quality development of the digital economy, while highlighting existing challenges such as incomplete rights and property systems, inadequate pricing and measurement mechanisms, irregular market transactions, and insufficient security and privacy protection [1][2][3] - Data elements are seen as a crucial link between data supply and demand, playing a pivotal role in the entire process of data elementization, including collection, processing, rights confirmation, transaction, and cross-border flow [1][2] - The "Data Element White Paper (2025)" was released, summarizing research and practical experiences related to data element technology, and showcasing its empowering effects in various regions and industries [2] Group 2 - Data elements are characterized by clear property rights, measurability, pricing, and circulation, allowing them to be recognized as data assets, which can enhance the accuracy of data asset valuation and facilitate the transformation of enterprise data assets [2] - The integration of data as a new production factor with traditional factors like land, labor, capital, and technology is crucial for improving resource allocation efficiency and reshaping production methods [3] - Recommendations include strengthening infrastructure construction to create efficient, secure, and reliable systems for data collection, transmission, storage, and processing, thereby facilitating safe cross-domain data circulation [3]