Core Insights - The company reported a revenue of 22.913 billion yuan for the first three quarters of 2025, a year-on-year increase of 2.06%, and a net profit attributable to shareholders of 3.535 billion yuan, up 38.92% year-on-year [1] - In Q3 2025, the company achieved a revenue of 7.731 billion yuan, a 1.95% increase year-on-year, and a net profit attributable to shareholders of 1.060 billion yuan, reflecting a 44.12% year-on-year growth [1] - The company has shown significant improvement in gross margin and cash flow, with Q3 2025 gross margin reaching 41.74%, an increase of 1.84 percentage points compared to Q3 2024 [1] Business Development - The company is focusing on government business by promoting large model applications in data management and urban management, capitalizing on opportunities for domestic replacement in the server sector [2] - In the B2B sector, the company is investing in digitalization for industrial enterprises, enhancing product adaptability through technological upgrades [2] - The company has established six regional supply centers in Europe, Southeast Asia, the Middle East, and Latin America, strengthening local operational capabilities and risk management [2] Technological Advancements - The company is committed to large-scale R&D investments to enhance its "Five Full" capabilities: full perception, full intelligence, full connectivity, full computing, and full ecology [3] - The company has successfully implemented large model applications in traffic management, public welfare, and electricity sectors, improving algorithm accuracy and overall interaction efficiency [3] Financial Projections - The company is expected to achieve revenues of 35.4 billion yuan, 38.9 billion yuan, and 43.2 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 3.274 billion yuan, 3.729 billion yuan, and 4.427 billion yuan [3]

大华股份（002236.SZ）2025 年三季报点评 利润大幅改善，迎接国产替代+AI 平权的战略窗口 2025 年 10 月 27 日 ➢ 事件：近期，大华股份发布 2025 年三季度报告。2025 年前三季度，公司 实现营收 229.13 亿元，同比增长 2.06%；归母净利润 35.35 亿元，同比增长 38.92%；扣非净利润 25.56 亿元，同比增长 13.04%。2025Q3，公司实现营收 77.31 亿元，同比增长 1.95%；归母净利润 10.60 亿元，同比增长 44.12%；扣 非净利润 7.61 亿元，同比增长 52.34%。 ➢ 精细化运营成效显现，毛利率及现金流显著改善。公司内部多措并举，一方 面严格执行项目筛选机制以及成本管控策略，另一方面重点突破高含金量领域， 高价值业务持续落地，共同推动毛利率稳中有升，2025Q3 毛利率达到 41.74%， 较 2024Q3 提升 1.84 pct。现金流方面，2025 前三季度公司经营活动产生的现 金流量净额 15.64 亿元（2024 年同期为-1.25 亿元），健康持续的现金流为公司 后续把握经济与技术新周期下的共振机遇提供坚实支撑。 ...