报告要点 [Table_Summary] 公司发布 2025 年三季报。公司 2025 前三季度营业收入 56.9 亿元，同比+6.0%；归母净利润 3.5 亿元，同比-8.6%；扣非净利润 2.9 亿元，同比-1.1%。单季度看，公司 2025Q3 营业收入 21.6 亿元，同比+29.2%，环比-10.4%；归母净利润 0.9 亿元，同比-0.3%，环比-64.4%；扣非 净利润 0.8 亿元，同比+36.9%，环比-53.6%。 分析师及联系人 请阅读最后评级说明和重要声明 丨证券研究报告丨 [Table_scode 联合研究丨公司点评丨国网信通（ Msg1] 600131.SH） [Table_Title] 同业竞争解决报表影响初显，Q4 服务交付有望 增长 %% %% %% %% research.95579.com 1 [Table_Author] 邬博华 宗建树 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490520030004 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 S ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a revenue of 3.52 billion yuan for the first half of 2025, a decrease of 4.6% year-on-year, with a net profit attributable to shareholders of 270 million yuan, down 11.0% year-on-year [2][5]. - The second quarter of 2025 saw a revenue of 2.41 billion yuan, a decline of 9.8% year-on-year, and a net profit of 240 million yuan, down 16.4% year-on-year [2][5]. - The company is experiencing a significant acceleration in its frontier technology innovation business, with a revenue increase of 340.6% year-on-year in this segment [10]. Summary by Sections Financial Performance - In the first half of 2025, the digital infrastructure segment generated a revenue of 1.749 billion yuan, up 25.0% year-on-year, while the frontier technology innovation business brought in 704 million yuan, up 340.6% year-on-year [10]. - The gross margin for the first half of 2025 was 22.12%, a slight decrease of 0.10 percentage points year-on-year [10]. - The company reported a significant increase in cash flow from operations, reaching 1.211 billion yuan in the first half of 2025, indicating improved collection efficiency [10]. Orders and Inventory - As of the end of Q2 2025, the company had a backlog of orders amounting to 4.67 billion yuan, representing a year-on-year growth of approximately 27% [10]. - The inventory at the end of Q2 2025 was 935 million yuan, showing a substantial increase of 95.4% year-on-year [10]. Future Outlook - The company expects that the net profit attributable to shareholders for 2025, excluding its subsidiary Yili Technology, could reach approximately 864 million yuan, corresponding to a price-to-earnings ratio of about 24 times [10].