Core Insights - The company reported a significant increase in revenue and net profit for the first half of the year, driven by growth in its three main business segments: computer vision, natural language processing, and intelligent voice [2] - The decline in gross margin is attributed to a higher proportion of customized service revenue, particularly from new overseas content review business and the differentiated data needs of state-owned enterprises [2][3] - The company is actively expanding its overseas market presence, establishing subsidiaries in regions such as Hong Kong, Singapore, and the United States, and is focusing on customized services with high market potential [3] Financial Performance - The company achieved operating revenue of 157 million yuan, a year-on-year increase of nearly 70%, and a net profit of 3.8 million yuan, representing an approximately 8-fold increase [2] - The gross margin for the reporting period was 50.17%, showing a further decline compared to previous periods [2] Market Expansion - The overseas market is seen as having vast potential, with the company pursuing a global strategy that includes acquisitions to build overseas annotation capacity [3] - The company has established a stable data delivery system in Southeast Asia, contributing to revenue growth in the computer vision segment [3][4] Business Segments - The revenue structure shows an increase in the contributions from computer vision and natural language processing, which accounted for 40% and 14% of total revenue, respectively [3] - The intelligent voice segment continues to grow steadily but at a slower pace compared to the other two high-growth segments [4] Embodied Intelligence - The company is positioning itself in the embodied intelligence market, which is expected to accelerate in 2025, requiring higher quality and scale of training data [5] - Various data sources are being explored for training, including open-source datasets, virtual synthesis, motion capture, and remote operation [5][6] Data Ecosystem Development - The company is collaborating with local governments to establish data annotation bases and is forming joint ventures to enhance the data ecosystem [6] - Strategic partnerships are being developed with multiple cities to create high-quality datasets that support local industries' digital transformation [6]

证券研究报告 | 行业定期报告 2025 年 03 月 16 日 "AI+数据要素"有望挖掘数据变现新潜力 计算机周观察 20250316 TMT 及中小盘/计算机 我们认为 AI 跟数据要素结合有望诞生数据变现新方式，当前国家统筹数据侧、 算力侧基础设施发展，国产 AI 全产业链面临历史性成长机遇，继续重点关注 AI Infra、国产算力、AI 应用、数据要素重点环节等布局机会。 ❑ 风险提示：政策落地不及预期；AI 发展不及预期；行业竞争加剧风险。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 283 | 5.6 | | 总市值（十亿元） | 3910.6 | 4.4 | | 流通市值（十亿元） | 3408.9 | 4.2 | 行业指数 % 1m 6m 12m 绝对表现 3.9 90.7 45.0 相对表现 2.2 63.9 32.6 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 Mar/24 Jul/24 Oct/24 Feb/25 (%) 计算机 沪深300 相关报告 1、《国产大模型及 Agent 发力，AI ...