短期业绩承压，静待营收拐点 证券研究报告 航天宏图 (688066 CH) | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 计算机应用 | 航天宏图发布年报，2024 年实现营收 15.75 亿元（yoy-13.39%），归母净 利-13.93 亿元（同比增亏），扣非净利-14.53 亿元（同比增亏）。其中 Q4 实 现营收 2.30 亿元（yoy-0.81%，qoq-54.10%），归母净利-11.71 亿元（同比 增亏）。2024 年公司归母净利低于我们预期（0.83 亿元），我们判断主因： 2024 年 7 月 6 日起，公司特种领域采购资格暂停，导致 2024 年计提存货 跌价资产减值损失 9.3 亿元。我们认为，随着下游需求复苏，公司 25 年营 收有望回暖。维持"买入"评级。 25 年下游需求有望逐步企稳，静待营收拐点 2024 年公司数据分析应用服务业务收入 9.35 亿元，同比-10.77%，毛利率 30.76%，同比-4.90pct。系统设计开发业务收入 6.31 亿元，同比-16.04%， ...

Core Viewpoint - The company reported a revenue of 6.452 billion yuan in 2024, representing a year-over-year increase of 8.22%, with a net profit of 1.428 billion yuan, up 60.92% year-over-year, indicating strong financial performance despite a decline in Q1 2025 [1] Group 1: Game Business - The gaming segment achieved a revenue of 4.662 billion yuan in 2024, with a year-over-year growth of 3.66% and a gross margin of 72.70%, reflecting a 1.56 percentage point increase [2] - The net profit from gaming was 1.552 billion yuan, up 40.47% year-over-year, with a net profit margin of 33.28%, an increase of 8.72 percentage points [2] - The company expects a natural decline in revenue from existing products in Q1 2025, leading to an overall revenue decrease of 11.07% year-over-year [2][3] Group 2: Future Outlook - The company plans to maintain long-term operations for existing games, with expectations for stable revenue from key titles like "Age of Origins" and "War and Order" [3] - New games "Stellar Sanctuary" and "Next Agers" are set to launch in overseas markets by the end of 2024, with plans for large-scale promotion in mid to late 2025 [3] - The company has additional RPG and SLG games in the pipeline, which are anticipated to contribute to revenue growth [3] Group 3: Computer Business - The computer and other businesses generated revenue of 1.790 billion yuan in 2024, marking a year-over-year increase of 22.21% [4] - AI/ICT operations accounted for 1.478 billion yuan, growing 20.53% year-over-year, while IoT/communications revenue reached 133 million yuan, up 62.30% [4] - The company is focusing on integrating AI across various business lines, enhancing profitability and growth potential [4] Group 4: Profit Forecast and Investment Rating - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.59, 0.64, and 0.69 yuan, respectively, reflecting a downward revision from previous estimates [5] - The current price-to-earnings (PE) ratios are projected at 19, 18, and 17 times for 2025-2027 [5] - The company maintains a "buy" rating, supported by strong computer business growth and a robust pipeline of new games [5]

中科创达 (300496 CH) 端侧 AI 布局持续深化 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 计算机应用 | 证券研究报告 中科创达公布 25 年一季报，25 年 Q1 实现营收 14.69 亿元（yoy+24.69%、 qoq-13.10%），归母净利 9257 万元（yoy+2.00%、qoq-63.77%），扣非净 利 8752 万元（yoy+2.48%、qoq+80.87%）。公司深度受益于端侧 AI 浪潮， 看好其在端侧智能领域的深度布局，维持"买入"。 把握整车操作系统智能化机遇 公司在智能汽车场景有着良好的业务基础，2025 年 4 月上海车展上，中科 创达正式发布面向中央计算的 AI 原生整车操作系统滴水 OS 1.0 Evo，通过 深度融合 AI 大模型技术，它赋予汽车自主交互决策能力，在中央计算层面， 系统采用舱驾融合+ZCU 虚拟化平台支持多域融合与算力高效调度，为整车 智能化奠定技术底座。随着中央计算架构普及与大模型上车成为行业共识， 公司智能汽车业务收入增速有望重回高增 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 50.40 RMB [8][9]. Core Views - The company has successfully commercialized its AI applications, leading to an expected acceleration in performance in 2025, despite a slight underperformance in 2024 due to delayed demand from downstream clients [1][2]. - The company is leveraging AI technology to enhance internal operational efficiency, resulting in significant reductions in sales, management, and R&D expense ratios [2]. - The company is capitalizing on the trend of Chinese enterprises expanding into Southeast Asia, with notable revenue growth from non-mainland regions, particularly Taiwan and Southeast Asia [3]. - The company's AI business indicators for Q1 2025 show continued improvement, with expectations that AI will drive future growth [4]. - Revenue forecasts have been adjusted downwards due to traditional business pressures, but earnings per share (EPS) estimates have been raised due to significant improvements in operational efficiency [5]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 2.331 billion RMB (up 4.62% YoY) and a net profit of 156 million RMB (up 3.59% YoY) [1][7]. - The company expects revenues of 2.719 billion RMB, 3.206 billion RMB, and 3.816 billion RMB for 2025, 2026, and 2027 respectively, with growth rates of 16.64%, 17.92%, and 19.05% [5][7]. AI Business Development - The company reported revenue from self-developed smart software products and integrated smart hardware solutions of 662 million RMB and 555 million RMB respectively in 2024, with growth rates of 13.57% and 12.64% [2]. - The AI business in Taiwan saw a remarkable growth of 135.07% YoY [2]. Market Expansion - Revenue from the mainland China region was 1.177 billion RMB (up 1.92% YoY), while revenue from non-mainland regions was 1.154 billion RMB (up 7.53% YoY), driven by growth in Taiwan and Southeast Asia [3]. - The company is expanding its local teams in Thailand, Vietnam, and Malaysia, achieving a localization rate of over 90% [3]. Profitability and Valuation - The company’s EPS is projected to be 0.84 RMB, 1.18 RMB, and 1.65 RMB for 2025, 2026, and 2027 respectively, reflecting an increase in profitability [5][7]. - The target price of 50.40 RMB is based on a 60x PE ratio for 2025, compared to an average of 58.0x PE for comparable companies [5][13].

Investment Rating - The investment rating for the company is "Buy" with a target price of 50.40 RMB [8][9]. Core Views - The company has successfully commercialized AI applications, leading to an expected acceleration in performance in 2025 [1][2]. - The company is leveraging AI technology to enhance internal operational efficiency, resulting in a significant reduction in expense ratios [2]. - The company is capitalizing on the trend of Chinese enterprises expanding into Southeast Asia, with promising results in overseas market development [3]. - The AI business indicators for Q1 2025 show continued improvement, indicating a broad growth potential for the future [4]. - Revenue forecasts have been adjusted downwards due to traditional business pressures, but earnings per share (EPS) estimates have been raised due to significant improvements in operational efficiency [5]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 2.331 billion RMB (up 4.62% YoY) and a net profit of 156 million RMB (up 3.59% YoY) [1][7]. - The company expects revenues of 2.719 billion RMB, 3.206 billion RMB, and 3.816 billion RMB for 2025, 2026, and 2027 respectively, with growth rates of 16.64%, 17.92%, and 19.05% [5][7]. AI Business Development - The company reported revenue from self-developed smart software products and integrated solutions of 662 million RMB and 555 million RMB respectively in 2024, with growth rates of 13.57% and 12.64% YoY [2]. - The AI business in Taiwan saw a remarkable growth of 135.07% YoY [2]. Overseas Market Expansion - Revenue from non-mainland China regions reached 1.154 billion RMB in 2024, growing by 7.53% YoY, driven by markets in Taiwan and Southeast Asia [3]. - The company has established strategic partnerships to enhance services for Chinese enterprises venturing abroad, focusing on key industries such as automotive and electronics [3]. Profitability and Valuation - The company’s EPS is projected to be 0.84 RMB, 1.18 RMB, and 1.65 RMB for 2025, 2026, and 2027 respectively, reflecting an increase in profitability [5][7]. - The target price of 50.40 RMB is based on a 60x PE ratio for 2025, considering the company's product and industry advantages [5].

证券研究报告 格尔软件 (603232 CH) 市场拓展有望带动 25 年业绩修复 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 27 日│中国内地 | 计算机应用 | 格尔软件 24 年实现营收 5.29 亿元（yoy-5.71%），归母净利 3681.21 万元 （yoy-0.42%），扣非净利 1569.42 万元（yoy+233.45%）。公司 24 年业绩 低于我们此前预期，主要由于公司业务转型下通用安全产品收入显著收窄， 但受益于高毛利业务收入占比提升，公司 24 年净利率提升 0.37pct。我们 认为，受益于司法、运营商、烟草等新行业客户拓展以及"一带一路"沿线 国家的海外客户拓展，公司 25 年业绩有望修复，维持"买入"评级。 高毛利业务收入占比提升，费用管控能力逐步凸显 分业务看，PKI 基础设施产品、PKI 安全应用产品、通用安全产品 24 年收 入为 1.58/2.48/1.23 亿元，同比+41.41%/+10.64%/-45.28%；24 年毛利率 为 52.19%、63.08%、29.46%，同比+1 ...

证券研究报告 国投智能 (300188 CH) 鉴真平台需求有望加速释放 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 27 日│中国内地 | 计算机应用 | 公司发布 2025 年一季报，实现营业收入 2.15 亿元，同比增长 10.86%，归 母净利润亏损 1.26 亿元，去年同期亏损 0.34 亿元，亏损加大的原因主要是 去年同期公司取得 1.4 亿元的投资收益。扣除投资收益影响，公司扣非净利 润亏损 1.28 亿元，去年同期亏损 1.61 亿元，减亏来自于公司收入增长以及 公司费用管控能力进一步加强。我们预计 2025 年公司天擎公共安全大模型、 鉴真工作站等 AI 产品销售放量，全年收入有望恢复增长，维持买入评级。 费用及应收管控能力显著加强 2025Q1 公司毛利率为 35.20%，同比下降 6.04pct，销售/管理/研发费率分 别为 35.99%/35.00%/43.71%，同比下降 6.98/6.01/16.04pct，费用管控能 力显著加强。公司销售商品、提供劳务收入为 2.91 亿元，同比增长 16.34%， ...

Investment Rating - The investment rating for the company is "Buy" [1][2] Core Views - The company has demonstrated strong revenue growth across multiple downstream industries, with a notable increase in revenue from the coal industry by 63.61% year-on-year [1] - The company is focusing on enhancing its research and development efforts, particularly in the field of predictive maintenance through AI technologies [1] - Strategic initiatives, including partnership strategies and service productization, are expected to drive high-quality growth for the company [1] Financial Performance Summary - In 2025, the company achieved revenue of 584 million, a year-on-year increase of 17.21%, and a net profit attributable to shareholders of 108 million, up 71.49% [1][3] - The gross profit margin for the company was 63.62%, an increase of 1.49 percentage points year-on-year [1] - The company’s revenue from the power industry reached 229 million in 2024, a 17.92% increase, while the revenue from the coal industry was 80 million, reflecting a 63.61% increase [1] - The company’s R&D expense ratio was 18.36% in 2024, indicating a strong commitment to innovation [1] Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.74, 2.31, and 3.06 respectively, with corresponding price-to-earnings (P/E) ratios of 30.34, 22.87, and 17.23 [2][3]

Investment Rating - The investment rating for the company is "Buy" [1][2] Core Views - The company has demonstrated strong revenue growth across multiple downstream industries, with a notable increase in revenue from the coal industry by 63.61% year-on-year [1] - The company is focusing on enhancing its research and development efforts, particularly in the field of predictive maintenance through AI technologies [1] - Strategic initiatives, including partnership strategies and service productization, are expected to drive high-quality growth for the company [1] Financial Performance Summary - In 2025, the company achieved revenue of 584 million yuan, a year-on-year increase of 17.21%, and a net profit attributable to shareholders of 108 million yuan, up 71.49% [1][3] - The gross profit margin for the company was 63.62%, an increase of 1.49 percentage points year-on-year [1] - The company’s revenue from the power industry reached 229 million yuan in 2024, a 17.92% increase year-on-year, while the revenue from the coal industry was 80 million yuan, reflecting a 63.61% increase [1][3] Earnings Forecast - The company is projected to have earnings per share (EPS) of 1.74, 2.31, and 3.06 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 30.34, 22.87, and 17.23 [2][3]

| 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 22 日│中国内地 | 计算机应用 | 当虹科技 2024 年实现营收 3.07 亿元（yoy-7.82%），归母净利-1.02 亿元 （yoy+26.05%），扣非净利-1.08 亿元（yoy+22.94%）。其中 Q4 实现营收 1.38 亿元（yoy+15.97%），归母净利-3274.34 万元（yoy+22.10%）。公司 业绩低于我们此前预期（收入/归母净利预期为 3.49/-0.34 亿元），主要由于 传媒文化业务进展逊于预期。我们认为，伴随 AI 需求释放，25 年公司传媒 文化业务的下游客户预算有望加速修复，同时看好工业与卫星、智能网联汽 两大板块的业务增长潜力，维持"买入"评级。 24 年亏损同比收窄，预计 25 年有望扭亏为盈 公司 2024 年归母净利亏损 1.02 亿元，同比收窄 26.05%，亏损收窄主要受 益于工业与卫星业务、智能网联汽车业务两大高附加值板块的加速成长，带 动公司整体毛利率同比提升 5.74pct 至 41%。2024 年公司销售/管理/研 ...