证券研究报告 | 季报点评 gszqdatemark 2025 04 28 年 月 日 同花顺（300033.SZ） 一季度业绩符合预期，AI 金融流量变现领军 事件：4 月 24 日，公司发布 2025 年一季报，实现营业总收入 7.48 亿元，同比增加 20.90%；实现归属上市公司股东的净利润 1.20 亿元，同比增加 15.91%，业绩符合预 期。 经营性现金流净额良好，合同负债同比+67.39%。1）公司发布 2025 年一季报，实 现营业总收入 7.48 亿元，同比增加 20.90%；实现归属上市公司股东的净利润 1.20 亿 元，同比增加 15.91%；实现扣非后归母净利 1.13 亿元，同比+13.72%。2）2025 年 一季度经营活动现金流净额 3.13 亿元，同比+720.40%，经营性现金流净额良好。3） 2025Q1公司销售/管理/研发费用分别为 1.66/0.63/2.91 亿元，同比+47.36%/-2.33%/- 3.72%；销售费用增幅较大主要系加大营销推广力度，销售人员薪酬及广告宣传费增加 所致。4）2025Q1 公司合同负债 18.68 亿元，同比+67.39%，环比+2 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leader in collaborative management software, focusing on innovation and providing high-quality products for over 20 years. It has established a strong market presence with a 25.7% market share in China's enterprise team collaboration software market as of the first half of 2023 [5][9]. - The company is expected to benefit from the ongoing trends in domestic innovation (信创) and AI integration, which are anticipated to enhance growth potential in the collaborative management software sector [5][37]. - Revenue and profit forecasts indicate a positive growth trajectory, with expected revenues of 2.607 billion, 2.896 billion, and 3.207 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 283 million, 354 million, and 431 million yuan for the same years [5][4]. Summary by Sections 1. Collaborative Management Software Leader - The company has focused on collaborative management for over 20 years, gradually becoming an industry leader. It serves over 80,000 clients across 87 different sectors and has established more than 200 branches nationwide [5][9]. - The founder and management team have long tenures, ensuring stability and continuity in leadership [12]. - The company has a strong cash flow, with operating cash flow consistently around 110% of revenue, which supports sustainable growth [25]. 2. Industry Competitive Landscape - The collaborative management software industry is fragmented, with a low market concentration. The company, as a comprehensive leader, is well-positioned to capture market share as competition intensifies [27][33]. - The domestic innovation policy is expected to drive demand for domestic OA software, with projections indicating a market size of 319 billion yuan by 2027, growing at a CAGR of 20.61% from 2023 to 2027 [37][47]. 3. Product and Channel Transformation - The company has developed a modular product system that meets diverse business needs and has launched numerous specialized products to enhance revenue potential [5][9]. - The unique EBU mechanism has contributed to maintaining high gross margins, with software product margins at 99.26% and service margins at 94.30% in 2024 [22]. 4. Profit Forecast and Valuation - The company is projected to achieve significant revenue and profit growth from 2025 to 2027, with a PE ratio of 61.0, 48.8, and 40.1 for those years based on the stock price as of April 25, 2025 [5][4].

沪深两市今日成交额合计10564.06亿元，拓维信息成交额居首 金十数据4月28日讯，4月28日，沪深两市全天成交额合计10564.06亿元，较上一日缩量571.61亿元。其 中，沪市成交额为4419.16亿元（上一交易日为4454.18亿元），成交量为4.11亿手（上一交易日为4.11亿 手）；深市成交额为6144.9亿元（上一交易日为6681.49亿元），成交量为5.57亿手（上一交易日为5.82 亿手）。拓维信息成交额居首，为89.75亿元。其次是比亚迪、格力电器、阳光电源、寒武纪-U，成交 额分别为64.59亿元、40.46亿元、40.11亿元、39.91亿元。 ...

金 融 期 货 研 究 | 期指：关注今日发布会 毛磊 | | 投资咨询从业资格号：Z0011222 | | | maolei@gtht.com | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【期指期现数据跟踪】 | | | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 涨跌幅% 成交额-亿 | 基 差 | | 成交量 | 变 | | 动 | 动 | 持仓量 | 变 | | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深300 | 3786.99 | ↑0.07 | | 2205.4 | | | | | | IF2505 | 3774.8 | ↑0.14 | -12.19 | 282.3 | 24910 | ↑984 | 48945 | ↓1234 | | IF2506 | 3739. ...

Shareholding Reduction Announcements - MEI TUNG (CHINA) LIMITED plans to reduce its shareholding in Helen Zhe by up to 22.09 million shares, representing 2.12% of the total share capital after excluding repurchased shares [1] - Shandong Railway Development Fund plans to reduce its shareholding in Century Rui Er by up to 17.55 million shares, representing 3% of the total share capital [1] - Wu Baigeng plans to reduce his shareholding in Pinwo Food by up to 2.97 million shares, representing 3% of the total share capital [1] - Huayuan International Land Port Group plans to reduce its shareholding in Phoenix Shipping by up to 30.36 million shares, representing 3% of the total share capital [3] Financial Performance Reports - United Chemical reported a revenue of 535 million yuan for 2024, a year-on-year increase of 24.80%, and a net profit of 56.43 million yuan, up 66.81% [5] - Huitong Technology achieved a revenue of 662 million yuan, a year-on-year increase of 11.84%, and a net profit of 108 million yuan, up 9.30% [7] - Guangji Pharmaceutical reported a revenue of 639 million yuan, a year-on-year decrease of 13.42%, and a net loss of 295 million yuan [8] - Anshuo Information achieved a revenue of 990 million yuan, a year-on-year increase of 11.53%, and a net profit of 15.09 million yuan, up 132.78% [9] - Yifan Pharmaceutical reported a revenue of 5.16 billion yuan, a year-on-year increase of 26.84%, and a net profit of 386 million yuan, up 170.04% [10] - Hongri Pharmaceutical reported a revenue of 5.78 billion yuan, a year-on-year decrease of 5.34%, and a net profit of 21.47 million yuan, down 95.76% [11] - Zhonglan Environmental reported a revenue of 646 million yuan, a year-on-year decrease of 22.75%, and a net profit of 13.10 million yuan, down 36.12% [13] - Feilu Co. reported a revenue of 518 million yuan, a year-on-year decrease of 37.16%, and a net loss of 140 million yuan [14] - China Great Wall reported a revenue of 14.20 billion yuan, a year-on-year increase of 5.83%, and a net loss of 1.48 billion yuan [15] - Nanshan A reported a revenue of 15.45 billion yuan, a year-on-year decrease of 15.06%, and a net profit of 267 million yuan, down 83.89% [16] - Yawen Co. reported a revenue of 2.06 billion yuan, a year-on-year increase of 6.70%, and a net profit of 75 million yuan, down 24.13% [17] - Jinlong Co. reported a revenue of 663 million yuan, a year-on-year increase of 245.16%, and a net loss of 89.23 million yuan [18] - Nanshan Holdings reported a revenue of 8.40 billion yuan, a year-on-year decrease of 30.35%, and a net loss of 1.77 billion yuan [20] - Hengfeng Information reported a revenue of 227 million yuan, a year-on-year decrease of 53.07%, and a net loss of 86.80 million yuan [21] - Wantong Technology reported a revenue of 1.21 billion yuan, a year-on-year increase of 19.58%, and a net profit of 36.92 million yuan, up 147.08% [22] - Kehua Bio reported a revenue of 1.76 billion yuan, a year-on-year decrease of 27.55%, and a net loss of 641 million yuan [23] - Dongfang Tower reported a revenue of 4.20 billion yuan, a year-on-year increase of 4.79%, and a net profit of 564 million yuan, down 10.97% [24] - Yanpai Co. reported a revenue of 785 million yuan, a year-on-year increase of 8.75%, and a net profit of 42.18 million yuan, down 35.72% [25] - Yongli Co. reported a revenue of 2.24 billion yuan, a year-on-year increase of 10.69%, and a net profit of 22.30 million yuan, down 40.73% [26]

天眼查App显示，近日，南充知至数字信息技术有限公司成立，法定代表人为李思，注册资本1000万人 民币，由南部县现代农业发展投资有限公司全资持股。 序号股东名称持股比例1南部县现代农业发展投资有限公司100% 经营范围含承接档案服务外包；数据处理和存储支持服务；数据处理服务；信息技术咨询服务；大数据 服务；信息咨询服务（不含许可类信息咨询服务）；互联网数据服务；计算机系统服务；人工智能行业 应用系统集成服务；劳务服务（不含劳务派遣）；人力资源服务（不含职业中介活动、劳务派遣服 务）；企业管理咨询；企业形象策划；图文设计制作；会议及展览服务；办公用品销售；业务培训（不 含教育培训、职业技能培训等需取得许可的培训）；招投标代理服务；工程管理服务；工程造价咨询业 务；对外承包工程；日用品销售；厨具卫具及日用杂品零售；厨具卫具及日用杂品批发；互联网销售 （除销售需要许可的商品）；日用百货销售；家用电器销售；办公设备销售；办公设备耗材销售；计算 机软硬件及辅助设备零售；家具销售；电车销售；汽车销售；制冷、空调设备销售。（除依法须经批准 的项目外，凭营业执照依法自主开展经营活动）许可项目：职业中介活动；建筑劳务分包；建设 ...

序号股东名称持股比例1深圳市盛利万通科技有限公司70%2深圳市万安科信投资有限公司30% 来源：金融界 经营范围含软件开发；大数据服务；信息系统集成服务；信息系统运行维护服务；数据处理和存储支持 服务；物联网技术服务；人工智能行业应用系统集成服务；信息技术咨询服务；智能农业管理；技术服 务、技术开发、技术咨询、技术交流、技术转让、技术推广；农业专业及辅助性活动；物联网应用服 务；区块链技术相关软件和服务；食用农产品初加工；非食用农产品初加工；食用农产品批发；食用农 产品零售；农产品智能物流装备销售；农副产品销售；农业机械租赁；电子产品销售；家用电器销售； 通讯设备销售；计算机软硬件及辅助设备零售；食品销售（仅销售预包装食品）；化工产品销售（不含 许可类化工产品）；金属材料销售；化肥销售；塑料制品销售；纸浆销售；纸制品销售；软件销售；互 联网设备销售；物联网设备销售；互联网销售（除销售需要许可的商品）；广告制作；广告发布；广告 设计、代理。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）^互联网信息服务；第 二类增值电信业务；保险兼业代理业务。（依法须经批准的项目，经相关部门批准后方可开展经营活 动， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][16] Core Views - The company is a leading provider of digital transformation and smart manufacturing integration planning services in China, expected to benefit from downstream economic recovery and overseas opportunities. The acceleration of AI commercialization is anticipated to open new growth avenues [4][6][7] - The company has slightly adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, estimating net profits of 201 million, 240 million, and 289 million yuan for 2025-2027, respectively [4][9] Financial Performance - In 2024, the company achieved operating revenue of 2.331 billion yuan, a year-on-year increase of 4.62%, and a net profit attributable to the parent company of 156 million yuan, up 3.59% year-on-year [5][9] - For Q1 2025, the company reported operating revenue of 423 million yuan, a year-on-year increase of 4.33%, with a net profit attributable to the parent company of -8.33 million yuan, reflecting a 14.04% year-on-year growth [5][9] AI Integration and Growth - The company has integrated AI capabilities with its business scenarios, leading to a 135.07% year-on-year growth in AI business revenue in Taiwan in 2024. The introduction of AI technology in its PLM product has resulted in a 30% increase in average transaction value for R&D and design services [6][7] - The company has seen a 57.54% year-on-year increase in net profit in Taiwan for 2024, and a narrowing of non-GAAP net profit loss by 31.92% in Q1 2025 [6][7] Regional Performance - In Q1 2025, the company reported operating revenue of 175 million yuan in mainland China, a year-on-year increase of 6.46%, supported by the expansion of industry solutions [7] - The company has enhanced its localized service capabilities in Southeast Asia, achieving a 33% year-on-year increase in signed contracts [7]

序号股东名称持股比例1安徽舜时通科技有限公司51%2李洋洋22%3王玉洁22%4枣庄市舜时通科技产品 有限公司5% 天眼查App显示，近日，舜时通（江苏）科技有限公司成立，法定代表人为王玉洁，注册资本1000万人 民币，安徽舜时通科技有限公司、枣庄市舜时通科技产品有限公司持股。 企业名称舜时通（江苏）科技有限公司法定代表人王玉洁注册资本1000万人民币国标行业信息传输、软 件和信息技术服务业>软件和信息技术服务业>软件开发地址江苏省苏州市相城区望亭镇望亭大街16号 207室企业类型有限责任公司(自然人投资或控股)营业期限2025-4-27至无固定期限登记机关苏州市相城 区数据局 来源：金融界 经营范围含许可项目：第一类增值电信业务；第二类增值电信业务（依法须经批准的项目，经相关部门 批准后方可开展经营活动，具体经营项目以审批结果为准）技术服务、技术开发、技术咨询、技术交 流、技术转让、技术推广；软件开发；软件销售；网络与信息安全软件开发；人工智能应用软件开发； 软件外包服务；信息系统集成服务；信息系统运行维护服务；计算机系统服务；通讯设备销售；通信交 换设备专业修理；运行效能评估服务；电子产品销售；文化用品设 ...

Group 1 - The core viewpoint of the news is that Xincheng Technology Co., Ltd. reported a significant decline in both revenue and net profit for the year 2024, indicating financial challenges faced by the company [1] - In 2024, Xincheng Technology achieved an operating income of 1.349 billion yuan, a year-on-year decrease of 22.22% [1] - The net profit attributable to shareholders was a loss of 81.4595 million yuan, compared to a profit of 36.3645 million yuan in the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 91.8089 million yuan, down from a profit of 34.4089 million yuan in the previous year [1] - The net cash flow from operating activities was 105 million yuan, a year-on-year decline of 46.88% [1] Group 2 - Xincheng Technology has over 20 years of experience in the financial information technology sector, which enhances its competitiveness in areas such as electronic channels, payment settlement, and cloud platform applications [1] - The company provides software development services for financial clients, including electronic channel integration, trade financing, and blockchain platform services [1] - According to the company's disclosed development strategy, it aims to leverage its business advantages in channel management and trade finance to promote the application of innovative technologies [2] - The company plans to optimize its products through the integration of innovative technologies, enhancing its clients' digital transformation capabilities and increasing its market share [2]