一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0790 | -0.0781 | -1.15 | -0.0129 | | 每股净资产（元） | 1.57 | 1.92 | -18.23 | 2.17 | | 每股公积金(元) | 1.61 | 1.61 | 0 | 1.61 | | 每股未分配利润(元) | -1.08 | -0.77 | -40.26 | -0.49 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 0.43 | 0.29 | 48.28 | 0.34 | | 净利润(亿元) | -0.15 | -0.15 | 0 | -0.02 | | 净资产收益率(%) | -4.85 | -3.97 | -22.17 | -0.59 | 数据四舍五入，查看更多财务数据>> 本次公司不分配不转赠。 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 6266.5万股 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.3200 | -0.7600 | 57.89 | -0.2600 | | 每股净资产（元） | 5 | 5.33 | -6.19 | 6.09 | | 每股公积金(元) | 3.68 | 3.68 | 0 | 3.67 | | 每股未分配利润(元) | -0.0044 | 0.32 | -101.38 | 1.08 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 1.65 | 1.8 | -8.33 | 2.46 | | 净利润(亿元) | -0.72 | -1.72 | 58.14 | -0.58 | | 净资产收益率(%) | -6.19 | -13.32 | 53.53 | -4.13 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 5357.43万股，累计占流通股比： 25.7 ...

一、主要会计数据和财务指标 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 蒋宏业 | 9540.00 | 35.39 | 不变 | | 冯达 | 1360.00 | 5.05 | 不变 | | 崔晓路 | 360.00 | 1.34 | 不变 | | 安徽华茂产业投资有限公司 | 240.00 | 0.89 | 不变 | | 顾寅东 | 140.45 | 0.52 | 新进 | | 糜宏伟 | 132.00 | 0.49 | 新进 | | 刘俊 | 120.40 | 0.45 | 新进 | | 毛喡喡 | 117.18 | 0.43 | 新进 | | 李成斌 | 109.05 | 0.40 | 新进 | | 武建芬 | 101.57 | 0.38 | -35.44 | | | 较上个报告期退出前十大股东有 | | | | 武则赢 | 199.79 | 0.74 | 退出 | | 张雨 | 95.00 | 0.35 | 退出 | | 大成中证360互联网+指数A | 71.69 | 0.27 | 退出 | | 辛华伟 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][13]. 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 up growth space for the company [4][6]. - The company has slightly adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 201 million, 240 million, and 289 million yuan for 2025-2027, respectively [4][6]. Financial Performance Summary - 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 shareholders of 156 million yuan, up 3.59% year-on-year. The first quarter of 2025 saw operating revenue of 423 million yuan, a 4.33% increase year-on-year, with a net profit loss of 8.33 million yuan, but a 14.04% increase year-on-year in the same quarter [5][8]. - The company's revenue is projected to grow from 2.331 billion yuan in 2024 to 3.581 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.6% [8][10]. AI Integration and Growth - The company has integrated AI capabilities with its business scenarios, leading to a 135.07% year-on-year increase 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 reported a 57.54% year-on-year increase in net profit in Taiwan in 2024, indicating the effectiveness of AI in enhancing operational efficiency [6][7]. Regional Performance - In the first quarter of 2025, the company achieved operating revenue of 175 million yuan in mainland China, a 6.46% year-on-year increase, while Taiwan's AI applications and integration solutions continued to deepen, leading to a nearly 10% year-on-year increase in new customer signings [7][8]. - The Southeast Asia region saw a 33% year-on-year increase in signed contracts, reflecting the company's enhanced localization service capabilities [7].

计算机/软件开发 莱斯信息（688631.SH） 收入结构改善，打造低空新增长极 liuxiaoyao@kysec.cn 证书编号：S0790520090001 考虑公司在空管领域领先地位，维持"买入"评级 2025 年 04 月 26 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 78.65 | | 一年最高最低(元) | 135.97/46.84 | | 总市值(亿元) | 128.57 | | 流通市值(亿元) | 48.16 | | 总股本(亿股) | 1.63 | | 流通股本(亿股) | 0.61 | | 近 3 个月换手率(%) | 293.23 | 股价走势图 数据来源：聚源 -60% -30% 0% 30% 60% 2024-04 2024-08 2024-12 莱斯信息 沪深300 陈宝健（分析师） 刘逍遥（分析师） chenbaojian@kysec.cn 考虑政府治理业务短期承压，我们下调公司 2025-2026 年归母净利润预测为 1.70、 2.24 亿元（原预测为 2.09、2.72 亿元），新增 2027 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance but is actively positioning itself in the AI Agent space. The long-term development outlook remains positive despite current challenges [4][5] - Revenue for 2024 is projected to decline by 18.97% year-on-year, with a net loss of 236 million yuan, indicating an expanded loss compared to the previous year [4] - The company has adjusted its net profit forecasts for 2025-2026 to -97 million and -23 million yuan respectively, with a new forecast for 2027 set at 21 million yuan [3] Financial Summary - In 2024, the company achieved operating revenue of 847 million yuan, down from 1,045 million yuan in 2023, with a gross margin decrease from 68.44% to 64.22% [4][6] - For Q1 2025, the company reported operating revenue of 105 million yuan, a decline of 42.4% year-on-year, with a net loss of approximately 66.98 million yuan [4] - The company's EPS (Earnings Per Share) is projected to be -0.84, -0.20, and 0.18 yuan for 2025, 2026, and 2027 respectively, with a corresponding PE ratio of 148.6 for 2027 [3][6] Strategic Initiatives - The company launched a new generation of AI intelligent products, CoMi, which integrates mainstream AI models and allows for the creation of customized agents for various applications [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 operating revenue and net profit attributable to shareholders were 540 million and 140 million yuan, respectively, representing year-on-year increases of 85% and 726%. The non-recurring net profit attributable to shareholders was 72 million yuan, up 347% year-on-year, meeting expectations. The difference in these figures is primarily due to non-recurring investment income of 66 million yuan generated from the acquisition of Pioneer Fund [6][8] - The company benefits from the increased trading activity of individual investors, and its growth potential continues to be validated. The report maintains a "Buy" rating [6][8] Financial Performance Summary - Q1 2025 total revenue was 540 million yuan, with a year-on-year growth of 85%. The net profit attributable to shareholders was 140 million yuan, with a year-on-year increase of 726%. The non-recurring net profit was 72 million yuan, reflecting a year-on-year growth of 347% [6] - The company's financial information service revenue and cash flow showed significant growth, with a sales cash inflow of 510 million yuan, up 93% year-on-year. The pre-receivable accounts (contract liabilities + non-current liabilities) reached 870 million yuan, increasing by 4% quarter-on-quarter and 25% year-on-year [7] - The company's net income from commission fees and interest income for Q1 was 97 million and 21 million yuan, respectively, with year-on-year increases of 143% and 67%. The average daily trading volume of the market increased by 72% year-on-year, and the number of new accounts opened rose by 32% [8] Earnings Forecast - The company’s projected net profit attributable to shareholders for 2025-2027 is 360 million, 560 million, and 770 million yuan, respectively, with year-on-year growth rates of 249%, 55%, and 37%. The earnings per share (EPS) are expected to be 0.6, 0.9, and 1.3 yuan for the same period [6][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 total revenue and net profit attributable to shareholders were 540 million and 140 million yuan, respectively, representing year-on-year increases of 85% and 726%. The non-recurring net profit attributable to shareholders was 72 million yuan, up 347% year-on-year, aligning with expectations. The difference in figures is primarily due to non-recurring investment income of 66 million yuan generated from the acquisition of Pioneer Fund [6][8] - The company benefits from increased trading activity among individual investors, and its growth potential continues to be validated. The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 360 million, 560 million, and 770 million yuan, respectively, with year-on-year growth rates of 249%, 55%, and 37% [6][7] Financial Summary - For 2025, the expected operating revenue is 2,185 million yuan, with a year-on-year growth of 42.9%. The net profit attributable to shareholders is projected at 364 million yuan, reflecting a year-on-year increase of 249% [9] - The gross margin is expected to improve to 91.1% in 2025, while the net margin is projected to reach 16.7% [9] - The company's earnings per share (EPS) for 2025 is estimated at 0.6 yuan, with a price-to-earnings (P/E) ratio of 94.7 times [9] Business Performance - The company's financial information services revenue was 420 million yuan in Q1 2025, up 76% year-on-year, with cash inflow from sales reaching 510 million yuan, a 93% increase year-on-year. The pre-receivable accounts (contract liabilities + non-current liabilities) stood at 870 million yuan, up 4% quarter-on-quarter and 25% year-on-year [7] - The net income from commission and interest for Q1 2025 was 97 million and 21 million yuan, respectively, with year-on-year increases of 143% and 67%. The average daily trading volume in the market increased by 72% year-on-year, and the number of new accounts opened rose by 32% [8]

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Group 1 - The core viewpoint of the articles highlights the institutional investment landscape for Chuling Information (300250.SZ), indicating a slight decline in institutional holdings compared to the previous quarter [1][2] - As of April 24, 2025, a total of 14 institutional investors disclosed holdings in Chuling Information A-shares, with a combined holding of 1.047 million shares, representing 0.49% of the total share capital [1] - The top ten institutional investors collectively hold 0.49% of the shares, with a decrease of 1.05 percentage points from the previous quarter [1] Group 2 - In the public fund sector, 13 new public funds were disclosed this period, including several notable funds such as the China Europe Index Fund and Southern CSI 2000 ETF [1] - One public fund, the Dacheng CSI 360 Internet + Index A, was not disclosed in this period, indicating a reduction in the number of public funds reporting [1] - From the foreign investment perspective, one new foreign institution, Morgan Stanley & Co. International PLC, was disclosed this period, while Goldman Sachs and Barclays Bank were not reported [2]