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深信服(300454):单Q2实现盈利 云业务增长26%
Xin Lang Cai Jing· 2025-08-23 00:40
云计算仍是收入增长主要动力,政府业务增长恢复。25H1 云计算收入13.95亿元(+26.15%),主要受 益于信创对VMware 等替换持续增长,以超融合为核心的产品线保持20%以上增速;安全业务收入14.35 亿元(+2.61%),基础网络及物联网收入1.79 亿元(-11.62%)。分行业来看,企业客户收入增长 6.61%,收入占比达到48.75%;政府及事业单位收入增长16.98%,收入占比41.57%;金融及其他收入增 长11.23%,收入占比9.68%。另一方面,公司在国际市场实现收入2.54 亿元(+35.33%)。 安全企稳,云继续高增长,25 年有望释放利润拐点。从安全行业来看,25年需求趋稳,全行业提效降 本下,有望逐步扭亏。而公司率先发力AI 与安全融合,重点培育的融合GPT 能力的XDR、安全托管服 务(MSS),保持较高增长,深信服MSS 累积客户数量超过5500 家。云计算超融合以25.1%的份额保 持第一,在当下高增长的同时,"一朵云"HCI+AICP 业务在持续升级,随着AI 逐步落地,成为未来新 的增长点。同时,分布式存储业务EDS 产品和方案竞争力稳步提升,收入增长较快。 ...
涿州阿里项目竣工,京津冀数字经济再添“智算引擎”!
Sou Hu Cai Jing· 2025-08-23 00:35
在河北省涿州市,一项引领数字经济的重大工程——涿州阿里总承包一期项目,近日成功完成了竣工验收,标志着该项目即将正式投入使用。该项目将搭 载云计算、大数据分析、云存储等一系列前沿的数字技术服务,为京津冀地区的数字经济发展注入强大的推动力。 该项目位于涿州市刁窝镇,总建筑面积达25万平方米,是全国性的先进智算中心示范项目。自中标以来,项目团队迅速进驻现场,以高度的责任感和使命 感,全力推进工程建设。该项目还承办了2023年保定市第三批重点项目集中开工仪式,彰显了其在区域经济发展中的重要地位。 在工程建设过程中,项目团队通过精心组织和科学管理,不仅提前11天完成了主体结构的里程碑节点,还在湖南省QC小组成果评选中荣获二等奖。在业 主开展的第三方飞检中,该项目多次取得了全国阿里项目排名第一的优异成绩。 除了工程建设方面的卓越表现,该项目还注重提升农民工的精神素养。项目团队持续开展"点亮一盏灯"系列志愿服务活动,成立了"信和夜校·职工书 屋",为工友们搭建起了一个学习和交流的平台。这些举措不仅丰富了工友的业余精神文化生活,还受到了《人民日报》客户端的报道。 据悉,该项目所属的安装公司已参与建设了32座数据中心,覆盖京津 ...
教育变革十字路口 AI是“颠覆者”还是“赋能者”?
Jing Ji Guan Cha Wang· 2025-08-22 13:57
经济观察报记者陈姗 "当前,教育行业正处在变革的十字路口。全球教育市场规模持续扩大,新技术正深刻重塑教育模式, 但同时,地缘政治、经济波动、人口结构变化等因素也带来严峻考验。"中欧国际工商学院院长汪泓在8 月21日召开的"2025第十一届WWEC教育者大会暨第二届中欧教育论坛"上表示,AI技术的发展为教育 行业带来了前所未有的机遇与挑战。 据统计,全球教育市场规模在2025年将达到7.3万亿美元,并有望在2030年增长至近10万亿美元。汪泓 表示,人工智能、大数据、量子信息、云计算、区块链等新一代信息技术加速突破,产业链、创新链对 接着学科链、知识链的融合,正以前所未有的速度推动教育的发展,人口结构的变化也对教育行业发展 带来深刻影响。汪泓强调,在多重压力下,教育行业提前布局、主动引领、把握机会,打通教育隐性壁 垒具有重要性和迫切性。 会上,来自教育、科技、投资等领域的专家学者,进一步聚焦人工智能在教育垂直领域的深度融合与创 新落地,探讨AI如何赋能教育企业发展。 教育部规建中心原主任陈锋发表了题为"AI时代的学校和校长"的主题演讲。他指出,人工智能带来的变 革速度远超预期,将影响所有行业,未来90%的现有工 ...
模范生交卷!点亮京津冀又一座“数字灯塔”
Sou Hu Cai Jing· 2025-08-22 13:29
近日,涿州阿里总承包一期工程 正式完成竣工验收 即将搭载云计算、大数据分析 云存储等前沿数字技术服务 为京津冀地区数字经济的腾飞注入澎湃动力 ▲保定市2023年第三批重点项目集中开工 项目位于河北省涿州市刁窝镇 总建筑面积约为25万平方米 是 全国性先进智算中心示范项目 自中标以来,项目团队跑步进场 还承办了2023年保定市第三批 重点项目集中开工仪式 ▲项目ECC楼实景 项目团队始终以 高度的责任感和使命感 确保工程高质量推进和工期提前完成 通过劳动竞赛合理安排工序穿插 不仅 提前11天完成主体结构的里程碑节点 还荣获湖南省 QC小组成果二等奖 在业主开展的第三方飞检中 多次取得了 全国阿里项目第一的成绩 持续开展 "点亮一盏灯"系列志愿服务 成立了"信和夜校·职工书屋" 搭建起与工友沟通的桥梁 打造"书香工地" ▲《人民日报》客户端报道 同时,项目致力于农民工精神素养提升行动 丰富工友业余的精神文化生活 受到了《人民日报》的报道 目前,安装公司已 参建数据中心32座 在5个国家算力枢纽节点—— 京津冀、长三角、成渝 粤港澳大湾区、内蒙枢纽及 安徽、山西等地皆有项目 已建成投用 竣工交付不是终点 而是价值生 ...
伟仕佳杰(00856):业绩超预期:云计算及东南亚收入扩张持续推进
Guotai Junan Securities· 2025-08-22 11:40
Investment Rating - The report maintains a "Buy" rating for VSTECS (00856 HK) with a target price of HK$14.00, revised from the previous target price of HK$8.18 [1]. Core Insights - The company has demonstrated strong performance in the first half of 2025, with earnings per share exceeding expectations by 3.7%. Revenue growth was particularly robust in the cloud computing segment, which saw a year-on-year increase of 67.9%, surpassing expectations by 8.2% [5]. - The forecast for net profit for 2025-2027 has been revised upwards to HK$14.03 billion (+16.0%), HK$16.28 billion (+19.2%), and HK$20.36 billion, respectively. The current target price corresponds to a price-to-book ratio of 2.0 times and a price-to-earnings ratio of 13.9 times for 2025 [5][6]. - The company has secured several significant projects in the cloud computing space and maintains strong relationships with domestic chip design companies, positioning it well for future growth [5]. Financial Performance Summary - For the fiscal year ending December 31, 2023, VSTECS reported total revenue of HK$73.891 billion and a net profit of HK$922 million, with an earnings per share (EPS) of HK$0.656 [4]. - The projected revenue for 2025 is HK$103.922 billion, with a net profit forecast of HK$1.403 billion and an EPS of HK$1.009, reflecting a growth of 33.3% in EPS compared to 2024 [4][7]. - The company’s cloud computing revenue for the first half of 2025 was HK$2.620 billion, marking a significant increase of 67.9% year-on-year [6]. Segment Performance - The cloud computing segment is expected to grow significantly, with projected revenues of HK$5.477 billion in 2025, representing a year-on-year growth of 39.2% [9]. - The Southeast Asia expansion has also been fruitful, with revenues reaching HK$16.735 billion, a year-on-year increase of 22.5%, driven by strong growth in markets like Thailand and the Philippines [5][6]. Valuation Metrics - The report indicates that VSTECS is currently trading at a price-to-earnings ratio of 15.2 for 2024 and is expected to decrease to 11.4 by 2025, suggesting an attractive valuation relative to its growth prospects [10]. - The company’s return on equity (ROE) is projected to improve from 11.6% in 2023 to 17.7% by 2027, indicating enhanced profitability [14].
深信服(300454):单Q2实现盈利,云业务增长26%
Guoxin Securities· 2025-08-22 11:23
证券研究报告 | 2025年08月22日 深信服(300454.SZ) 优于大市 单 Q2 实现盈利,云业务增长 26% 单 Q2 实现利润转正。公司 25H1 收入 30.09 亿元(+11.16%),归母净利润 -2.28 亿元,亏损收窄约 61.54%;扣非归母净利润-2.59 亿元,亏损收窄 60.44%。单 Q2 来看,公司收入 17.47 亿元(+4.50%),归母净利润 0.22 亿 元,扣非归母净利润 0.03 亿元,均实现转正。单 Q2 实现盈利转正,公司经 营充分调整到位。Q2 收入增速短期放缓,不改全年持续复苏趋势。 毛利率有所提升,现金流依然优异。公司上半年毛利率为 62.09%,同比提升 0.75 个百分点,尤其云计算业务毛利率提升 3.46 个百分点。公司三费整体 同比减少 6.81%,尤其管理和研发费用下降较大。公司 25H1 现金流入 41.01 亿元(+4.32%),经营活动现金流净额为-2.35 亿元(去年同期为-9.77 亿 元),公司加强供应链管理,上半年策略性备货金额同比减少,购买商品、 接受劳务支付的现金同比少支出 4.32 亿元 云计算仍是收入增长主要动力,政府业 ...
软通动力股价小幅回落 盘中一度快速回调
Jin Rong Jie· 2025-08-20 19:36
Group 1 - The stock price of Softline Power closed at 59.76 yuan on August 20, 2025, down 0.71% from the previous trading day [1] - The stock opened at 60.06 yuan, reached a high of 60.80 yuan, and a low of 58.20 yuan during the day, with a total trading volume of 30.15 billion yuan and a turnover rate of 7.47% [1] - Softline Power specializes in software and information technology services, covering areas such as digital consulting, cloud computing, and big data [1] Group 2 - On the morning of August 20, the stock experienced a rapid decline, with a drop of over 2% within 5 minutes at 9:36 AM, and a transaction amount of 4.10 billion yuan during that period [1] - The net outflow of main funds on that day was 3.39 billion yuan, with a cumulative net outflow of 88.94 million yuan over the past five trading days [1]
世界首次五百强断崖差距: 日本149家,美国151家,中国3家,现在呢
Sou Hu Cai Jing· 2025-08-20 12:21
Group 1 - The initial World Fortune 500 list in 1995 featured 151 American companies and 149 Japanese companies, while China had only three companies: Bank of China, COFCO, and Sinopec [3][12] - The early Chinese companies listed were primarily in traditional sectors such as energy and finance, lacking technological advantages [12] - By 2011, the number of Chinese companies on the list increased to 69, surpassing Japan for the first time [14] Group 2 - In 2024, China had 133 companies on the list, with significant representation from technology manufacturers like Huawei and BYD, marking a shift from state-owned enterprises to include private companies [16][21] - Huawei ranked among the top 50 globally with annual revenue of 980 billion yuan, leading in 5G patents and market share [17] - BYD became the largest electric vehicle manufacturer globally, surpassing Tesla with sales exceeding 3 million units in 2023 [18] Group 3 - Alibaba reported revenue of 600 billion yuan, with its cloud computing division ranking third globally [19] - The proportion of private companies in the 2024 list reached 40%, indicating a diversification of the Chinese corporate landscape [21] - The United States had 139 companies in 2024, with tech giants like Apple, Microsoft, and Google dominating the list, while Japan's representation fell to 40 companies [21][23] Group 4 - Japan's decline is evident as its former leading company, Mitsubishi Corporation, dropped from the top position to 35th, with significant losses in market share for electronics firms like Sony and Panasonic [25] - The shift in global economic power is highlighted by China's rapid growth in emerging sectors, contrasting with Japan's struggles in traditional industries [25]
上半年软件业务收入 同比增长11.9%
Zhong Guo Chan Ye Jing Ji Xin Xi Wang· 2025-08-18 22:26
Core Insights - The software and information technology services industry in China is experiencing a positive operational trend in the first half of 2025, with steady growth in software business revenue, double-digit profit growth, and positive export growth [1]. Overall Performance - Software business revenue reached 70,585 billion yuan, marking an 11.9% year-on-year increase [2]. - Total profit for the software industry was 8,581 billion yuan, reflecting a 12.0% year-on-year growth [2]. - Software business exports amounted to 28.3 billion USD, showing a 5.3% year-on-year increase [2]. Sector Performance - Software product revenue grew steadily, reaching 15,441 billion yuan, with a year-on-year increase of 10.6%, accounting for 21.9% of total industry revenue [3]. - Revenue from information technology services maintained double-digit growth at 48,362 billion yuan, up 12.9% year-on-year, representing 68.5% of total industry revenue [3]. - Cloud computing and big data services generated 7,434 billion yuan, with a 12.1% year-on-year increase, making up 15.4% of information technology service revenue [3]. - Integrated circuit design revenue was 2,022 billion yuan, reflecting an 18.8% year-on-year growth [3]. - E-commerce platform technology service revenue reached 5,882 billion yuan, with a 10.2% year-on-year increase [3]. - Information security product and service revenue was 1,052 billion yuan, showing an 8.2% year-on-year growth [4]. - Embedded system software revenue was 5,730 billion yuan, with an 8.5% year-on-year increase [5]. Regional Performance - Software business revenue growth rates were 12.1% in the eastern region, 12.5% in the central region, 10.4% in the western region, and 9.2% in the northeastern region [6]. - The eastern region accounted for 84.3% of the total software business revenue in the country [6]. - The Beijing-Tianjin-Hebei region saw a 12.5% year-on-year increase in software business revenue, while the Yangtze River Delta region experienced a 13.7% increase [6]. - The top five provinces in software business revenue were Beijing, Guangdong, Jiangsu, Shandong, and Shanghai, with year-on-year growth rates of 12.6%, 9.0%, 14.4%, 12.9%, and 18.0% respectively [6].
塑造服务贸易发展新动能
Sou Hu Cai Jing· 2025-08-18 21:10
Core Insights - Service trade is increasingly vital in international trade and economic cooperation, with China achieving over a trillion dollars in service trade but still facing competitiveness challenges [1][3] - The 20th National Congress emphasizes the need for innovation to enhance service trade, addressing both risks from unilateralism and opportunities from technological revolutions [1][3] Group 1: Innovation and Development - Innovation in service trade mechanisms is essential, requiring alignment with international high-standard trade rules and promoting a negative list approach for cross-border service trade [1][4] - The development of digital and green service trade is crucial, focusing on enhancing international service capabilities and exploring "bonded + service trade" models [1][2] Group 2: Sectoral Expansion - Expanding service trade requires orderly opening in sectors like telecommunications, healthcare, education, and finance, alongside standardization initiatives [2][4] - Emphasis on knowledge-intensive service trade growth is necessary, aiming to increase its share in overall service trade [2][3] Group 3: Economic Integration - Strengthening the integration of service trade with other industries is vital, promoting policy coordination and supporting manufacturing sectors in providing competitive services [6][7] - The interdependence of international investment, goods trade, and service trade highlights the need for a cohesive approach to trade development [3][5] Group 4: Digital and Green Transformation - Accelerating digital, intelligent, and green transformations in service trade is essential, leveraging technologies like AI and blockchain to enhance competitiveness [7][8] - Developing a green service trade framework and expanding competitive green technology exports are key objectives [7][8] Group 5: Collaborative Networks - Building a mutually beneficial service trade cooperation network is critical, focusing on deepening partnerships and expanding into emerging markets [9][10] - Strengthening cooperation with countries along the Belt and Road Initiative and enhancing trade facilitation standards are strategic priorities [9][10]