[Table_Title] AI 深度融合，聚焦"算力+联接" 证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title2] 紫光股份(000938) [Table_Summary] 1、事件 公司 2024 年实现营业收入 790.24 亿元，同比增长 2.22%；利润总额达到 22.27 亿元，同比减少 40.78%；实现 归母净利润 15.72 亿元，同比减少 25.23%；扣非归母净利润 14.56 亿元，同比减少 13.06%。 2025Q1 实现总营业收入 207.90 亿元，同比增长 22.25%；利润总额达到 4.19 亿元，同比减少 45.34%；实现归 母净利润 3.49 亿元，同比减少 15.75%。 2、新华三营收 551 亿元，AI 推动政企业务增长， 2024 年，公司控股子公司新华三营业收入达到 550.74 亿元，同比增长 6.04%。其中， 国内政企业务收入 442.39 亿元，同比增长 10.96%，在数字政府、智慧企业、数字金融、智慧医疗、智慧交 通和智慧能源领域持续落地行业数字化应用。 国内运营商业务收入 79.1 ...

Core Viewpoint - The company demonstrates strong revenue growth driven by its "AI in ALL" and "AI for ALL" strategies, with significant advancements in AI technology and market leadership in various sectors [2][3][4]. Financial Performance - In 2024, the company achieved a revenue of 79.024 billion yuan, a year-on-year increase of 2.22% - In Q1 2025, the revenue reached 20.790 billion yuan, showing a year-on-year growth of 22.25% - Subsidiary Xinhua San reported a revenue of 55.074 billion yuan in 2024, up 6.04% year-on-year, with Q1 2025 revenue at 15.295 billion yuan, reflecting a 26.07% increase [2]. Technological Advancements - The company continues to deepen its "AI in ALL" strategy, launching new products such as the S12500AI series and S9827 series, enhancing network performance and supporting high-performance AI computing [3]. - The introduction of the G7 series heterogeneous computing servers and the M9000-X firewall showcases the company's commitment to cutting-edge technology and security [3]. - The company has developed innovative cooling solutions to address high-power chip heat dissipation issues [3]. Market Position and Awards - Xinhua San has won two national science and technology progress awards, highlighting its technological leadership [4]. - The company maintains a strong market presence, leading in various segments such as enterprise WLAN and network routers for multiple consecutive years [4]. AI Application and Industry Integration - The company is focused on bridging the gap in AI application across various industries, launching the LinSeer Cube for end-to-end AI solutions [5]. - It has released several specialized AI models for sectors like healthcare and urban management, contributing to smart city initiatives [5]. Ecosystem Development - The company is actively building a computing power ecosystem, collaborating with partners to establish multiple computing centers across China [6]. - It has launched a new product line targeting small and medium-sized businesses, offering a diverse range of products to meet varied customer needs [6]. Global Expansion - The company is expanding its global footprint, with initiatives like the Turing Town project aimed at creating a comprehensive computing service platform [7]. - It aims to leverage its core technology and market experience to capitalize on AI opportunities and support digital transformation across industries [7].