金桥信息 20250706 摘要 金桥信息多元解纷业务自 2022 年底上线后快速增长，2024 年收入超 4,500 万元，同比增长 220%，已在多地法院落地，并吸引大量第三方 调解员入驻，公司计划进一步推广该模式并深化合作，寻找新的盈利增 长点。 金桥信息依托阿里及蚂蚁集团的司法大模型技术生态，加大 AI 调解机器 人研发投入，采用机器处理标准化流程与人工介入复杂决策相结合的模 式，提升调解效率和质量，有望迎来业务收入的爆发式增长。 金桥信息与蚂蚁集团深度合作，共同打造智能化多元解纷平台，融合 AI 技术，覆盖金融借款等场景，提供全生命周期解决方案。2024 年平台 处理案件量达 600 万件，预计今年将达 1,000 万至 1,200 万件。 金桥信息业务主要包括智慧场景、智慧建筑和大数据云平台服务，其中 智慧场景解决方案贡献主要收入。2025 年一季度营收同比增长 60%至 1.01 亿元，预计多元解纷业务收入保守估计为 1.2 亿至 1.5 亿元，净利 润率可达 15%至 20%。 Q&A 金桥信息在智慧法院和纠纷调解方面有哪些优势？ 金桥信息在智慧法院和纠纷调解领域具有显著优势，尤其是在与阿里及 ...

首次覆盖: 困境反转初显，AI 调解多元解纷正放量 金桥信息(603918) ——金桥信息（603918.SH）首次覆盖报告 本报告导读： 公司作为国内数字化科技的行业领先者，前瞻性布局法律金融科技板块，随着基本 盘业务反弹+AI 调解提效+多元解纷放量+法院合作深化，未来业绩增速有望超预期。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 932 | 699 | 941 | 1,153 | 1,377 | | (+/-)% | 7.9% | -25.0% | 34.6% | 22.5% | 19.4% | | 净利润（归母） | 26 | -61 | 26 | 99 | 169 | | (+/-)% | 42.8% | -337.5% | 142.9% | 279.2% | 70.7% | | 每股净收益（元） | 0.07 | -0.17 | 0.07 | 0.27 | 0.46 | | 净资产收益率(%) | ...

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 21.59 CNY per share, based on a current price of 17.34 CNY [1]. Core Views - The company is positioned as a leader in the domestic digital technology sector, with a forward-looking layout in the legal financial technology segment. The rebound in core business, efficiency improvements from AI mediation, and the rapid expansion of diversified dispute resolution services are expected to drive future performance beyond expectations [2]. Financial Summary - Revenue projections for 2025-2027 are 9.41 billion CNY, 11.53 billion CNY, and 13.77 billion CNY, respectively, with corresponding net profits of 0.26 billion CNY, 0.99 billion CNY, and 1.69 billion CNY [3][20]. - The company anticipates a revenue growth rate of 34.6% in 2025, followed by 22.5% in 2026 and 19.4% in 2027 [3]. - The net profit margin is expected to improve significantly, with a projected return on equity (ROE) of 14.1% by 2027 [3]. Business Segments - The company has three main business segments: Smart Scene Solutions, Smart Building Solutions, and Big Data & Cloud Platform Services. The Smart Scene Solutions segment is expected to contribute significantly to revenue, while the Big Data & Cloud Platform Services is projected to maintain a high growth rate [12][34]. - The diversified dispute resolution platform launched in 2022 has seen rapid growth, with revenue from mediation services expected to exceed 45 million CNY in 2024, reflecting a year-on-year increase of over 220% [12][34]. Strategic Initiatives - The company is actively involved in the construction of digital courts in collaboration with various judicial bodies, leveraging AI technologies to enhance judicial processes [12][34]. - A strategic partnership with Alibaba Cloud has been established to create an AI innovation base for the judicial industry, focusing on developing AI-driven solutions [12][34]. Valuation Analysis - The report employs both PE and PS valuation methods, concluding a reasonable valuation of 79.20 billion CNY, corresponding to a target price of 21.59 CNY per share [18][22][23]. - The company is expected to achieve a PE ratio of 80 times by 2026, reflecting its growth potential and market position [20][22]. Market Position - The company has a diversified shareholder structure, with significant ownership by the management team and strategic investors, which enhances its governance and operational stability [44][48]. - The company has been in operation for over 30 years, focusing on integrating technology solutions across various sectors, including government, education, and finance [25][30]. Recent Performance - The company faced challenges in 2024, with a revenue decline of 24.98% due to macroeconomic factors, but showed signs of recovery in Q1 2025 with a revenue increase of 63.93% [32][34]. - The gross profit margin for 2024 was reported at 26.73%, indicating a decline but still competitive within the industry [36]. Future Outlook - The company is expected to continue expanding its service offerings and market reach, particularly in the legal financial technology sector, which is anticipated to drive future revenue growth [12][34]. - The strategic focus on AI and digital transformation is expected to enhance operational efficiency and profitability in the coming years [12][34].

金桥信息（603918.SH）首次覆盖报告 25Q1 业绩迎来拐点，携手巨头 AI+司法全面加速 2025 年 04 月 30 日 ➢ 携手蚂蚁，打造多元解纷平台。金桥信息持续与蚂蚁集团保持着长期且良好 的合作关系，双方共同合作打造多元解纷平台，平台以 "枫桥经验"为指导思 想，在司法机关的监督指导下，结合 AI 技术赋能，吸纳市场化调解力量，运用 规范合法的调解方式，将大量金融纠纷化解在诉讼之前。蚂蚁集团自 2020 年通 过定增方式入股金桥，截至 2025 年一季度末，持股比例 5.1%。 ➢ 多元解纷平台业务量翻倍式增长，2024 年收入超过 4500 万元。多元解纷 平台在 2024 年案件数量继续呈现高速增长态势，2024 年平台接收的案件数量 较上年同期增长数倍。目前平台处理案件主要为金融借款合同、信用卡、融资租 赁合同、车贷等多元化纠纷类型。目前平台已入驻特邀调解组织超过 20 家，入 驻调解人员超过 1800 人。多元解纷平台已在浙江省、重庆市、安徽省等多家法 院相继落地开展业务。2024 年公司调解相关业务已实现收入超过 4,500 万元， 相较于 2023 年同比增长 221%。 ➢ 不止 ...