太极股份（002368.SZ）2025 年半年报点评 业绩持续改善，"国家队"开启智能化发展新篇章 2025 年 09 月 01 日 ➢ 事件概述：2025 年 8 月 28 日公司发布 2025 年半年度报告，实现营业收 入 37.82 亿元，同比增长 44.69%；实现归母净利润 964.67 万元，同比增长 106.07%，实现扭亏为盈；扣非归母净利润 720.68 万元，同比增长 104.39%。 ➢ 重点业务稳步恢复，行业解决方案与企业市场驱动高增长。2025 年上半年 公司经营状况较上年同期明显改善，市场拓展不断加速：1）行业解决方案增长 强劲：该业务实现收入 21.55 亿元，同比大幅增长 92.72%，成为拉动公司营收 的核心引擎。2）企业市场拓展成果显著：面向企业端的收入达到 17.44 亿元， 同比增长 52.51%。3）信创业务订单饱满：在信创领域，公司签约全国多个省市 党政客户信创项目，合同额近 20 亿元，为未来业绩增长奠定坚实基础。4）云与 数据服务稳步推进：该业务实现营业收入 4.92 亿元，同比增长 22.75%。 ➢ 数据库产品持续创新，加速关键行业国产化替代。子公司电科金仓 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][36]. Core Insights - The company is actively developing AI solutions across various sectors, including healthcare, legal, and military, positioning itself as a key player in the national AI landscape [1][2][36]. - The company has successfully integrated AI technologies into its products, showcasing significant advancements in efficiency and effectiveness across its service offerings [10][14][22]. Summary by Sections 1. AI Development in Healthcare, Legal, and Management - The company has launched the "Zhiling" medical AI solution, which enhances clinical documentation efficiency by over 90% and supports personalized health management [10][11]. - In the legal sector, the company introduced the "Jixiaoyi" AI agent, which provides comprehensive legal compliance solutions, enhancing operational efficiency in legal processes [14][16]. - The "Huizhu" private domain intelligent platform integrates AI capabilities into enterprise management, covering critical areas such as risk control and compliance [18][19]. 2. Significant Orders and Military AI Potential - The company won a major contract exceeding 100 million yuan for an AI platform project, demonstrating its strong capabilities in AI development [2][25]. - The "Xiaoke" large model has been recognized for its application in military and governmental sectors, indicating its potential for future growth [26][29]. - The company is positioned as a significant force in the intelligent development of state-owned enterprises, benefiting from its involvement in high-value AI projects [29][30]. 3. Financial Forecast and Profitability - The projected net profits for 2025, 2026, and 2027 are 313 million yuan, 409 million yuan, and 531 million yuan, respectively, with corresponding PE ratios of 51X, 39X, and 30X [4][36]. - Revenue is expected to grow from 7.836 billion yuan in 2024 to 11.288 billion yuan by 2027, reflecting a compound annual growth rate [4][36]. 4. AI Ecosystem and Long-term Advantages - The company has established a comprehensive AI ecosystem, from large models to application layers, which is expected to support its long-term growth in various sectors [36][34]. - The CETC AI Open Service Platform, which integrates over 200 specialized models, is designed to facilitate digital transformation for enterprises, enhancing deployment efficiency by 30% [34][35].