计算机/软件开发 广联达（002410.SZ） 2025 年 08 月 26 日 投资评级：买入（维持） | 日期 | 2025/8/25 | | --- | --- | | 当前股价(元) | 13.96 | | 一年最高最低(元) | 16.25/8.81 | | 总市值(亿元) | 230.61 | | 流通市值(亿元) | 221.70 | | 总股本(亿股) | 16.52 | | 流通股本(亿股) | 15.88 | | 近 3 个月换手率(%) | 114.3 | 股价走势图 -20% 0% 20% 40% 60% 80% 2024-08 2024-12 2025-04 广联达 沪深300 数据来源：聚源 相关研究报告 《Q4 业绩增速向好，成本费用管控成 效显著 — 公 司 信 息 更 新 报 告 》 -2025.3.27 《降本控费成效显现，数字成本业务 稳 健 发 展 — 公 司 信 息 更 新 报 告 》 -2024.8.25 陈宝健（分析师） 刘逍遥（分析师） chenbaojian@kysec.cn 证书编号：S0790520080001 建筑信息化龙头，维持"买入"评级 我们维持公 ...

Core Viewpoint - Guanglian Da's half-year report for 2025 shows a decrease in revenue but an increase in net profit, indicating improved operational quality and potential for future growth through AI and international expansion [1][2]. Financial Performance - The company's revenue for the first half of the year was 2.784 billion yuan, a year-on-year decrease of 5.23% [1]. - Net profit attributable to shareholders was 237 million yuan, a year-on-year increase of 23.65% [1]. - Basic earnings per share were 0.1442 yuan, reflecting a growth of 23.67% year-on-year [1]. - Gross margin improved by 1.11 percentage points to 87.79% due to adjustments in product structure [2]. - Cash flow from operating activities saw a net outflow reduction of 19% year-on-year, with cash received from sales increasing by 162 million yuan [2]. Business Segment Analysis - Digital construction, digital design, and overseas business accounted for 16.49% of total revenue, an increase of nearly 2 percentage points [2]. - Digital cost business revenue was 2.286 billion yuan, down 7.06% year-on-year, primarily due to a decrease in revenue from previously signed cloud contracts [2]. - Digital construction revenue increased by 8.21% to 312 million yuan [2]. - Digital design revenue decreased by 13.11% to 31 million yuan [2]. - Overseas business revenue grew by 9.62% to 116 million yuan [2]. Operational Improvements - The company has seen a comprehensive improvement in key operational metrics, including net profit, gross margin, cash flow, and asset turnover efficiency [2]. - The digital construction business has shown signs of recovery, with a 19.49% year-on-year revenue growth in the second quarter [3]. - The gross margin for the construction business rose to 52.01%, an increase of 26.03 percentage points compared to the same period last year [3]. AI and International Expansion - AI has become a significant growth driver, with over 4,000 AI service calls and 143 billion tokens consumed in model service [5]. - AI directly contributed over 40 million yuan in contract amounts, enhancing product competitiveness and revenue growth [5]. - The company is focusing on international market development, with a 21.62% year-on-year revenue increase in the second quarter [6]. - The renewal rate for Asian clients improved significantly, indicating growing market acceptance [6]. Future Outlook - The company plans to continue advancing its strategic initiatives in design integration, cost precision, construction refinement, and globalization in the second half of the year [6].

Core Viewpoint - Guanglianda (002410.SZ) reported a decrease in operating revenue for the first half of 2025, while net profit showed significant growth, indicating a mixed performance amidst changing revenue structures [1] Financial Performance - The company achieved operating revenue of 2.784 billion yuan, a year-on-year decrease of 5.23% [1] - Net profit attributable to shareholders was 237 million yuan, reflecting a year-on-year increase of 23.65% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 214 million yuan, up 22.67% year-on-year [1] - Basic earnings per share were 0.1442 yuan [1] Revenue Structure - The revenue structure has diversified, with digital construction, digital design, and overseas business accounting for nearly a 2 percentage point increase, reaching 16.49% of total revenue [1] - Digital cost business generated revenue of 2.286 billion yuan, a year-on-year decrease of 7.06%, primarily due to reduced revenue from previously signed cloud contracts [1] - Digital construction business reported revenue of 312 million yuan, an increase of 8.21% year-on-year [1] - Digital design business generated revenue of 31 million yuan, a year-on-year decrease of 13.11% [1] - Overseas business achieved revenue of 116 million yuan, reflecting a year-on-year increase of 9.62% [1]