云软件服务 广联达（002410.SZ） 增持-A(维持) Q3 营收增长转正，盈利能力显著改善 2025 年 10 月 28 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 年 市场数据：2025 10 | 月 | 日 27 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 14.15 | | 年内最高/最低（元）： | | | 16.20/10.26 | | 流通 A 股/总股本（亿 | | | 15.88/16.52 | | 股）： | | | | | 流通 股市值（亿）： A | | | 224.71 | | 总市值（亿）： | | | 233.75 | | 年 基础数据：2025 | 月 9 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.19 | | 摊薄每股收益(元)： | | | 0.19 | | 每股净资产(元)： | | | 3.69 | | 净资产收益率(%)： | | | 5.58 | 方闻千 执业登记编码：S0760524050001 邮箱：fangwenqian@ ...

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 4.27 billion CNY, a year-on-year decrease of 2.22%, with a third-quarter revenue growth of 3.96% [2][3] - The net profit attributable to shareholders reached 311 million CNY, a year-on-year increase of 45.9%, with a gross profit margin improvement of 1.14 percentage points [2][3] Business Segment Analysis Digital Cost Business - Revenue for the first three quarters was 3.446 billion CNY, a year-on-year decrease of 4.95%, with third-quarter revenue of 1.16 billion CNY, remaining stable compared to last year [3] - New cloud contracts signed in the third quarter showed positive growth, with traditional pricing product renewal rates improving [3] Digital Construction Business - Revenue for the first three quarters was 529 million CNY, a year-on-year increase of 17.19%, with third-quarter revenue of 217 million CNY, growing by 33.09% [4] - Gross margin reached 54.28%, reflecting successful strategic adjustments and a focus on high-value applications [4] Digital Design Business - Revenue for the first three quarters was 48 million CNY, a year-on-year increase of 2.52%, with third-quarter revenue of 17.2 million CNY, growing by 51.33% [5] - The focus is on product optimization and enhancing usability for clients [5] Overseas Business - Revenue for the first three quarters was 177 million CNY, a year-on-year increase of 10.21%, with strong growth in the European market [6] - The company established a new Hong Kong office to support international business development [6] AI Strategy and Progress - The company initiated an "All in AI" strategy in 2023, launching an AI model and platform for the construction industry [6] - New contracts directly generated by AI exceeded 70 million CNY in the first three quarters, with expectations to reach 100 to 150 million CNY by year-end [6][13] Financial Metrics Profit and Loss Statement - Operating costs decreased by 10.27% year-on-year, while sales expenses increased by 4.66% due to enhanced marketing efforts [7] - Management expenses decreased by 11.37%, and credit impairment losses dropped by 51.91% [7] Balance Sheet Changes - Cash and cash equivalents decreased by 1.351 billion CNY, primarily due to structural deposit purchases and dividend distributions [7] - Accounts receivable increased by 229 million CNY, reflecting seasonal cash collection patterns [7] Cash Flow Statement - Net cash outflow from operating activities increased by 3 million CNY year-on-year, while cash outflow from investment activities decreased by 3 million CNY [9] Strategic Outlook - The company is developing a new three-year strategic plan focusing on core business, resource efficiency, international market expansion, and AI transformation [7] - The upcoming "New List" policy is expected to drive growth in the cost business, with over 60% of provinces planning to implement it [12]