AI商业化的浪潮正席卷而来，2025年中报成为检验企业成色的关键窗口。能否真正受益于AI，财务数 据与订单情况正给出清晰答案。 日前，星环科技交出了一份超出市场预期的半年报：收入端恢复正增长，盈利端亏损大幅收敛，同时 AI基础设施相关订单首次以千万量级进入报表，标志着公司正在走出过去两年"高投入、等兑现"的时 期。 一、Q2单季毛利率超50% 上半年，公司实现营收1.53亿元，同比增长8.82%，归母净利润亏损缩窄至-1.43亿元，较去年同期显著 缩亏。得益于规模效应与精细化运营，毛利率的显著提升与费用率的优化：Q2单季毛利率达52.24%， 同比环比双升；销售费用率、管理费用率分别降至43.94%、34.30%，同比下降30.69、9.9个百分点；经 营性现金流净额已同比大幅改善。 在国内科技股普遍面临盈利压力的大背景下，这一成绩凸显韧性，或标志着公司从"投入期"向"效率 期"的转型初见成效。 业绩修复只是表象，背后是星环科技迎来AI Infra的商业化拐点。半年报显示，大模型相关订单接近 3,000万元，相当于占当期收入近两成。值得一提的是，落地行业高度契合政策鼓励方向：金融客户借 助星环知识平台TKH构 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 52.93 yuan [1][7]. Core Views - The company reported a revenue of 64.36 million yuan in Q1 2025, a year-on-year increase of 2.59%, while the net profit attributable to shareholders was -83.58 million yuan [1]. - The company experienced a significant decline in revenue in 2024, with a total of 371 million yuan, down 24.31% year-on-year, and a net profit of -343 million yuan [1][7]. - The report highlights improvements in operational efficiency and cash flow, with a notable 47% year-on-year improvement in net cash flow from operating activities in Q1 2025 [7]. - The company is in a phase of technological investment and market expansion, with initial breakthroughs in its large model business, securing nearly 50 million yuan in orders across various sectors [7]. Financial Summary - For 2024, the total revenue is projected at 371 million yuan, with a year-on-year growth rate of -24.3%. The expected revenue for 2025 is 427 million yuan, reflecting a growth rate of 15% [3]. - The net profit attributable to shareholders is forecasted to improve from -343 million yuan in 2024 to -238 million yuan in 2025, indicating a reduction in losses by 30.7% [3]. - The earnings per share (EPS) is expected to improve from -2.84 yuan in 2024 to -1.96 yuan in 2025 [3].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents [1]. Core Insights - The company reported a revenue of 371 million yuan in 2024, a year-on-year decrease of 24.31%, primarily due to macroeconomic impacts and delays in client bidding and acceptance processes [2][3]. - In Q1 2025, the company achieved a revenue of 64 million yuan, showing a year-on-year growth of 2.59% [1]. - The company has seen an increase in revenue contribution from the financial sector, with its share rising from 32.17% in 2023 to 40.46% in 2024 [2]. - The company has focused on cost control, resulting in a reduction of total expenses by 10.78% in 2024 [2]. - The company launched several upgraded products in its data and AI infrastructure, enhancing its offerings in big data and cloud platforms [2][3]. Financial Performance Summary - In 2024, the company reported a net profit attributable to shareholders of -343 million yuan, with a year-on-year increase in loss [4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are -2.35 yuan, -1.90 yuan, and -1.47 yuan respectively [5]. - The gross margin for 2024 was 50.7%, with expectations of improvement in subsequent years [4]. - The company’s total revenue is projected to recover to 428 million yuan in 2025, with a growth rate of 15.2% [4]. Business Development and Market Position - The company has strengthened its customer retention, with 78.83% of its revenue coming from repeat customers in 2024 [2]. - The company’s AI products have gained significant recognition across various industries, securing nearly 50 million yuan in orders [3]. - The company is actively enhancing its product lines, including distributed databases and intelligent analysis tools, to meet market demands [2][3].