[Table_Title] 利润端大幅减亏，AI+云计算驱动发展 证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 天融信(002212.SZ) 投资评级： 上次评级： [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_ReportDate] 2025 年 8 月 25 日 [Table_S 事件：天融信发布 ummary] 2025 年半年度报告，公司 2025 年上半年实现营收 8.26 亿元，同比下降 5.38%；实现归母净利润-0.65 亿元，同比增长 68.56%；实 现扣非净利润-0.77 亿元，同比增长 64.57%；单 2025Q2 来看，公司实现营 收 4.91 亿元，同比增长 8.72%；实现归母净利润 0.04 亿元，同比增长 103.17%；实现扣非净利润-0 ...

Group 1 - The stock price of Capital Online is reported at 21.15 yuan as of August 14, 2025, with a decrease of 0.75 yuan from the previous trading day [1] - The trading volume on that day was 594,042 shares, with a total transaction amount of 1.277 billion yuan [1] - Capital Online operates in the internet services industry, primarily focusing on cloud computing services [1] Group 2 - The company is accelerating its transition from traditional cloud computing to intelligent computing by reserving cabinet resources that meet intelligent computing demands [1] - Capital Online aims to build a nationwide dispatchable intelligent computing network through the establishment of core intelligent computing nodes [1] - The intelligent computing cloud business has become the main driver of the company's performance growth, enhancing its market competitiveness and supporting rapid business growth [1] Group 3 - On August 14, the net outflow of main funds was 184.0641 million yuan, with a cumulative net outflow of 308.8591 million yuan over the past five days [1]

Core Insights - The article highlights the strong performance of companies listed on the Beijing Stock Exchange (BSE) during the first half of the year, with a focus on Minshida, which reported the highest net profit among its peers [1][2][3]. Company Performance - Minshida achieved a total revenue of 237 million yuan, an increase of 51.83 million yuan or 27.91% year-on-year, and a net profit of 63.03 million yuan, up 18.73 million yuan or 42.28% year-on-year [2]. - The company reported a net cash inflow from operating activities of 44.35 million yuan, reflecting an increase of 86.70% year-on-year [2]. - Minshida is recognized as a national-level manufacturing champion and has become the first domestic manufacturer of aramid paper, holding the second-largest global market share [2][3]. - Huami New Materials, another company, reported a revenue of 203 million yuan, a year-on-year increase of 6.49%, but its net profit decreased by 18.57% to 16.77 million yuan [4]. - Parallel Technology, a leading computing service provider, reported a revenue of 458 million yuan, up 69.27% year-on-year, and a net profit of 5.08 million yuan, an increase of 20.05% [5]. Market Trends - The BSE is entering a busy reporting period, with a focus on performance-driven market trends, as evidenced by the significant market interest in companies with strong earnings reports [1][6]. - The BSE's "three highs" investment logic—high growth, high scarcity, and high dividends—has become a focal point for investors [1][6]. - The overall market sentiment is positive, with expectations for valuation recovery among high-performing companies as they report their earnings [6][7]. Investment Opportunities - Analysts suggest that companies with strong earnings growth and reasonable valuations should be prioritized for long-term investment [6][7]. - The article emphasizes the importance of industry catalysts, such as advancements in solid-state battery technology and AI cloud services, which are driving market performance [6][7].

润建股份 20250505 摘要 • 润建股份 2025 年一季度营收 23.79 亿元，同比增长 11%，净利润受股 权激励费用和存货计提影响同比下降，但剔除相关因素后仍实现增长。算 力网络业务营收同比增长 72%，成为主要增长引擎。 • 截至 2025 年一季度末，公司在手订单总额约 195 亿元，其中 2025 年预 计确认 85 亿元。通信订单占比最高，其次是能源和信息订单，算力订单 相对较少但增长迅速。 • 公司调整存货计提规则，导致一季度利润受到影响，但由于客户主要为央 国企，预计未来可冲回。此举虽短期影响利润，但体现了公司审慎的财务 策略。 • 公司加大 AI 领域投资，南宁五象云谷一期已建成，并预留二期地块，计划 建设万卡集群。与西木计算等合作，推出基于 RISC-V 架构的 NPU 技术， 并与多家国产算力厂商合作。 • 高端 AI 算力服务器价格持续上涨，公司提前储备，具备供应和价格优势。 与国家超算中心、头部运营商及互联网大厂合作，建设全球最大的单体 AIDC 项目。 Q&A 润建股份在 2024 年的业绩表现如何？各业务板块的情况如何？ 2024 年润建股份整体业绩表现较好，绝大部分业 ...

Group 1: Business Strategy and Performance - The company has adopted a comprehensive strategy for transitioning to intelligent computing, focusing on a multi-cloud approach to enhance resource utilization and service capabilities [2][3]. - In 2024, the company achieved a revenue of 139,679 million CNY, marking a 12% year-on-year growth, and has maintained steady growth for five consecutive years since its listing [6][13]. - The intelligent computing cloud business generated 18,287 million CNY in revenue, a significant increase of 184% year-on-year, with its revenue share rising from 5% to 13% [10][13]. Group 2: Cost Optimization and Profitability - The company is focusing on optimizing its cost structure as a key strategy for achieving profitability, implementing measures such as controlling fixed asset investments and enhancing supply chain efficiency [4][16]. - In 2024, gross margin improved by 3.8 percentage points, management salaries decreased by approximately 1%, and financial expenses were reduced by about 13% [4][16]. - Despite a net loss, the company has narrowed its losses, with a 10.86% reduction in net loss for 2024 and a 14.54% reduction in the first quarter of 2025 [3][7]. Group 3: Market Expansion and Future Growth - The company plans to expand its industry application scenarios and develop differentiated product features to meet diverse customer needs [5][11]. - The overseas market is a key component of the company's strategic layout, with revenue from this segment steadily increasing and achieving positive gross margins [8][14]. - The global cloud computing market is projected to reach 1 trillion CNY by 2025, with a year-on-year growth rate of 40.6%, indicating strong future demand for cloud services [12][14]. Group 4: Competitive Landscape and Industry Outlook - The company is positioned favorably within the competitive landscape, outperforming the average revenue growth rate of the computer industry, which was 8.8% in 2024 [12][13]. - The intelligent computing sector is expected to see significant growth driven by advancements in AI and related technologies, with the company actively investing in GPU computing and domestic chip adaptation [17][18]. - The overall industry is experiencing a transformation, with emerging technologies driving a new wave of growth in cloud computing and digital infrastructure [12][14].