证券研究报告 | 公司点评 gszqdatemark 2026 01 23 年 月 日 朗新科技（300682.SZ） 年报业绩扭亏为盈，AI+电力交易积极推进 事件：1 月 20 日，公司发布 2025 年度业绩预告，实现归母净利润 1-1.5 亿元，同比+139.96%~159.93%；实现扣非后归母净利润 0.8~1.2 亿元， 同比+128.78%~143.17%。 2025 年迎来业绩拐点， 能源数智化、能源互联网双轮驱动。1）根据公司 发布业绩预告，2025 年单 Q4 公司有望实现净利润-0.06~0.44 亿元，同 比+98.5%~110.7%；2025 年单 Q4 公司有望实现扣非后归母净利- 0.03~0.37 亿元，同比+99.2%~109.3%。2）2025 年全年归属于上市公 司股东的非经常性损益约为 2500 万元，主要系政府补助等，上年同期为 2769.25 万元。3）公司现金流保持稳定且良好，经营性净现金流约 4 亿 元。 能源数智化盈利改善：积极推动 AI 试点项目，不断拓展海外电网数智化。 1）2025 年，公司能源数智化业务盈利大幅改善，主要系 2024 年剥离非 核心业 ...

证券研究报告 | 公司点评 gszqdatemark 2026 01 23 年 月 日 维持"买入"评级。公司深耕能源 IT 多年，是电力信息化领军企业，布局 充电桩、虚拟电厂两大高景气赛道，盈利能力转好，公司盈利空间前景可 期。根据公司 2025 年业绩预告，参考 AI 电力交易和新电途放量节奏，我 们预计公司 2025-2027 年营业收入为 51.69/62.70/79.68 亿元，归母净利 润为 1.06/4.78/8.26 亿元，维持"买入"评级。 风险提示：核心技术积累不足；无法继续使用授权技术；国产厂商在 AIGC 技术和产品进展不及预期。 朗新科技（300682.SZ） 年报业绩扭亏为盈，AI+电力交易积极推进 事件：1 月 20 日，公司发布 2025 年度业绩预告，实现归母净利润 1-1.5 亿元，同比+139.96%~159.93%；实现扣非后归母净利润 0.8~1.2 亿元， 同比+128.78%~143.17%。 2025 年迎来业绩拐点， 能源数智化、能源互联网双轮驱动。1）根据公司 发布业绩预告，2025 年单 Q4 公司有望实现净利润-0.06~0.44 亿元，同 比+98.5 ...

1考虑1.2亿元曾经剥离业务的应收账款减值+1亿元左右Ai相关新增投入，#公司传统主业盈利能力在3.2-3.7亿元 左右（主业受电网智能化投资周期影响，目前是低谷期）。 公司25年经营性净现金流约4亿元。 【山证电新】朗新科技25年业绩同比增长140%-160%，扭亏为盈，继续重点推荐！ 1月20日，公司公告2025年业绩预告，25年公司预计归母净利润1.0-1.5亿元，同比增长140%-160%（24年亏损2.5亿 元）。 1考虑1.2亿元曾经剥离业务的应收账款减值+1亿元左右Ai相关新增投入，#公司传统主业盈利能力在3.2-3.7亿元 左右（主业受电网智能化投资周期影响，目前是低谷期）。 【山证电新】朗新科技25年业绩同比增长140%-160%，扭亏为盈，继续重点推荐！ 1月20日，公司公告2025年业绩预告，25年公司预计归母净利润1.0-1.5亿元，同比增长140%-160%（24年亏损2.5亿 元）。 公司存量客户电力交易需求4000-6000亿度电，27年公司目标1000亿度电，占比全市场需求比例依然较低，业务天 花板极高。 按度电1-2分的盈利测算，公司今年该业务利润弹性3-6亿元，明年利润弹性 ...

Core Viewpoint - Longxin Technology (300682.SZ) is expected to achieve a net profit attributable to shareholders of 100-150 million yuan for the year 2025, marking a significant turnaround from previous losses [2] Group 1: Financial Performance - The company has improved its performance significantly after divesting non-core businesses and focusing on power grid development [2] - Operating net cash flow for the reporting period is approximately 400 million yuan, indicating stable development of the company's main business [2] Group 2: Strategic Focus - Longxin Technology is concentrating on a dual development strategy of energy digitalization and energy internet, aiming to build a platform that connects vast electricity load users with abundant electricity supply assets [2] - The company has committed to deepening its AI strategy, with a complete shift in its R&D technology system towards AI and increased investment in R&D [2] Group 3: Market Growth - The trading volume of electricity is expected to exceed 6 billion kilowatt-hours in 2025, representing a year-on-year growth of over 300% [2] - The performance of the energy internet segment has improved significantly due to reduced losses from the new electric path and increased scale of electricity trading [2]

Core Viewpoint - Longxin Technology (300682.SZ) is expected to achieve a net profit attributable to shareholders of 100-150 million yuan for the year 2025, marking a significant turnaround from previous losses [1] Group 1: Financial Performance - The company has improved its performance significantly after divesting non-core businesses and focusing on power grid development [1] - The operating net cash flow for the reporting period is approximately 400 million yuan, indicating stable development of the company's main business [1] Group 2: Strategic Focus - Longxin Technology is concentrating on a dual development strategy of energy digitization and energy internet, aiming to build a platform that connects vast electricity load users with abundant electricity supply assets [1] - The company has committed to deepening its AI strategy, with a complete shift in its technology research and development system towards AI, and has increased R&D investment [1] Group 3: Market Growth - The trading volume of electricity is expected to exceed 6 billion kilowatt-hours in 2025, representing a year-on-year growth of over 300% [1] - The performance of the energy internet segment has improved significantly due to reduced losses from the new electric path and increased scale of electricity trading [1]

Core Viewpoint - The company expects a net profit of 100 million to 150 million yuan for the fiscal year 2025, a significant recovery from a loss of 250 million yuan in the same period last year [1] Group 1: Financial Performance - The projected net profit for 2025 is between 100 million and 150 million yuan, compared to a loss of 250 million yuan in the previous year [1] Group 2: Strategic Focus - The company is focusing on a dual development strategy of energy digitization and energy internet, aiming to build a platform that connects a vast number of electricity load users with electricity supply assets [1] - The company is committed to deepening its AI strategy, shifting its research and development technology system entirely towards AI, and increasing R&D investment [1] Group 3: Competitive Advantage - The company has successfully established industry-leading AI technology and product competitive barriers [1]

Core Viewpoint - Longxin Group focuses on a dual development strategy of "energy intelligence and energy internet," aiming to become a leading AI-driven energy technology enterprise [1] Group 1: Energy Intelligence - The company provides core business software solutions and intelligent services to major clients such as State Grid, Southern Power Grid, and Electric Power Energy Group [1] - Longxin Group emphasizes the importance of energy intelligence in its operations, aligning with national energy strategies [1] Group 2: Energy Internet - The company builds energy service scenarios such as life payment, charging aggregation, and virtual power plants, offering asset operation and electricity trading services [1] - Longxin Group constructs an energy internet platform that connects a vast number of electricity load users with a multitude of electricity supply assets [1] Group 3: Strategic Shift - The company has shifted from a diversified cross-industry development model to a focused approach in the energy technology sector [1] - To better reflect its business essence, the company has changed its stock name from "Longxin Group" to "Longxin Technology" [1]

Core Insights - Global technology investment enthusiasm remains high in 2025, but there is a structural differentiation characterized by "strong computing power, weak applications" [3] - Major global tech giants are significantly increasing capital expenditures, benefiting upstream computing chips and supporting hardware, while the computer/software sector faces three pressures: 1) Software companies' performance growth is overall lower than that of the computing chain; 2) Software company valuations are not cheap compared to hardware; 3) Concerns about "large models consuming software" continue to grow [3] - By Q3 2025, domestic public funds are underweight in the computer sector by 1.7 percentage points [10] Market Review: AI Applications' Concerns and Breakthroughs - The performance of the computer/software sector in both China and the US has been weak, with software and service-focused indices significantly underperforming hardware and semiconductor indices [5] - As of December 12, 2025, the A-share computer index has risen by 15.15%, lagging behind the 49.16% increase in the ChiNext index and the 45.90% increase in the electronic index [5] - In the US market, the IGV software index has only increased by 7.84%, underperforming the 22.52% rise in the Nasdaq Composite and the 39.75% increase in the SOXX semiconductor index [5] Opportunities in Chinese AI Applications 1. Deepening Industrial Applications - China possesses the world's only complete industrial system, providing high-value real-world data, application scenarios, and energy supply, which will foster diverse agent forms [27] - The construction of a modern industrial system is prioritized in the "14th Five-Year Plan," with expectations for intensive policy support for "Artificial Intelligence+" during this period [39] 2. Expanding Overseas - AI application teams in China can leverage "extreme efficiency + global pricing" arbitrage, with the engineer dividend in China continuing to expand [3] - Many computer companies prioritize overseas strategies, with overseas revenue growth generally outpacing domestic growth [64] 3. Reconstructing Edge AI - Internet giants and AI startups are actively exploring edge forms in the AI era, integrating deeply with existing consumer electronics and developing new AI-native hardware [3] - The shipment volume of related products is expected to have high growth potential as hardware and algorithms mature [3] Investment Recommendations - Focus on companies with industry know-how and data for industrial empowerment, such as Hikvision, Dahua Technology, and Han's Laser [3] - Prioritize AI application companies with high overseas revenue proportions, including Foxit Software and Kingsoft Office [3] - Pay attention to AI hardware brands and algorithm vendors benefiting from the emergence of blockbuster products, such as Rainbow Soft and iFlytek [3]

Core Viewpoint - The integration of digital economy and "dual carbon" strategy is reshaping the global energy system, with technological innovation in energy companies being a key measure of industry competitiveness [1] Group 1: Technological Innovation - Longxin Technology Group has made continuous breakthroughs in integrating AI and energy scenarios, becoming a significant force in driving energy transition [1] - The company has developed the "Longxin Jiugong AI Energy Model," which combines "time series prediction" and "AI agents" to address core industry challenges such as power load forecasting and risk management [2][3] - The model has achieved over 75% accuracy in price difference prediction and over 97% accuracy in load forecasting in actual applications within power spot markets [3] Group 2: Industry Implementation - Longxin Technology has created a scalable business model by coupling AI model technology with actual industry needs, exemplified by the Wuxi Zero Carbon Industrial Park [4] - The park has been recognized as a benchmark for zero-carbon technology parks in Jiangsu Province and has achieved carbon neutrality certification for two consecutive years [4] - The transition to zero-carbon parks is expected to generate over one trillion yuan in investment demand as the country moves towards low-carbon transformation [4] Group 3: Electricity Market Development - The electricity market is rapidly developing, with 28 provinces now participating in the spot market, a significant increase from 8 provinces last year [5] - Longxin Technology has obtained electricity sales qualifications in all 28 provinces, with a projected 300% growth in trading volume by the end of the year [5] - The company has also established a service platform targeting small and medium-sized enterprises, which have not yet entered the electricity market, indicating a vast market potential [5] Group 4: Public Services and Digitalization - Longxin Technology has pioneered internet payment services for public utilities, connecting over 7,000 utility institutions and serving hundreds of millions of households [6] - The "Xindian Tu" platform has created a smart charging network covering 440 cities and over 2.7 million registered users, becoming a leading charging service platform [6][7] - The company emphasizes collaboration with major players in the energy sector to enhance the digitalization of energy assets and expand its service offerings [7][8] Group 5: Global Reach and Future Outlook - Longxin Technology's influence extends to 15 countries and regions, serving over 80 million users globally, promoting Chinese energy digitalization technology along the Belt and Road [8] - The company aims to drive the energy system towards a cleaner, smarter, more efficient, and inclusive direction through technological innovation and alignment with industry and societal needs [8]

Core Viewpoint - Longxin Technology Group is showcasing its commitment to zero-carbon initiatives through its Wuxi Zero Carbon Industrial Park, which integrates technology and sustainable living [1][2] Group 1: Zero Carbon Industrial Park - The Wuxi Zero Carbon Industrial Park is recognized as a benchmark project for zero-carbon technology parks in Jiangsu Province, fully incorporating the zero-carbon concept into its design and operational systems [1] - The park has achieved authoritative carbon neutrality certification for two consecutive years, establishing a replicable and scalable model for digital zero-carbon parks [1] - The park utilizes a self-developed "light-storage-charging" smart microgrid system to enhance the efficiency of clean energy utilization and flexibility in energy dispatch [1] Group 2: Energy Management and Digitalization - Longxin Technology employs its carbon management platform to monitor and analyze energy consumption in real-time, promoting a comprehensive upgrade to digital, visual, and refined energy management [1] - The platform supports virtual power plant practices by aggregating and dispatching distributed resources such as photovoltaics and energy storage, improving regional power system regulation and green electricity absorption [1] Group 3: AI and Energy Transition - Longxin Technology views artificial intelligence as a core driver for the intelligent transformation of the energy industry, establishing an AI research institute focused on developing large models for the energy sector [2] - The company has launched the "Longxin Nine Functions AI Energy Model," which integrates time-series forecasting and AI agent technologies to address long-standing industry challenges such as power load forecasting and risk management [2] - The "Electricity Trading Intelligent Agent" developed from this model covers the entire electricity trading process, aiding market participants in capturing opportunities during price fluctuations and optimizing asset allocation [2] Group 4: Future Directions - Longxin Technology aims to deepen collaboration with partners in cutting-edge fields such as artificial intelligence, virtual power plants, electricity markets, and zero-carbon solutions to advance the energy system towards a cleaner, smarter, and more efficient future [2]