业务评价：公司去年的ROIC为6.42%，资本回报率一般。去年的净利率为10.65%，算上全部成本后， 公司产品或服务的附加值一般。从历史年报数据统计来看，公司近10年来中位数ROIC为7.7%，中位投 资回报较弱，其中最惨年份2024年的ROIC为6.42%，投资回报一般。公司历史上的财报相对良好。 偿债能力：公司现金资产非常健康。 商业模式：公司业绩主要依靠研发及营销驱动。需要仔细研究这类驱动力背后的实际情况。 据证券之星公开数据整理，近期广电运通（002152）发布2025年中报。截至本报告期末，公司营业总收 入52.75亿元，同比上升12.07%，归母净利润4.66亿元，同比下降6.49%。按单季度数据看，第二季度营 业总收入31.25亿元，同比上升15.72%，第二季度归母净利润2.25亿元，同比下降10.28%。本报告期广 电运通公司应收账款体量较大，当期应收账款占最新年报归母净利润比达331.9%。 本次财报公布的各项数据指标表现一般。其中，毛利率28.44%，同比减11.9%，净利率9.74%，同比减 23.65%，销售费用、管理费用、财务费用总计5.82亿元，三费占营收比11.03%，同比增 ...

Group 1: Company Innovations and Products - The company has developed various robots for financial and security applications, including mobile super柜 robots and intelligent police robots, enhancing operational efficiency and resource utilization [2][3] - The company has launched the "Wangdao" industry model, which has been applied in digital auditing and government services, facilitating the creation of intelligent applications [3][4] - Recent product launches include the Kunpeng dual-route training and inference integrated server S74AK3 and AI Stack integrated machine, supporting AI applications across various industries [3][4] Group 2: Strategic Focus Areas - The company is focusing on four computing directions: intelligent computing, high-performance computing, cloud computing, and edge computing, aiming to build a secure and efficient domestic AI computing infrastructure [4] - The company emphasizes the integration of hardware and software capabilities, providing a full-stack collaborative AI computing solution [4] - The company is actively participating in national innovation projects, collaborating with over 300 partners to establish a comprehensive product system and solutions for AI computing [4] Group 3: Blockchain and Digital Currency Initiatives - The company is monitoring the trends in stablecoin issuance and applications, leveraging its expertise in digital RMB and blockchain technology [5] - The company has developed a blockchain cryptocurrency data analysis and monitoring platform, with successful case implementations [5] - The company offers comprehensive digital RMB technology services, including hardware terminals and software systems, and is expanding its digital RMB payment business [5] Group 4: Investment and Acquisition Strategy - The company prefers controlling stakes in growth-stage enterprises with good revenue and profit margins, focusing on sectors like artificial intelligence and data elements [5] - The company aims to identify and promote quality acquisition targets in hard technology, new productivity, domestic substitution, and new business models [5]