Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company achieved a revenue of 4.865 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 12.15%. The net profit attributable to the parent company was 4.0465 million yuan, showing improvement compared to the previous year [1]. - The database business is experiencing continuous growth, with the domestic business expected to accelerate. The company has optimized its expense ratios, with sales and management expense ratios at 4.80% and 16.74%, respectively, both lower than the same period in 2024. R&D investment has increased, with the R&D expense ratio improving year-on-year [2]. - The company has made significant strides in the financial sector, securing important orders that demonstrate its capabilities. The ComStar project, which involves a high-performance database system for financial transactions, has shown efficiency improvements of nearly three times in certain scenarios compared to the previous system [2]. - The company is leveraging the AI trend, launching the "Luoshu Intelligent Hub," which integrates AI capabilities with business intelligence functions. This platform aims to enhance intelligent data analysis and support various business scenarios [3]. Financial Forecasts - The company forecasts revenues of 9.039 billion yuan in 2025, with a growth rate of 15.4%. The net profit attributable to the parent company is expected to be 305 million yuan, reflecting a growth rate of 59.8% [5][9]. - The projected earnings per share for 2025 is 0.49 yuan, with a price-to-earnings (PE) ratio of 55 [5][10]. - The company anticipates continued growth in net profit, with estimates of 409 million yuan in 2026 and 531 million yuan in 2027, corresponding to PE ratios of 41 and 32, respectively [4][5].

Core Insights - The company is experiencing short-term profit pressure due to increased investments during its strategic transformation, but overall performance is steadily recovering [1][2] - The company reported a revenue of 4.865 billion yuan for the first three quarters, a year-on-year increase of 12.15%, while the net profit attributable to shareholders was 4 million yuan, up 114.31% year-on-year [1][2] - In Q3 alone, the company generated a revenue of 1.083 billion yuan, a year-on-year decline of 37.18%, and a net profit of -600,000 yuan, down 104.29% year-on-year [1][2] Financial Performance - For the first three quarters, the company achieved an operating cash flow of -1.809 billion yuan, a year-on-year decrease of 13.22% [1] - The company’s R&D expense ratio increased by 4.50 percentage points year-on-year due to heightened investments in databases, data elements, and artificial intelligence [2] Strategic Developments - The company has signed contracts nearing 3 billion yuan driven by the acceleration of the "信创" initiative, with new contracts for the "金仓" project doubling compared to the previous year [2] - The company is actively participating in various AI projects and has launched products such as a trusted data space and a low-code development platform, contributing to a strong start in data and intelligent business [2] Investment Outlook - The company maintains a "strong buy" investment rating, with projected net profits attributable to shareholders of 316 million yuan, 428 million yuan, and 495 million yuan for the years 2025 to 2027 [3]

太极计算机股份有限公司（以下简称"太极计算机"）于2025年10月29日晚间以电话会议形式召开业绩说 明会，接待了长安基金、上海聆泽私募基金、百嘉基金等12家机构的调研。公司副总裁、财务总监、董 事会秘书王茜及证券事务代表董伟出席会议，就2025年前三季度业绩表现、子公司电科金仓发展、数据 与AI业务进展等投资者关注的问题进行了回应。 投资者活动基本信息投资者关系活动类别：业绩说明会时间：2025年10月29日20:00—21:00地点：电话 会议参与单位名称：长安基金、上海聆泽私募基金、百嘉基金、民生证券、南方基金、中信建投基金、 中银基金、创金合信基金、中国人寿、宝盈基金、中庚基金、海金(大连)投资管理有限公司（以上机构 相关人员姓名略）上市公司接待人员：副总裁、财务总监、董事会秘书：王茜；证券事务代表：董伟 前三季度业绩：营收稳步恢复 电科金仓增长亮眼 会上，公司首先介绍了2025年前三季度业绩情况。公告显示，前三季度公司实现营业收入48.65亿元， 归属于上市公司股东的净利润404.65万元。相较于2025年半年度，营业收入增加10.83亿元，但受成本、 费用及所得税增加影响，归母净利润较半年度有所下 ...

证券代码：002368 证券简称：太极股份 太极计算机股份有限公司 投资者关系活动记录表 | | A：面对信创新一轮发展机遇，公司积极布局区域，抢占市场，目前 | | --- | --- | | | 签约已接近 30 亿元，在多个省份占据优势。在产品方面，在既有数据库、 | | | OA 办公软件等产品的基础上，公司深度整合多元异构算力，打造整机矩 | | | 阵，并配套四象卫士终端管理软件和六合信创生态服务平台，面向后信 | | | 创市场，支持客户化解兼容、性能、安全及智能问题，全方位提升终端 | | | 设备的使用效能与操作体验，目前已在党政领域推广，并初见成效。 | | 附件清单 | 无 | | 日期 | 2025 年 10 月 30 日 | 编号：2025-005 | 投 资 动类别 | 者 关 | 系 | 活 | □特定对象调研 □媒体采访 | □分析师会议 ■业绩说明会 | | --- | --- | --- | --- | --- | --- | | | | | | □新闻发布会 | □路演活动 | | | | | | □现场参观 | □一对一沟通 | | | | | | □其他 （请文字说明 ...