本报告导读： 扣非净利润同比高增，智能物联业务保持高景气，开源鸿蒙、开源欧拉、企业级AI打造新驱动力。 投资要点： 目标价76.80元，维持"增持"评级。我们预测 2025-2027 年EPS为 0.24/0.28/0.33 元，由于公司新拓展发力 企业级AI，构建AI 全栈技术体系，因此加入转型类、AI 类新可比公司，参考可比公司估值，给予2025 年320 倍PE。 扣非高增，智能物联业务保持较高景气度。①2025H1 营收17.47 亿元，同比+10.55%；归母净利润0.60 亿元，同比-29.43%；扣非净利润0.52 亿元，同比+47.33%。②2025Q2 营收9.14 亿元，同比+12.88%； 归母净利润0.29 亿元，同比-51.60%；扣非净利润0.25 亿元，同比+69.61%。③2025H1 金融科技业务营 收8.90 亿元，同比+6.06%；智能物联业务营收6.06 亿元，同比+23.85%；智慧能源信息化营收2.00亿 元，同比+4.65%。 开源鸿蒙、开源欧拉、企业级AI 等发力，打造新驱动。①金融科技方面，公司积极拥抱AI 前沿技术， 将其与金融业务深度融合。截止到2025 ...

扣非高增，开源鸿蒙、开源欧拉、企业级 AI 打造新驱动力 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 魏宗(分析师) | 021-23180000 | weizong@gtht.com | S0880525040058 | | 杨蒙(分析师) | 021-23185700 | yangmeng@gtht.com | S0880525040072 | 本报告导读： 扣非净利润同比高增，智能物联业务保持高景气，开源鸿蒙、开源欧拉、企业级 AI 打造新驱动力。 投资要点： | | | | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 3,106 | 3,399 | 3,838 | 4,395 | 5,072 | | (+ ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Insights - The company reported a revenue of 1.747 billion yuan, a year-on-year increase of 10.55%. The net profit attributable to shareholders was 60 million yuan, a year-on-year decrease of 29.43%, while the net profit after deducting non-recurring items was 52 million yuan, a year-on-year increase of 47.33%. The gross margin was 23.72%, a decrease of 2.36 percentage points year-on-year [2] - The company is focusing on autonomous innovation business, with sales revenue from innovation business reaching approximately 368 million yuan in the first half of 2025, an increase of 8.96% year-on-year, accounting for 21.07% of total revenue [2] - The company has a clear AI strategic layout, providing end-to-end large model solutions across various industries, including finance, energy, and retail, through a comprehensive technology system covering AI chips, servers, operating systems, and full-stack AI platforms [3] Business Performance Summary - The financial technology segment achieved revenue of 890 million yuan, a year-on-year increase of 6.06%, with a gross margin of 23.34%. The intelligent IoT segment achieved revenue of 606 million yuan, a year-on-year increase of 23.85%, with a gross margin of 24.62%. The smart energy information segment achieved revenue of 200 million yuan, a year-on-year increase of 4.65%, with a gross margin of 23.27% [2] - The company is developing a comprehensive AI ecosystem, including the "IntelliCoreAI" computing integration machine and the AIRUNS integrated intelligent engine for flexible deployment and lifecycle management of AI large models [3] Profit Forecast and Valuation - The company is expected to achieve revenues of 3.832 billion yuan, 4.416 billion yuan, and 5.141 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 12.73%, 15.23%, and 16.42%. The net profit attributable to shareholders for 2025 is projected to be 187 million yuan, corresponding to a PE ratio of 275 times [9]

Financial Performance - The company reported a total revenue of 3.399 billion yuan for the year, representing a year-on-year growth of 9.43% [1] - The net profit attributable to shareholders was 161 million yuan, showing a decline of 1.64% compared to the previous year [1] - The gross margin for the year was 23.68%, which is a slight decrease from the previous year [1] - Operating cash flow for the year was 36 million yuan, indicating a certain decline year-on-year [1] Business Segment Performance - The financial technology segment generated revenue of 1.827 billion yuan, with a year-on-year growth of 7.09% and a gross margin of 23.01% [1] - The smart IoT segment achieved revenue of 1.066 billion yuan, reflecting a growth of 17.13% year-on-year and a gross margin of 24.44% [1] - The smart energy information segment reported revenue of 387 million yuan, with a year-on-year increase of 12.80% and a gross margin of 24.31% [1] Quarterly Performance - In Q4, the company achieved revenue of 990 million yuan, which is a year-on-year increase of 4.87% [2] - The net profit attributable to shareholders for Q4 was 50 million yuan, down 23.16% year-on-year [2] - The gross margin for Q4 was 18.50% [2] - Operating cash flow for Q4 was 358 million yuan, showing a slight decline year-on-year [2] AI Strategy - The company is fully committed to AI, developing a comprehensive technology system that includes AI chips, servers, operating systems, and a full-stack AI platform [3] - The AI strategy aims to provide end-to-end large model solutions for industries such as finance, energy, and retail, facilitating rapid deployment of intelligent scenarios [3] - The company has established a cloud-edge-end intelligent ecosystem, focusing on high-density and high-compatibility computing support for model training and inference [3] - A product matrix centered around a three-dimensional collaborative framework has been developed, including various AI engines to support enterprise-level AI capabilities [3] Revenue Forecast and Valuation - The company is projected to achieve revenues of 3.832 billion yuan, 4.416 billion yuan, and 5.141 billion yuan for the years 2025, 2026, and 2027, with year-on-year growth rates of 12.73%, 15.23%, and 16.42% respectively [4] - The estimated net profit attributable to shareholders for 2025 is 187 million yuan, corresponding to a PE ratio of 207 times [4] - The company's position within the Huawei supply chain and its advantages in AI and existing customer channels are expected to support continued performance improvement [4]