公司发布2025 年半年报。公司25H1 实现营业收入4.07 亿元，同比增长0.9%，实现归母净利润1.1 亿 元，同比下滑22.9%，业绩符合预期。其中25Q2 实现营业收入2.49 亿元，同比增长4.4%，实现归母净 利润0.77 亿元，同比下滑23.8%。同时发布中期分红方案，中期分红金额约0.99 亿元，分红率约90%。 软件板块收入利润同比下滑，但主要受24 年高基数影响。25H1 公司电力软件产品及项目实现营收1.69 亿元，同比下滑6.5%，主要子公司江西博微净利润0.64 亿元，同比下滑27%，对公司整体业绩产生较大 影响。电力软件产品及项目毛利率92.7%，同比-5.2pct。收入利润同比下滑预计主要与造价软件新产品 推出周期相关，24H1为交付高峰形成高基数，使得25H1 出现下滑。我们认为属于正常节奏影响，下半 年软件板块有望实现反弹。 电力仪器板块继续维持高速增长。25H1 电力智能仪器及运维服务实现营收0.95 亿元，同比大幅增长 61.2%，毛利率58.4%，同比下滑1.0pct。在高速增长的同时毛利率依然维持在较高水平，预计主要与高 价值量产品集中交付相关。公司继续加大共生营销 ...

证券研究报告 计算机 | 软件开发 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 市场表现： | 基本数据 | | | | | 2025 | 年 | 月 | 日 | 25 | | 08 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 13.72 | | | | | | | | 年 低 | 内 | 最 | 高 | / | | | | | | 最 | | | 一 | | （元） | | | | | | | 16.23/11.11 | | | | | | | | 总市值（百万元） | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 1.076 billion yuan for 2024, a year-on-year decrease of 1.8%, while the net profit attributable to shareholders was 277 million yuan, reflecting a year-on-year increase of 12.8%, meeting expectations [5] - The company plans to distribute a cash dividend of 0.38 yuan per share, totaling approximately 136 million yuan, with a full-year dividend of 277 million yuan, achieving a dividend payout ratio of 100%, exceeding the promised 70% [5] - The electric power instrument business saw significant growth, with revenue reaching 157 million yuan, a year-on-year increase of 134%, and a gross margin improvement to 56.4%, up 14.7 percentage points [6] - The environmental protection business faced challenges, with revenue from operation services declining by 10% to 240 million yuan and revenue from intelligent instruments dropping by 57% to 68 million yuan [6] - The company has committed to a dividend payout ratio of no less than 70% for 2024-2026, with the actual payout for 2024 being 100% [7] - The company has repurchased shares worth 80 million yuan as of April 1, 2025, with a maximum potential repurchase amount of 100 million yuan [7] - The forecasted net profit for 2025-2027 is 354 million, 426 million, and 476 million yuan, with growth rates of 28%, 20%, and 12% respectively [7] Financial Summary - The company achieved a total revenue of 1.077 billion yuan in 2024, with a projected increase to 1.308 billion yuan in 2025, representing a growth rate of 21.47% [8] - The net profit for 2024 is projected at 277 million yuan, with expected growth to 354 million yuan in 2025, reflecting a growth rate of 27.63% [8] - The earnings per share (EPS) is forecasted to be 0.73 yuan in 2024, increasing to 0.93 yuan in 2025 [8] - The return on equity (ROE) is expected to rise from 9.27% in 2024 to 11.32% in 2025 [9]