作者 | 曾响铃 文 | 响铃说 老牌软件巨头东软集团又有新动作。 11月21日，东软集团宣布获得国内某知名汽车厂商智能座舱域控制器项目定点，订单总金额约42亿元。而在之前，东软集团刚刚在9月获得56亿元智能座舱 订单。 据公开报道，东软睿驰是东软集团在智能汽车领域的核实运营实体，而在收获两大订单后，市场就传出东软睿驰正启动IPO筹备的消息。 看似是东软集团的喜讯，更像是东软集团摸到的救命稻草。 最新财报显示，2025年前三季度公司归母净利润5108.18万元，同比下降66.47%；扣非净利润为-4377.08万元。 实际上，东软集团的疲软表现已经持续了很久。 自2022年起，东软集团已连续三年半亏损，累计亏损额达7.56亿元，包括东软医疗、熙康、望海、融盛保险、东软睿驰在内的多家联营公司全部亏损，合计 亏损额超过1.5亿元。 可奇怪的是，像智慧城市、汽车互联等产业风口，东软集团都有布局，但身处利润高企的技术产业，软件巨头却混到这般田地，东软的问题到底在哪里？ 财报不说谎，落队更没理由 市场对东软集团新一轮的质疑来自最新的财报数据。 详细看东软的财报数据，2025年第三季度营业收入到28.02亿元，同比增长8 ...

Group 1 - The core viewpoint of the news is that Tianjin Qiyi Communication Broadcasting Co., Ltd. (七一二) experienced a stock price increase of 5.59%, reaching 20.96 CNY per share, with a trading volume of 252 million CNY and a turnover rate of 1.60%, resulting in a total market capitalization of 16.181 billion CNY [1] - The company, established on October 28, 2004, and listed on February 26, 2018, specializes in the research, production, and sales of military and civilian wireless communication terminal and system products [1] - The revenue composition of the company includes 54.49% from specialized wireless communication terminal products, 39.98% from system integration products, 3.31% from other sources, and 2.22% from material sales and maintenance [1] Group 2 - From the perspective of fund holdings, one fund under Caitong Securities Asset Management has heavily invested in Qiyi, specifically the Caitong Asset Innovation Growth Mixed A Fund (020075), which increased its holdings by 2.5958 million shares in the third quarter, bringing the total to 2.8101 million shares, accounting for 5.39% of the fund's net value [2] - The fund has generated an estimated floating profit of approximately 3.1192 million CNY today [2] - The Caitong Asset Innovation Growth Mixed A Fund was established on March 26, 2024, with a current scale of 841 million CNY, achieving a year-to-date return of 34.41% and a one-year return of 28.41% [2]

Company Overview - The company specializes in distributing industrial electrical components through its own sales network and offers system integration and manufacturing services [1] - It is the only industrial automation service provider in China with a nationwide sales channel, logistics network, multi-brand offerings, and both online and offline sales capabilities [1] Business Operations - The company covers various business segments including distribution, logistics, technical services, system integration, and manufacturing [2][3] - It distributes products from nearly 200 brands with over 1 million SKUs, catering to one-stop purchasing needs [3] - The sales network includes 53 subsidiaries and over 120 offices across major cities, ensuring stable and timely service [3] - Seven logistics centers and 50 distribution warehouses help shorten supply cycles, enhancing delivery efficiency [3] Supplier and Customer Dynamics - The top five suppliers have remained consistent, including Schneider, ABB, Siemens, Changshu Switch, and Delixi, although their procurement share has gradually decreased due to the introduction of new brands [4] - The customer base is primarily B2B, including manufacturers, integrators, and distributors, with a diverse range of clients [5] Market Impact and Financial Performance - The company is affected by fluctuations in various downstream industries, but overall stability is maintained due to the broad application of its products [6] - In the first three quarters of 2025, the company achieved a net profit of CNY 181 million, a 29.37% increase year-on-year, with a revenue of CNY 8.343 billion, reflecting a 0.61% growth [11] - The projected revenue for 2025 is CNY 11.842 billion, a 7% increase, with a net profit forecast of CNY 196 million, a 13.6% rise [11] Future Plans and Market Expansion - The company plans to expand into overseas markets, having approved an investment of SGD 42 million to enhance its presence in Southeast Asia [9][10] - Initial market research has been completed in Vietnam, Thailand, and Indonesia, with pilot operations already underway in Vietnam [10] - The company aims to leverage the growth in AIDC and smart grid sectors to drive business opportunities and enhance its service capabilities [12][13]

Group 1 - The stock of Tianjin Qiyi Communication Broadcasting Co., Ltd. (七一二) increased by 5.2% on September 10, reaching a price of 22.06 CNY per share, with a trading volume of 311 million CNY and a turnover rate of 1.88%, resulting in a total market capitalization of 17.03 billion CNY [1] - The company, established on October 28, 2004, and listed on February 26, 2018, specializes in the research, production, and sales of military and civilian wireless communication terminal and system products. The revenue composition includes 54.49% from dedicated wireless communication terminal products, 39.98% from system integration products, 3.31% from other sources, and 2.22% from material sales and maintenance [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Caitong Securities Asset Management holds a significant position in Qiyi. The Caitong Asset Management Innovation Growth Mixed A Fund (020075) held 214,300 shares in the second quarter, accounting for 4.67% of the fund's net value, ranking as the seventh largest heavy stock. The estimated floating profit today is approximately 233,600 CNY [2] - The Caitong Asset Management Innovation Growth Mixed A Fund (020075) was established on March 26, 2024, with a latest scale of 59.50 million CNY. Year-to-date returns are 39.61%, ranking 1084 out of 8177 in its category; the one-year return is 83.29%, ranking 629 out of 7982; and since inception, the return is 74.27% [2]

Group 1 - The stock of Tianjin Qiyi Communication Broadcasting Co., Ltd. (七一二) increased by 5.2% to 22.06 CNY per share, with a trading volume of 313 million CNY and a turnover rate of 1.89%, resulting in a total market capitalization of 17.03 billion CNY [1] - The company, established on October 28, 2004, and listed on February 26, 2018, specializes in the research, production, and sales of military and civilian wireless communication terminal and system products [1] - The revenue composition of the company includes 54.49% from specialized wireless communication terminal products, 39.98% from system integration products, 3.31% from other sources, and 2.22% from material sales and maintenance [1] Group 2 - Yongying Technology Driven A (永赢科技驱动A) fund holds a significant position in Qiyi, having increased its holdings by 985,700 shares to a total of 3.5231 million shares, representing 5.72% of the fund's net value, making it the fourth-largest holding [2] - The fund has achieved a year-to-date return of 40.36%, ranking 1027 out of 8177 in its category, and a one-year return of 83.47%, ranking 621 out of 7982 [2] - The fund manager, Li Wenbin, has been in position for 8 years and 242 days, with the fund's total asset size at 1.451 billion CNY and a best return of 127.45% during his tenure [3]

Group 1 - The core viewpoint of the news is that Tianjin Qiyi Communication Broadcasting Co., Ltd. (七一二) experienced a stock price increase of 5.2%, reaching 22.06 CNY per share, with a trading volume of 313 million CNY and a turnover rate of 1.89%, resulting in a total market capitalization of 17.03 billion CNY [1] - The company was established on October 28, 2004, and went public on February 26, 2018. Its main business involves the research, development, production, and sales of military and civilian wireless communication terminal and system products [1] - The revenue composition of the company includes 54.49% from specialized wireless communication terminal products, 39.98% from system integration products, 3.31% from other sources, and 2.22% from material sales and maintenance [1] Group 2 - From the perspective of fund holdings, Changjiang Asset Management has one fund heavily invested in Qiyi, specifically the Changjiang Balanced Growth Mixed A (长江均衡成长混合A), which held 70,000 shares in the second quarter, accounting for 2.71% of the fund's net value, ranking as the tenth largest holding [2] - The fund has a total scale of 50.4473 million CNY and has achieved a year-to-date return of 11.73%, ranking 5374 out of 8177 in its category, with a one-year return of 38.06%, ranking 3983 out of 7982 [2]

Core Viewpoint - The company plans to establish a wholly-owned subsidiary, Kunshan Yongli Transmission System Co., Ltd., to implement an intelligent transmission system industrialization base project with a total investment of 300 million yuan [1] Group 1: Project Details - The project aims to enhance the company's production capacity to meet the industrialization mass production needs of intelligent single machines, synchronous belts, electric rollers, and other transmission equipment, core components, and system integration products [1] - The project is currently in the planning implementation stage and requires approval from relevant government departments before construction and production can commence [1] Group 2: Strategic Goals - The project will further diversify the company's product offerings and strengthen its research and development innovation, intelligent manufacturing, and market expansion capabilities in the industrial transmission sector [1] - The initiative is expected to consolidate and enhance the company's core competitiveness in the industry [1]

Group 1 - The stock of Tianjin Qiyi Communication Broadcasting Co., Ltd. (七一二) fell by 5.07% on September 3, closing at 21.36 yuan per share, with a trading volume of 385 million yuan and a turnover rate of 2.28%, resulting in a total market capitalization of 16.49 billion yuan [1] - The company, established on October 28, 2004, and listed on February 26, 2018, specializes in the research, production, and sales of military and civilian wireless communication terminal and system products [1] - The revenue composition of the company includes 56.74% from specialized wireless communication terminal products, 37.18% from system integration products, and 4.23% from other sources [1] Group 2 - Changjiang Asset Management holds a significant position in Qiyi, with its Changjiang Balanced Growth Mixed A Fund (010663) holding 70,000 shares, accounting for 2.71% of the fund's net value, ranking as the tenth largest holding [2] - The fund has experienced a floating loss of approximately 79,800 yuan today [2] - The Changjiang Balanced Growth Mixed A Fund was established on December 30, 2020, with a current scale of 50.4473 million yuan, yielding 14.7% year-to-date and 40.03% over the past year [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.32 RMB [6][4]. Core Views - The company experienced rapid revenue growth and improved profitability, with H1 2025 revenue at 631 million RMB, a year-over-year decrease of 47.49%, and a net loss of 114 million RMB, a year-over-year increase in loss of 270.67% [1]. - The report anticipates a gradual recovery in demand within the military industry, driven by ongoing information technology construction and the "14th Five-Year Plan" [1]. Summary by Sections Performance Overview - In H1 2025, the company reported revenue of 631 million RMB, a decrease of 47.49% year-over-year, and a net loss of 114 million RMB, which is a significant increase in loss compared to the previous year [1]. - Q2 2025 revenue was 415 million RMB, down 41.73% year-over-year but up 91.90% quarter-over-quarter [1]. Business Segments - The company’s specialized wireless communication terminals and system integration products generated revenues of 344 million RMB and 252 million RMB, respectively, reflecting declines of 41.95% and 56.98% year-over-year [2]. - The company is focusing on expanding its military and civilian wireless communication sectors, with new projects in aviation communication and satellite navigation [2]. Profitability and Costs - The comprehensive gross margin for H1 2025 was 33.88%, down 1.93 percentage points year-over-year, while the net profit margin was -18.11%, a decline of 23.68 percentage points year-over-year [3]. - The report notes an increase in R&D expenses, with the R&D expense ratio rising by 14.35 percentage points year-over-year [3]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been adjusted, with expected net profits of 140 million RMB, 308 million RMB, and 379 million RMB, respectively [4]. - The target price for 2026 is set at 24.32 RMB, based on a price-to-earnings ratio of 61x, reflecting the company's growth potential and multi-sector collaboration [4].

Group 1 - The core viewpoint of the article highlights that Zhongyeda Electric Co., Ltd. reported a revenue of 5.458 billion yuan for the first half of 2025, representing a year-on-year growth of 4.79%, with a net profit attributable to shareholders of 130 million yuan [1] - The company is a professional distributor of industrial electrical products, focusing on distributing industrial electrical components from contracted suppliers and manufacturing integrated systems and complete products [1] - The demand in the industrial electrical market has shown a recovery growth driven by accelerated investment in the power grid, new energy, and new infrastructure sectors [1] Group 2 - Zhongyeda has established a comprehensive sales network with 53 subsidiaries and over 120 offices across major cities in China, providing stable, timely, and efficient products and services to customers [1] - The company has effectively shortened the supply cycle of products nationwide through seven logistics centers and 50 logistics distribution transfer warehouses, enabling timely delivery and warehouse management services [1] - To enhance its industrial electrical product distribution business, Zhongyeda has built a national industrial technology service network, integrating pre-sales technical support, industry solutions, personnel training, and after-sales technical services [2] Group 3 - The company's technical service platform, zydCARE, coordinates service demands and resources, gradually responding to the needs of industrial electrical brand manufacturers, large complete manufacturers, and end-users [2] - By leveraging digital applications, Zhongyeda integrates its distribution network, logistics network, and technical service network, creating a comprehensive industrial electrical distribution service platform that enhances its core competitiveness [2]