严格把控项目质量，盈利质量显著提升。上半年营收152 亿元，同比增长2%；归母净利润25 亿元，同 比增长37%。公司严格执行项目筛选机制和成本管控，重点突破高价值业务,Q2 毛利率回升至42.7%的 较高水平，同比+1.8pct，环比+2.5pct。上半年公司经营活动产生的现金流量净额6.39 亿元，为上市以 来同期最高；上半年收现比达115%，来自国家化债政策的有序推进和公司对项目回款质量持续严格管 控。 受益下游需求向好，三大业务全面增长。1）部分投资者担心国内市场需求，但国内业务营收上半年同 比增长2%至75.53 亿元，其中，政府业务营收同比增长5%至18.5 亿元，Q2 增速升至8%。大交通、水 利、应急、公共民生等领域需求较好。企业业务营收同比增长8%至42.19 亿元，4 月起订单增速较好， 央国企、头部企业成为阶段重点。2）公司海外业务营收同比增长2%至76.28 亿元，下半年有望继续稳 健增长。其中，发达地区市场回暖，增速较快；中东等地城市化进程加速，基建空间广阔，解决方案推 广前景可观。海外业务的分销业务是利润贡献的核心来源。从单纯的产品销售向提供综合解决方案的转 型也带来了增量，大华持 ...

大华股份 002236.SZ 公司研究 | 中报点评 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年每股收益为 1.22/1.31/1.48 元（原 25-26 年预测为 1.31/1.50 元，主要调整了营业收入和毛利率），根据可比公司 26 年平均 21 倍 PE 估值，给予 27.51 元目标价，维持买入评级。 | 三大业务全面增长，深入推进大模型研发 | | --- | 风险提示 核心观点 ⚫ 行业需求不及预期；AI 大模型落地不及预期；海外业务不及预期风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 32,218 | 32,181 | 33,704 | 37,208 | 40,691 | | 同比增长 (%) | 5% | -0% | 5% | 10% | 9% | | 营业利润(百万元) | 8,141 | 2,980 | 4,432 | 4,729 | 5,369 | | 同比增长 (%) | 257% | -63% | 4 ...

Financial Performance - Company reported operating revenue of 15.18 billion with a year-on-year increase of 2.1% [1] - Net profit attributable to shareholders reached 2.48 billion, up 36.8% year-on-year [1] - Non-recurring net profit attributable to shareholders was 1.80 billion, reflecting a 1.9% increase year-on-year [1] - In Q2, operating revenue was 8.93 billion, a 2.8% year-on-year increase [1] - Q2 net profit attributable to shareholders was 1.82 billion, showing a significant 46.0% increase year-on-year [1] - Non-recurring net profit for Q2 was 1.29 billion, up 2.5% year-on-year [1] Strategic Initiatives - Company accelerated technology innovation and industry integration, focusing on multi-dimensional perception, artificial intelligence, intelligent computing, data communication, and data-visualization [1] - New products launched include the "Wenshu" and "Tianxi" large model integrated machines, "Wensou" NVR, and "Yingguang 2.0" [1] - Company aims to create highly competitive software and hardware products [1] Industry Focus - Company maintains a focus on specific industries, implementing a comprehensive replication strategy and returning to a large video strategy [1] - Emphasis on high-value and cost-effective products and solutions [1] - In new business products, the company is enhancing resource adaptation and steadily increasing the business scale of advantageous products [1] - Innovation efforts are concentrated on core channels, reinforcing the integration of innovative business with the main business [1] Data Value Proposition - Company is committed to promoting the value realization of data elements, positioning itself as a data resource provider, asset practitioner, and commodity enabler [2] - A dual-driven approach of technology and ecosystem is employed to create solutions covering the entire data lifecycle [2] - Collaboration with ecosystem partners aims to build a prosperous data element market [2] - The integration of multi-dimensional perception, multi-connection, intelligent views, and open platforms is pursued [2] - The goal is to achieve a closed loop from perceptual intelligence to data intelligence and then to business intelligence, supporting efficient urban governance and enterprise digital upgrades [2]