2025 年 08 月 29 日 公司研究 评级：买入(维持) | 市场数据 | 2025/08/28 | | --- | --- | | 当前价格（元） | 15.39 | | 52 周价格区间（元） | 7.77-19.80 | | 总市值（百万） | 19,515.67 | | 流通市值（百万） | 19,515.67 | | 总股本（万股） | 126,807.45 | | 流通股本（万股） | 126,807.45 | | 日均成交额（百万） | 883.48 | | 近一月换手（%） | 4.38 | 相关报告 《浙数文化（600633）2025H1 业绩预告点评： 2025H1 归母净利润同比大增，游戏基本盘稳健， 创新业务提供估值弹性（买入）*游戏Ⅱ*杨仁文， 方博云》——2025-07-19 《浙数文化（600633）2024 年业绩点评：扣非归 母净利润稳健增长，数字营销业务发展强劲（买入） *游戏Ⅱ*杨仁文，方博云》——2025-04-01 《浙数文化（600633）公司动态研究：大数据交易 最近一年走势 投资要点: （1）边锋游戏：整体运营情况良好，根据七麦数据，边锋掼蛋截至 8 月 ...

Summary of Key Points Group 1: Company Performance Highlights - Wan Ye Enterprise expects a net profit of 30 to 40 million yuan for H1 2025, marking a turnaround from losses, with a significant reduction in non-recurring losses [4] - Zhongwei Company anticipates a revenue of 49.61 billion yuan for H1 2025, a year-on-year increase of 43.88%, with net profit expected to be between 6.8 to 7.3 billion yuan, reflecting a growth of 31.61% to 41.28% [8] - Kema Technology projects H1 2025 revenue of 5.15 to 5.25 billion yuan, a growth of 33.93% to 36.53%, with net profit expected to be between 1.65 to 1.75 billion yuan, a year-on-year increase of 18.59% to 25.77% [12] - Tuo Jing Technology forecasts H2 2025 revenue of 12.10 to 12.60 billion yuan, a growth of 52.18% to 58.47%, with net profit expected to double year-on-year [15][16] Group 2: Industry Trends and Insights - The motorcycle industry saw a total sales volume of 8.317 million units in the first half of 2025, representing a year-on-year increase of 19% [19] - The medical insurance sector is expected to maintain a stable income and expenditure structure, with basic medical insurance income projected to reach 34.913 billion yuan in 2024, a growth of 4.2% [27][28] - The railway equipment sector is entering a high-growth cycle, with a projected net profit increase of 45% to 65% for H1 2025, driven by product volume and price increases [30][31] Group 3: Investment Opportunities - The semiconductor industry is witnessing significant growth, with companies like Zhongwei and Tuo Jing expected to benefit from increased demand for advanced manufacturing equipment [10][11] - The photovoltaic sector is undergoing supply-side reforms, with a focus on cost-effective production and advanced capacity selection, indicating potential investment opportunities in leading companies [42][43] - The electric heavy truck market is experiencing a surge, with sales in June 2025 reaching 18,000 units, a year-on-year increase of 158%, suggesting strong growth potential in the commercial vehicle sector [48]

Core Viewpoint - The traditional print media has successfully transformed, driven by "digital culture + digital technology + data operation + innovation track" [1] Digital Culture - Bianfeng Network focuses on online games, particularly card games, and has established a strong game matrix through control or investment, with Bianfeng Doudizhu becoming the first card game app in China to exceed one million daily active users [2] - The company is actively expanding into the "millet economy" in response to the rise of new consumption, with an investment in Chaoka Qiangli in Hangzhou in March 2025, which is expected to drive growth in digital cultural business [2] Digital Technology & Data Operation - Fuchun Cloud IDC is operating steadily and advancing construction, with a focus on AI-driven computing power demand, which is expected to increase revenue and profit [2] - The "Communication Brain" media integration technology supports provincial promotion, and the business has expanded to multiple provinces and cities nationwide [2] - The Zhejiang Big Data Trading Center serves as a core node for data circulation, leveraging licensing, regional economic, data structure, and first-mover advantages, with policies driving rapid business development [2] Profit Forecast and Investment Recommendation - Supported by mature businesses like gaming and IDC, the company is expected to benefit from ongoing data-related policy implementations and improved profitability from the Communication Brain, alongside the millet economy layout, which is likely to open up growth space [3] - Projected revenues for 2025-2027 are 3.346 billion, 3.614 billion, and 3.879 billion yuan, with net profits of 666 million, 764 million, and 863 million yuan respectively [3] - The company is assigned a 30x PE for 2025, corresponding to a reasonable value of 15.73 yuan per share, with an initial "buy" rating [3]

Core Viewpoint - The company is optimistic due to three main factors: active shareholder return measures, stable core business, and steady progress in innovative business layout [1][9]. Shareholder Return Measures - The company plans to conduct two dividends in 2024, with a second-half dividend rate of 55.07% and an overall annual dividend rate of 61.93% [1][3][9]. - The controlling shareholder has cumulatively increased holdings by over 1% [1][9]. Core Business Stability - The main subsidiary, Bianfeng Network, has shown stable performance, focusing on casual games and promoting a boutique strategy, with its core product, Bianfeng Guandan, achieving significant user engagement [1][4]. - Bianfeng Network's revenue for the year was 21.35 billion, a decrease of 3.43% year-on-year, while net profit was 5.29 billion, down 17.16% year-on-year, primarily due to strategic adjustments in social business [4]. - Fuchun Cloud's IDC unit construction is progressing steadily, with expectations for improved power utilization rates [1][4]. Innovative Business Layout - The Zhejiang Big Data Trading Center has completed consolidation and is expected to benefit from the completion of data element construction [1][5]. - The company continues to deepen cooperation with Alibaba, focusing on cultural service intelligence, large model applications, data business collaboration, and talent training [5][6]. - Two subsidiaries have developed AI algorithms that have been approved by the National Cyberspace Administration [1][6]. Financial Performance - For the reporting period, the company achieved operating revenue of 30.97 billion, a year-on-year increase of 0.61%, while net profit attributable to shareholders was 5.12 billion, a decrease of 22.84% [2]. - The company expects net profit attributable to shareholders to reach 5.75 billion, 6.37 billion, and 6.99 billion from 2025 to 2027, with year-on-year growth rates of 12.33%, 10.94%, and 9.66% respectively [1][9].