前三季度业绩承压，积极布局量子领域 天融信(002212) ——天融信（002212.SZ）2025 年三季报点评 股票研究 /[Table_Date] 2025.11.13 2025-11-13 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 3,124 | 2,820 | 3,056 | 3,369 | 3,724 | | (+/-)% | -11.8% | -9.7% | 8.3% | 10.3% | 10.5% | | 净利润(归母) | -371 | 83 | 154 | 232 | 294 | | (+/-)% | -281.1% | 122.4% | 86.0% | 50.1% | 26.8% | | 每股净收益(元) | -0.31 | 0.07 | 0.13 | 0.20 | 0.25 | | 净资产收益率(%) | -3.9% | 0.9% | 1.6% | 2.4% | 3.0% | | 市盈率(现价& ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 13.09 CNY [6][13]. Core Views - The company faced short-term pressure on performance due to temporary project delays, but has maintained a stable order book and is expected to achieve optimistic annual results with high-quality development [2][13]. - The company's revenue for the first three quarters of 2025 was 1.202 billion CNY, a year-on-year decrease of 24.01%, with a net profit attributable to the parent company of -235 million CNY, indicating an expanded loss [13]. - The company is strategically positioning itself in the quantum security and quantum computing sectors, having made significant progress and launched products like quantum VPN, which enhances communication performance and reduces customer costs [13]. Financial Summary - Total revenue for 2023 is projected at 3,124 million CNY, with a decline of 11.8% year-on-year, while a recovery is expected in 2025 with an estimated revenue of 3,056 million CNY, reflecting an 8.3% increase [4][14]. - The net profit for 2023 is forecasted at -371 million CNY, with a significant recovery anticipated in 2024, reaching 83 million CNY [4][14]. - The company’s earnings per share (EPS) is expected to improve from -0.31 CNY in 2023 to 0.25 CNY by 2027 [4][14]. Business Segments - The intelligent computing cloud segment is expected to grow significantly, with projected revenue of 1.29 million CNY in the first three quarters of 2025, accounting for 10.73% of total revenue, and an annual growth rate of approximately 10% [13]. - The company’s key industries, such as telecommunications and transportation, showed year-on-year growth of 13.14% and 18.73%, respectively, contributing to a stable business foundation [13]. - The quantum computing sector has seen the launch of several products and partnerships, indicating a forward-looking strategy that aligns with industry trends [13].