2025年4月公司荣获"2024山东创新力企业"创新案例奖；"锦v2.0"与华为技术有限公司昇腾AI基础软硬 件平台完成并通过昇腾原生技术认证，被授予Ascend Native认证证书及认证徽标的使用权，成为华为昇 腾生态应用软件伙伴。公司推出锦大模型一体机产品，分别面向资产管理、财务管理两个垂直领域，支 持客户通过本地私有化部署，打造符合自身业务需求的AI模型，为客户提供"硬件+软件+模型"一体化 的、"开箱即用"的智能体开发解决方案。 风险提示：业务开拓风险、市场区域相对集中风险、产业政策变动的风险 2025H1实现营业收入9,917.42万元，归母净利润1,797.98万元 国子软件2025H1实现营业收入9,917.42万元，同比增长18.44%；归母净利润1,797.98万元，同比增长 53.73%。我们维持2025-2026年盈利预测，新增2027年盈利预测，预计2025-2027年归母净利润分别为 78/93/110百万元，EPS分别为0.61/0.72/0.86元，当前股价对应P/E分别为65.8/55.4/46.8倍，我们看好公司 业绩稳步提升，在资产管理领域的竞争优势，维持"增持"评级。 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company achieved a revenue of 99.17 million yuan in H1 2025, representing a year-on-year growth of 18.44%, and a net profit attributable to the parent company of 17.98 million yuan, up 53.73% year-on-year [5] - The company plans to acquire a 55.01% stake in a smart layout industrial robot and intelligent equipment company for 14.15 million yuan, which will enhance its strategic positioning in the industrial robot and intelligent equipment sectors [6] - The company has been recognized as a "2024 Shandong Innovative Enterprise" and has become a partner in Huawei's Ascend ecosystem, indicating its strong innovation capabilities [7] Financial Summary - The company forecasts net profits for 2025, 2026, and 2027 to be 78 million yuan, 93 million yuan, and 110 million yuan respectively, with corresponding EPS of 0.61 yuan, 0.72 yuan, and 0.86 yuan [5][9] - The projected P/E ratios for 2025, 2026, and 2027 are 65.8, 55.4, and 46.8 respectively, indicating a positive outlook on earnings growth [5][9] - The company’s revenue is expected to grow from 239 million yuan in 2023 to 445 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 17% [9][10]