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三人行(605168):Q2扣非业绩超预期,发力布局AI及算力
NORTHEAST SECURITIES· 2025-08-19 09:03
Q2 扣非业绩超预期,发力布局 AI 及算力 事件: [Table_Summary] 公司发布 2025 年半年度报告。2025 年上半年,公司实现营业收入 16.57 亿元,同比下降 13.36%;归母净利润达 1.44 亿元,同比增长 10.83%。其中第二季度,公司实现营收 8.40 亿元,同比下降 13.93%, 环比增长 2.80%;归母净利润 0.71 亿元,同比下降 13.15%;扣非归母 净利润 1.08 亿元,同比增长 49.03%,环比增长 495.06%。 点评: 业绩超预期增长,主因 AI 赋能费用水平下降及财务结构大幅优化。截 至 25 年上半年底,公司资产负债率由年初的 41.72%降至 35.66%,总 负债 14.87 亿元,较年初减少 22.77%,偿债能力提升;客户回款大幅 增加,经营活动产生的现金流量净额 5.69 亿元,同比增加 7.09 亿元, 由负转正;加权平均净资产收益率 5.27%,同比提升 0.84 个百分点。 得益于公司在 AI 技术应用方面的效率提升,报告期内人工薪酬开支显 著减少,整体费用得到有效下降。 协同科通技术,战略布局算力。公司于 25 年 7 ...
三人行(605168):H1收入仍承压,现金流显著改善
HTSC· 2025-08-15 11:54
Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company's H1 2025 revenue is under pressure, with total operating income at 1.657 billion RMB, a year-over-year decrease of 13.36%. However, net profit increased to 144 million RMB, up 10.83% year-over-year [1]. - The decline in revenue is attributed to a slow macroeconomic recovery and reduced marketing budgets from major advertisers in the automotive and fast-moving consumer goods sectors [2]. - The company has significantly improved its operating cash flow, with a net cash flow from operating activities of 569 million RMB, an increase of 709 million RMB year-over-year, indicating a positive shift from negative to positive cash flow [3]. - The company is actively pursuing a diversified strategic layout, including advancements in AI applications and digital marketing, which are expected to enhance operational efficiency and reduce labor costs [4]. Financial Performance Summary - For H1 2025, the company reported a total revenue of 1.657 billion RMB, with a net profit of 144 million RMB. The second quarter revenue was 840 million RMB, down 13.93% year-over-year, while the net profit for Q2 was 71 million RMB, down 13.08% [1]. - The comprehensive gross margin is 18.62%, slightly down by 0.46 percentage points year-over-year, primarily due to increased operating costs from expanding digital marketing services [2]. - The company's cash reserves reached 919 million RMB, a 47.18% increase from the beginning of the year, and the debt-to-asset ratio improved from 41.72% to 35.66% [3]. Profit Forecast and Valuation - The report forecasts the company's net profit for 2025 to be 386 million RMB, with projected earnings per share (EPS) of 1.83 RMB. The target price is set at 40.28 RMB, corresponding to a price-to-earnings (PE) ratio of 22 times for 2025 [5][11].