查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2025年中期业绩，营收25.98亿人民币，同比下降13.2%，系ICT支撑业务收入受运营商成本压降 影响。为区分传统运营商业务和高增长引擎业务，公司将营收披露口径从原先的BSS、OSS、数智运营和 垂直行业，调整为ICT支撑业务、数智运营、5G专网与应用、AI大模型应用与交付四条业务线，聚焦后三 类高增长业务的发展和ICT支撑业务的成本管控。盈利方面，25H1毛利润7.83亿人民币，同比增长6.1%， 对应毛利率30.1%，同比增长5.4pct；25H1净亏损2.02亿人民币，系人员结构优化导致一次性离职补偿影 响，扣除后25H1净亏损0.48亿人民币，较去年同期亏损0.7亿人民币有所收窄。 ICT支撑业务因 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [3][11]. Core Insights - The company's revenue for the first half of 2025 was 2.598 billion RMB, a year-on-year decline of 13.2%, primarily due to pressure on ICT support business from reduced costs by telecom operators [1]. - The gross profit for the same period was 783 million RMB, reflecting a 6.1% increase year-on-year, with a gross margin of 30.1%, up by 5.4 percentage points [1]. - The net loss for the first half of 2025 was 202 million RMB, influenced by one-time severance payments due to personnel restructuring, but adjusted net loss was 48 million RMB, a reduction from 70 million RMB in the previous year [1]. Summary by Sections Revenue Breakdown - The ICT support business generated 2.118 billion RMB in H1 2025, down 14.7% year-on-year, accounting for 81.5% of total revenue [1]. - The 5G private network and application revenue was 47 million RMB, a decline of 26.3%, but orders increased by 51.7% year-on-year [1]. - The smart operation revenue was 408 million RMB, down 8.8%, with non-telecom orders growing significantly [1]. AI Model Applications - Revenue from AI model applications and delivery reached 26 million RMB, a staggering increase of 76 times year-on-year, with signed orders amounting to 70 million RMB, up 78 times [1]. - The company has established a strategic partnership with Alibaba Cloud and is involved in nearly 100 projects, enhancing its delivery efficiency through a dedicated AI engineering team [1]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downwards due to the impact of cost reductions in the telecom sector, with expected net profits of 455 million RMB, 691 million RMB, and 759 million RMB respectively [2][8]. - The company anticipates a recovery in revenue growth driven by AI model applications and smart operations, maintaining a target of 200-300 million RMB in orders for AI applications by 2025 [1].