证券研究报告：计算机 | 公司点评报告 发布时间：2025-09-04 股票投资评级 增持|首次覆盖 个股表现 -4% 10% 24% 38% 52% 66% 80% 94% 108% 122% 136% 2024-09 2024-11 2025-01 2025-04 2025-06 2025-09 博睿数据 计算机 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 74.29 | | --- | --- | | 总股本/流通股本（亿股）0.44 / 0.44 | | | 总市值/流通市值（亿元）33 / 33 | | | 52 周内最高/最低价 | 82.68 / 33.66 | | 资产负债率(%) | 13.4% | | 市盈率 | -27.93 | | 第一大股东 | 李凯 | 研究所 分析师:陈涵泊 SAC 登记编号:S1340525080001 Email:chenhanbo@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1@cnpsec.com 新品 ONE 进入放量周期，前瞻推进区块链与大模型 可观测 ⚫ 事件 ...

Core Viewpoint - The company is actively implementing its "Quality Improvement and Efficiency Enhancement" action plan for 2025, focusing on enhancing core competitiveness and delivering returns to shareholders through innovation and operational efficiency [1][10]. Group 1: Business Performance - The company's main business is in the IT operations management monitoring sector, specifically in application performance management and observability [1]. - As of July 31, 2025, the company's orders on hand amounted to approximately 77.57 million yuan, an increase of 11.02% year-on-year, with Bonree ONE orders accounting for 65.45% of this total, reflecting a growth of 73.60% [2]. - The company's net profit attributable to the parent company for the first half of 2025 was approximately -26.19 million yuan, a year-on-year loss reduction of 46.75% [2]. Group 2: Research and Development - The company is focusing on continuous R&D investment and innovation, optimizing the structure of R&D inputs to concentrate resources on core technology breakthroughs and high-priority projects [3]. - In the first half of 2025, the company achieved breakthroughs in automated root cause analysis and innovative upgrades to its supporting technology architecture [4]. - The company is enhancing its capabilities in application markets and application factories, significantly improving data governance and platform support capabilities [5]. Group 3: Technology and Innovation - The company has developed a full-stack monitoring capability for blockchain applications, establishing a unified observation framework for end-to-end tracking of distributed ledgers and smart contracts [6]. - The platform can track key latency metrics and resource utilization in real-time, ensuring service response performance and resource efficiency [7]. Group 4: Governance and Management - The company has revised its governance structure in accordance with the latest regulatory requirements, transitioning to a governance model led by the audit committee [8]. - The company is enhancing internal control and risk management capabilities to promote high-quality development [8]. Group 5: Investor Relations - The company emphasizes transparency in information disclosure and has increased investor engagement, receiving 31 institutional investors in the first half of 2025, a 55% increase year-on-year [10].

Core Viewpoint - The company, Beijing Bonree Macro Data Technology Co., Ltd., reported a revenue of 141 million yuan in 2024, a year-on-year increase of 16.42%, but a net profit loss of 115 million yuan, a decrease of 8.02% compared to the previous year. The company has faced continuous losses since its listing in 2020, with revenue consistently below 150 million yuan and an increasing trend in losses [1][2]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 141 million yuan, up 16.42% year-on-year, but recorded a net profit loss of 115 million yuan, down 8.02% year-on-year [1]. - Since its listing in 2020, the company's revenue has remained below 150 million yuan, and it has been operating at a loss since 2021, with losses expanding over time [1][2]. - The concentration of sales to the top five customers has been decreasing, with the sales amount to the top five customers in 2020 being 28.203 million yuan, accounting for 20.06% of total sales [1]. Group 2: Customer and Revenue Analysis - The company categorized its main business into monitoring services, software sales, technical development services, and system integration, with a total revenue of 140.525 million yuan from 2022 to 2024 [2]. - The revenue from the internet and software information industry showed a compound annual growth rate (CAGR) of 48.72% from 2022 to 2024, driven by the launch of the Bonree ONE product [2][3]. - The financial industry revenue increased from 542.05 million yuan in 2022 to 2,048.44 million yuan in 2024, with a CAGR of 94.40%, attributed to the expansion of financial industry clients [2][3]. Group 3: Market and Competitive Landscape - The APMO market in China is projected to reach 3.41 billion yuan in 2024, with a total market size for IT infrastructure management and application performance management estimated at 2.62 billion yuan, reflecting a year-on-year growth of 2.8% [4][5]. - The company identified three development stages for its products: proactive product introduction, passive tool exploration, and passive platform transformation, with the current focus on the latter [6][7]. - The company is experiencing a transitional phase where the demand for IT operations products is diversifying, particularly in the financial and manufacturing sectors, which are expected to drive future growth [6][7]. Group 4: Customer Acquisition and Strategy - The company has made significant strides in customer acquisition, with 12 new banking clients, 9 manufacturing clients, and 4 insurance clients in 2024, indicating improved penetration in key industries [3]. - The average contract amount has increased from 387,100 yuan in 2022 to 555,500 yuan in 2024, with a CAGR of 19.79%, reflecting a growing demand for the company's products [8]. - The company plans to implement a distribution model to further drive revenue growth and leverage its cloud ecosystem for stable income growth [8].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leader in IT operations monitoring and observability in China, with a focus on upgrading its main business and enhancing profitability through new product launches [5][9]. - The new product, Bonree ONE, is expected to enter a growth phase, benefiting from partnerships with Huawei and ByteDance [5][9]. - The company has shown signs of revenue stabilization and growth, with projected revenues increasing significantly in the coming years [5][9]. Summary by Sections 1. Company Overview - The company is the first A-share listed firm in the application performance monitoring and observability (APMO) sector in China, holding a market share of 19.8% as of H2 2024 [5][9]. - It has a strong technical foundation with numerous patents and software copyrights, indicating its advanced technological capabilities [9][19]. 2. Business Performance - The company experienced a decline in revenue and profit due to macroeconomic fluctuations and market competition in recent years, but has shown signs of recovery since 2023 with the launch of Bonree ONE [5][26]. - In 2024, the company achieved revenue of 141 million yuan, a year-on-year increase of 16.4% [5][26]. - The company’s net profit for 2024 was -115 million yuan, a decrease of 8% compared to the previous year, but the first quarter of 2025 showed a narrowing of losses [5][26]. 3. Product Development - Bonree ONE represents a significant upgrade from previous products, integrating various monitoring capabilities and utilizing AI technology for enhanced data analysis [5][13]. - The product is designed to be compatible with heterogeneous computing environments, addressing the growing demand for cloud computing and AI applications [5][13]. 4. Market Position and Growth Potential - The company is positioned to benefit from the increasing demand for IT observability solutions driven by digital transformation and the complexity of IT systems [5][40]. - The APM market in China is expected to grow significantly, with the company poised to capture a larger share due to its innovative products and strategic partnerships [5][50]. 5. Financial Projections - Revenue forecasts for 2025-2027 are projected at 172 million, 234 million, and 301 million yuan, respectively, with significant year-on-year growth rates [5][26]. - The company aims to achieve profitability by 2025, with net profits expected to improve substantially in the following years [5][26].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leader in IT operations monitoring and observability in China, with a focus on upgrading its main business and enhancing profitability through new product launches [5][9]. - The new product, Bonree ONE, is expected to enter a growth phase, benefiting from partnerships with major players like Huawei and ByteDance [5][9]. - The company has shown signs of revenue stabilization and growth, with projected revenues increasing significantly in the coming years [5][9]. Summary by Sections 1. Company Overview - The company is the first A-share listed firm in the application performance monitoring and observability (APMO) sector in China, holding a 19.8% market share as of H2 2024 [5][9]. - It has a strong technical foundation with numerous patents and software copyrights, enhancing its competitive edge [9][19]. 2. Business Performance - Revenue for 2024 is projected at 141 million yuan, a year-on-year increase of 16.4% [5][4]. - The company has experienced a decline in net profit in recent years but is expected to narrow losses significantly in 2025 [5][4]. 3. Product Development - Bonree ONE represents a significant upgrade from previous products, integrating various monitoring capabilities and utilizing AI for enhanced data analysis [5][9]. - The product is designed to meet the increasing demand for unified monitoring solutions due to the growing complexity of IT systems [5][40]. 4. Market Trends - The demand for APM solutions is expected to grow as digital transformation accelerates and IT environments become more complex [5][40]. - The global data volume is projected to increase significantly, driving the need for advanced monitoring and observability solutions [5][41]. 5. Financial Projections - Revenue forecasts for 2025-2027 are 172 million, 234 million, and 301 million yuan, respectively, with significant year-on-year growth rates [5][4]. - The company aims to achieve profitability by 2025, with net profit projections showing a substantial recovery [5][4].