10月21日，紫光股份盘中上涨2.08%，截至10:28，报27.94元/股，成交7.46亿元，换手率0.94%，总市值 799.11亿元。 资金流向方面，主力资金净流入4663.40万元，特大单买入1.35亿元，占比18.10%，卖出8831.52万元， 占比11.83%；大单买入1.72亿元，占比23.09%，卖出1.73亿元，占比23.12%。 分红方面，紫光股份A股上市后累计派现22.46亿元。近三年，累计派现6.15亿元。 机构持仓方面，截止2025年6月30日，紫光股份十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股6615.51万股，相比上期增加926.55万股。华泰柏瑞沪深300ETF（510300）位居第六大流 通股东，持股3575.05万股，相比上期减少169.92万股。易方达沪深300ETF（510310）位居第八大流通 股东，持股2548.33万股，相比上期减少67.95万股。华夏沪深300ETF（510330）位居第十大流通股东， 持股1863.67万股，为新进股东。易方达中证人工智能主题ETF（159819）退出十大流通股东之列。 责任编辑：小浪快报 资料显示，紫光股 ...

Investment Rating - The report maintains an "Outperform" rating for the company, projecting significant revenue and profit growth over the next few years [3][7]. Core Insights - The company is expected to achieve revenues of RMB 95.2 billion, RMB 114.7 billion, and RMB 136.2 billion for the years 2025, 2026, and 2027 respectively, with net profits attributable to shareholders of RMB 2.04 billion, RMB 2.71 billion, and RMB 3.36 billion during the same period [3][7]. - The quarterly revenue has shown acceleration, with a 24.96% year-on-year increase in 2025H1, reaching RMB 47.43 billion [3][7]. - The growth in the internet business is significant, with a 37.75% increase in revenue for New H3C in 2025H1, driven by strong demand in the internet sector [3][7]. Financial Summary - The total revenue for 2023 is projected at RMB 77.31 billion, with a growth rate of 4.4%. By 2027, revenue is expected to reach RMB 136.23 billion, reflecting an 18.8% growth rate [2][4]. - Net profit attributable to shareholders is forecasted to decline to RMB 2.10 billion in 2023, but is expected to recover to RMB 3.36 billion by 2027, with corresponding EPS increasing from RMB 0.74 to RMB 1.17 [2][4]. - The gross profit margin for 2025H1 was reported at 15.24%, a decrease of 3.80 percentage points year-on-year [3][7]. Business Segments - The domestic government and enterprise revenue for New H3C reached RMB 31.04 billion in 2025H1, a 53.55% increase, while international revenue grew by 60.25% to RMB 1.92 billion [3][7]. - The ICT infrastructure and services revenue was RMB 36.04 billion in 2025H1, with a gross profit margin of 18.06%, down 6.32 percentage points year-on-year [3][7]. Inventory and Liabilities - As of the end of 2025H1, inventory stood at RMB 43.84 billion, up 19.0% from the beginning of the year, while contractual liabilities increased by 9.7% to RMB 15.91 billion [3][7].

Core Insights - The company reported a revenue of 47.425 billion yuan for the first half of 2025, representing a year-on-year growth of 24.96% [2] - The net profit attributable to shareholders was 1.041 billion yuan, with a year-on-year increase of 4.05% [2] - The net profit excluding non-recurring gains and losses was 1.118 billion yuan, showing a year-on-year growth of 25.10% [2] - Basic earnings per share were 0.3639 yuan [2] Revenue Breakdown - The ICT infrastructure and services segment generated revenue of 36.042 billion yuan, marking a year-on-year growth of 37.80%, and accounted for 76.00% of total revenue [2] - The company's subsidiary, Xinhua San, achieved revenue of 36.404 billion yuan in the first half of 2025, reflecting a year-on-year increase of 37.75% [2] - Domestic government and enterprise business revenue reached 31.035 billion yuan, growing by 53.55% year-on-year, while international business revenue was 1.919 billion yuan, up by 60.25% [2]

Core Insights - The company reported a revenue of 47.425 billion yuan for the first half of 2025, representing a year-on-year growth of 24.96% [1] - The net profit attributable to shareholders was 1.041 billion yuan, with a year-on-year increase of 4.05% [1] - The net profit excluding non-recurring gains and losses was 1.118 billion yuan, showing a year-on-year growth of 25.10% [1] - Basic earnings per share were 0.3639 yuan [1] Revenue Breakdown - The ICT infrastructure and services segment generated revenue of 36.042 billion yuan, marking a year-on-year growth of 37.80%, and accounted for 76.00% of total revenue [1] - The company's subsidiary, Xinhua San, achieved a revenue of 36.404 billion yuan in the first half of 2025, reflecting a year-on-year increase of 37.75% [1] - Domestic enterprise business revenue reached 31.035 billion yuan, with a significant year-on-year growth of 53.55% [1] - International business revenue was 1.919 billion yuan, showing a robust year-on-year growth of 60.25% [1]