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彩讯股份(300634):三大产品线与AI融合,构建全栈AI服务体系
Haitong Securities International· 2025-09-29 14:29
彩讯股份(300634) 计算机 [Table_Industry] /信息科技 本报告导读: 25H1 归母净利润同比 14.74%,智算业务同比 50.05%实现高增;协同办公等三大产 品线与 AI 融合,公司构建起全栈 AI 服务体系。 投资要点: 风险提示:AI 战略进展不及预期;下游需求不足;行业竞争加剧等。 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,496 | 1,652 | 1,949 | 2,321 | 2,807 | | (+/-)% | 25.2% | 10.4% | 18.0% | 19.1% | 20.9% | | 净利润(归母) | 325 | 230 | 274 | 353 | 431 | | (+/-)% | 44.3% | -29.1% | 19.1% | 28.7% | 22.2% | | 每股净收益(元) | 0.72 | 0.51 | 0.61 | 0.78 | 0.96 | | ...
彩讯股份(300634):业务稳步增长,三大产品线与AI融合进一步深化
Tianfeng Securities· 2025-08-28 09:09
Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4]. Core Viewpoints - The company has shown steady growth across its three main product lines, with a deeper integration of AI technologies [2][3]. - In the first half of 2025, the company achieved a revenue of 920 million yuan, representing a year-on-year growth of 17.72%, and a net profit attributable to the parent company of 135 million yuan, up 14.74% year-on-year [1][2]. Summary by Relevant Sections Product Lines Performance - **Collaborative Office Product Line**: Revenue reached 250 million yuan in 2025H1, growing by 2.01% year-on-year. The product line focuses on digital employees and includes various AI-driven tools such as Rich AIBox and Rich Mail, which have been integrated into the Huawei Harmony ecosystem [2]. - **Smart Channel Product Line**: This line generated 353 million yuan in revenue, a 14.80% increase year-on-year. It emphasizes data-driven operations and includes products like the rapid marketing platform and digital human intelligence platform, serving over 1 billion users [2]. - **Intelligent Computing and Data Intelligence Product Line**: Revenue surged to 284 million yuan, marking a 50.05% increase year-on-year. This line focuses on cloud services, intelligent computing, and data governance, supporting various industries including smart driving and energy [2][3]. AI Integration and Development - The company reported AI and computing-related revenue of 177 million yuan in 2025H1, assisting major clients like China Mobile and Southern Power Grid in their AI platform development [3]. - Continuous investment in AI product development is evident, with R&D spending increasing by 6.87% compared to the previous year [3]. Financial Forecast and Valuation - The company is expected to see rapid growth in order volume due to its strong R&D capabilities and alignment with trends in the digital economy and state-owned cloud development. Projected net profits for 2025-2027 are 270 million, 340 million, and 410 million yuan respectively, with corresponding P/E ratios of 49, 40, and 33 [3].
彩讯股份(300634):上半年业绩稳健,AI及算力注入发展新动能
Ping An Securities· 2025-08-26 09:51
Investment Rating - The report maintains a "Recommended" investment rating for the company [1][12]. Core Views - The company achieved steady growth in the first half of 2025, with operating revenue of 920 million yuan, a year-on-year increase of 17.72%, and a net profit attributable to shareholders of 135 million yuan, up 14.74% year-on-year [4][7]. - The company is focusing on AI and computing power, which are seen as new growth drivers, with AI-related revenue reaching 177 million yuan in the first half of 2025, significantly contributing to its performance [7][8]. - The company is well-positioned in the domestic email market and is leveraging its deep integration with major clients like China Mobile to enhance its operational capabilities [8][9]. Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 920 million yuan, a 17.72% increase year-on-year, and a net profit of 135 million yuan, reflecting a 14.74% growth [4][7]. - The revenue breakdown shows that the intelligent computing and data intelligence product line grew by 50.05%, while the collaborative office product line saw a modest increase of 2.01% [7][8]. Business Segments - The collaborative office business is steadily developing, with new AI email projects signed with major clients, enhancing AI penetration in their services [7][8]. - The smart channel business is also growing, with successful renewals of key projects and new client acquisitions in the 5G messaging sector [8]. - The intelligent computing services are expanding rapidly, with significant revenue growth and new projects aimed at enhancing AI capabilities for clients [8][9]. Future Outlook - The report forecasts net profits for 2025-2027 to be 275 million yuan, 332 million yuan, and 403 million yuan respectively, with corresponding EPS of 0.61, 0.74, and 0.89 yuan [6][9]. - The company is expected to benefit from the growth in the domestic cloud and AI sectors, supported by its comprehensive product offerings and technological advantages [8][9].