证 券 研 究 报 告 焦点科技（002315）2025 年三季报点评 强推（维持） 主业增长提速，AI 商业化多点开花 目标价：56.70 元 事项： 公司发布 2025 年三季报：2025 年前三季度公司实现收入 14.1 亿元，同比 +16.2%；归母净利润 4.2 亿元，同比+16.4%；扣非归母利润 4.0 亿元，同比 +14.6%。单 2025Q3 实现收入 4.9 亿元，同比+16.9%；归母净利润 1.2 亿元， 同比-2.0%；扣非归母利润 1.2 亿元，同比-3.4%。 评论： 风险提示：贸易环境恶化；AI 落地不及预期；行业竞争加剧。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,669 | 1,942 | 2,219 | 2,476 | | 同比增速(%) | 9.3% | 16.4% | 14.3% | 11.6% | | 归母净利润(百万) | 451 | 505 | 601 | 692 | | 同比增 ...

Core Viewpoint - Focus Technology is a leading provider of comprehensive foreign trade services in China, leveraging advanced digital technology to create diverse platforms with strong industry competitiveness and investment value [1] Group 1: Business Performance - In Q3 2025, Focus Technology reported revenue of 1.403 billion yuan, ranking 5th among 7 companies in the industry, while the top competitor, Saiwei Times, achieved revenue of 8.188 billion yuan [2] - The company's net profit for the same period was 414 million yuan, ranking 1st in the industry [2] - The main business segment, network information technology services, generated revenue of 742 million yuan, accounting for 81.01% of total revenue [2] Group 2: Financial Ratios - As of Q3 2025, Focus Technology's debt-to-asset ratio was 38.27%, an increase from 35.63% year-on-year, which is lower than the industry average of 47.80%, indicating good solvency [3] - The gross profit margin for the same period was 79.52%, slightly down from 80.08% year-on-year, but still significantly higher than the industry average of 38.17%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 5.04% to 35,700, with an average holding of 5,665.98 circulating A-shares, a decrease of 4.80% from the previous period [5] - The top circulating shareholder, Hong Kong Central Clearing Limited, held 5.8993 million shares, down by 1.2665 million shares from the previous period [5] Group 4: Executive Compensation - The chairman and president, Shen Jinhua, received a salary of 956,000 yuan in 2024, an increase of 91,800 yuan from 2023 [4] Group 5: Analyst Opinions - Huatai Securities noted that the company experienced healthy growth in Q3, with revenue of 487 million yuan and net profit of 122 million yuan, despite a decline in net profit due to stock incentive expenses [6] - Guoxin Securities highlighted a 17% year-on-year revenue growth in Q3, driven by an increase in paid members on the China Manufacturing Network platform [6]

证券代码：002315 证券简称：焦点科技 | | 敦鑫；光大自营 刘勇；光大证券 施鑫展；观富资产 尹佳瑜；亘曦资产 朱 登科；方正自营 王志广；方正证券 刘雄；东兴基金 周昊；东吴证券 张 | | --- | --- | | | 良卫、张家琦；东海基金 陆天繁；东北证券 郭思源、易丁依；淡水泉 林 | | | 灏洋；从容投资 张利斌；创金合信基金 梁雪；创金 张小郭；财通证券 张 | | | 琬悦、杨澜；博时基金 陈曦、李绮雯；北京泽铭投资 单河；北京东方睿 | | | 石 唐谷军；RedCotton 朱宏达；PLEAID Simon；HSZ Group Dennis Chien； | | | HSBC 张恒。 | | 时间 | 2025 年 10 月 28 日 | | 地点 | 线上会议 | | 上市公司接待 | 曹睿（中国制造网总经理）、顾军（财务总监）、迟梦洁（董事会秘书）、 | | 人员姓名 | 赵国勇（证券事务代表） | | | 一、公司的主营业务及 2025 年第三季度经营情况介绍 | | | 先给大家简单介绍下今年三季度的经营情况： | | | 就三季度本期而言，营业收入 4.87 亿元，与 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company achieved Q3 revenue of 487 million RMB, representing a year-over-year increase of 17.01% and a quarter-over-quarter increase of 2.76%. However, the net profit attributable to shareholders decreased by 1.98% year-over-year and 33.49% quarter-over-quarter, primarily due to the recognition of approximately 30 million RMB in equity incentive expenses [1]. - The company continues to show strong competitiveness in the cross-border e-commerce B2B platform sector and the commercialization of AI applications [1]. - The "New Maritime Plan" has shown significant results, with a 45% year-over-year increase in traffic from the Middle East and over 30% increases in Latin America, Africa, and Europe [2]. - The launch of Sourcing AI 2.0 is expected to enhance decision-making for overseas buyers, improving overall procurement efficiency by up to 35% [3]. - The gross margin for Q3 was 78.52%, a decrease of 1.40 percentage points, attributed to increased buyer-side investments [4]. Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 1.403 billion RMB, a year-over-year increase of 16.29%, and a net profit of 416 million RMB, also up 16.38% year-over-year [1]. - The company forecasts net profits of 550 million RMB, 650 million RMB, and 740 million RMB for 2025, 2026, and 2027, respectively, with a target price of 60.73 RMB based on a 35x PE ratio for 2025 [5][11]. Market Position - The company has increased its paid membership on the China Manufacturing Network platform to 29,214, reflecting a growth of 515 members since the first half of 2025 [2]. - The report highlights the resilience of the company's diversified market layout, particularly in emerging markets [2].