Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 208.73 CNY per share, compared to the current price of 180.30 CNY [3]. Core Insights - The company is expected to achieve a total revenue of 420 million to 450 million CNY in 2025, representing a year-on-year growth of 13.06% to 21.13%. The net profit attributable to shareholders is projected to be between -250 million to -220 million CNY [7]. - In Q4 2025, the company anticipates revenue of 190 million to 220 million CNY, with a year-on-year growth rate of 20.4% to 38.9%, significantly higher than the 7.4% growth rate in the first three quarters of 2025 [9]. - The demand for the company's AI foundational software products, such as TDH and Sophon LLMOps, is robust, reflecting a strong market need for digital transformation solutions [9]. - The company is actively investing in the research and development of new AI database technologies, which are expected to enhance its competitiveness in the AI foundational software sector [9]. - The ArgoDB joint solution, based on Haiguang Information's CPU, has been successfully implemented in key industries such as finance, energy, and government, indicating strong market acceptance [9]. Financial Forecast and Investment Recommendations - Revenue projections for 2025 to 2027 are estimated at 440 million, 500 million, and 580 million CNY, respectively, with growth rates of 17.3%, 15.8%, and 14.8% [10]. - The net profit attributable to shareholders is expected to improve from -240 million CNY in 2025 to -70 million CNY in 2027, with corresponding EPS estimates of -1.99 CNY, -0.87 CNY, and -0.58 CNY [10]. - The company is compared to peers such as MongoDB, Snowflake, and Elastic, with a premium valuation due to the scarcity of A-share big data companies and the promising future of AI software tools [15][14].

星环科技 20250428 摘要 • 星环科技湖仓一体架构在 2024 年被金融行业广泛接受，如徽商银行等已 采用其产品替代传统架构，提升数据处理性能并减少流转时间，其他数字 化转型较慢的央企也开始直接采用最新技术架构以省去迁移成本。 • 星环科技产品从管理域向生产域扩展，满足金融行业线上贷款秒批秒贷、 实时理财推荐等需求，以及工业领域工厂实时监控、设备实时告警等需求， 使得产品成为"must have"的必需品。 • 国产化替代加速，政府加大电子政务系统国产化改造力度，大数据平台被 纳入国产化目录，头部客户开始用星环科技 TDH 替代开源 CDH，以确保 供应链安全。 • 数字化转型向智能化推进，领先金融及央国企客户将数字平台扩展为 AI 平 台，星环科技从数据基础设施向 AI 基础设施延伸，通过底层数据平台为 AI 提供支持，实现数据与大模型结合形成应用。 • 2024 年星环科技收入 3.7 亿元，同比下降 20%，但高价值订单数量同比 增加 25%，平均订单金额增加约 10%，大模型相关订单金额全年合计约 5,000 万元，平均客单价 200 万元。 Q&A 2024 年 AI 行业的发展态势如何？星 ...