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星环科技:25年Q1业绩逐渐恢复,大模型相关订单落地-20250508
Xinda Securities· 2025-05-08 10:23
证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 星环科技-U(688031.SH) 投资评级: 上次评级: [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号:S1500522110006 邮 箱: pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编:100031 [Table_Title] 25 年 Q1 业绩逐渐恢复,大模型相关订单落地 [Table_ReportDate] 2025 年 5 月 8 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_S 事件:星环科技 ummary]发布 2024 年年度报告和 2025 年一季报,公司 2024 年实 现营收 3.71 亿元,同比下降 24.31%;实现归母净利润-3.43 亿元,亏损幅 度同比扩大;实现扣非净利润-3.80 亿元;2025Q1,公司实现营收 0.64 亿 元,同比增长 2.59 ...
星环科技(688031):25年Q1业绩逐渐恢复,大模型相关订单落地
Xinda Securities· 2025-05-08 09:03
证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 星环科技-U(688031.SH) 投资评级: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_OtherReport] 上次评级: [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号:S1500522110006 邮 箱: pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编:100031 [Table_Title] 25 年 Q1 业绩逐渐恢复,大模型相关订单落地 [Table_ReportDate] 2025 年 5 月 8 日 [Table_S 事件:星环科技 ummary]发布 2024 年年度报告和 2025 年一季报,公司 2024 年实 现营收 3.71 亿元,同比下降 24.31%;实现归母净利润-3.43 亿元,亏损幅 度同比扩大;实现扣非净利润-3.80 亿元;2025Q1,公司实现营 ...
星环科技(688031):加强回款管理 大模型相关业务落地
Xin Lang Cai Jing· 2025-04-29 02:40
Core Viewpoint - The company has improved cash collection efficiency, stabilized revenue in Q1 2025, and reduced losses, with significant orders in AI-related business [1][4]. Financial Performance - In 2024, the company achieved operating revenue of 371 million yuan, a year-over-year decline of 24.31% [1] - The net profit attributable to shareholders was -343 million yuan, down 19.16% year-over-year [1] - The net profit excluding non-recurring items was -380 million yuan, a decrease of 13.42% year-over-year [1] - Operating cash flow was -327 million yuan, but improved by 10.63% year-over-year [1] - In Q4 2024, the company reported revenue of 162 million yuan, a decline of 39.58% year-over-year [1] - For Q1 2025, revenue was 64 million yuan, showing a year-over-year increase of 2.59% [1] Order Growth and Client Retention - The number of new clients and average order value increased in 2024, particularly for high-value clients over 3 million yuan [2] - Revenue from repeat purchases by existing clients accounted for approximately 78.83% of the company's main business revenue [2] - The company improved cash collection efficiency, with total sales collections of about 460 million yuan in 2024, an increase of approximately 11.56% year-over-year [2] AI Infrastructure and Business Development - Demand for AI infrastructure has surged, with successful implementation of large model-related businesses [3] - The company secured nearly 50 million yuan in orders for large model-related business in 2024 [3] - The company has established several benchmark projects, including platforms for major financial institutions and government entities [3] Investment Rating - The company maintains a "strongly recommended" investment rating, benefiting from its leading market share in big data platforms and private deployment of large models [4] - Projected revenues for 2025-2027 are estimated at 523 million, 693 million, and 918 million yuan respectively [4]
星环科技20250428
2025-04-28 15:33
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 ...