受益于AI 加持，B 端业务实现稳健增长 2025Q3，公司智能识别文字B 端业务实现营收2060.06 万元，同比+19.64%，主要系Textin 及旗下AI Agent 产品DocFlow 等收入提升，推动智能文字识别B 端业务持续增长；公司商业大数据B 端业务实现 营收3856.28 万元，同比+10.52%，主要系启信慧眼持续丰富AI模块，拓展应用场景，优化使用效率与 用户体验，推动商业大数据B端业务稳定增长。 事件 公司25Q3 收入增长加速。2025 年前三季度，公司实现营收13.03亿元，同比+24.22%；归母净利润3.51 亿元，同比+14.55%。单Q3，公司实现营收4.60 亿元，同比+27.49%（25Q1、Q2 同比+20.93%、 23.94%）；归母净利润9813.89 万元，同比+33.97%。 加大销售与研发力度，AI 赋能C 端海外加速商业化2025 年前三季度，公司销售费用率、管理费用率、 研发费用率分别为31.81%、4.69%、25.40%，同比+2.83pct、-0.50pct、+0.06pct。 研发与销售保障下，公司智能文字识别C 端业务在海外取得突破性进展。 ...

证券研究报告：计算机 | 公司点评报告 发布时间：2025-12-15 股票投资评级 增持|首次覆盖 个股表现 -16% -10% -4% 2% 8% 14% 20% 26% 32% 38% 44% 2024-12 2025-02 2025-05 2025-07 2025-09 2025-12 合合信息 计算机 分析师:陈涵泊 SAC 登记编号:S1340525080001 Email:chenhanbo@cnpsec.com 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1@cnpsec.com 合合信息(688615) 收入逐季加速，AI 加速海外商业化 ⚫ 事件 公司 25Q3 收入增长加速。2025 年前三季度，公司实现营收 13.03 亿元，同比+24.22%；归母净利润 3.51 亿元，同比+14.55%。单 Q3， 公司实现营收 4.60 亿元，同比+27.49%（25Q1、Q2 同比+20.93%、 23.94%）；归母净利润 9813 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][14]. Core Insights - The company has shown accelerated growth in Q3 2025, with a revenue increase of 27.49% year-on-year, reaching 460 million yuan, and a net profit growth of 34.93%, totaling 116 million yuan [4]. - The C-end paid user base has significantly increased, with a total of 9.27 million paid users, reflecting a year-on-year growth of 35.18% [4]. - The company is actively enhancing its AI capabilities and expanding its overseas market presence, particularly in the smart text recognition sector [5]. Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 1.303 billion yuan, a year-on-year increase of 24.22%, and a net profit of 351 million yuan, up 14.55% [3]. - The gross margin for Q3 2025 was reported at 86.6%, an increase of 3.2 percentage points year-on-year, while the net profit margin was 25.1%, up 1.4 percentage points [4]. - The company forecasts revenues of 1.763 billion yuan, 2.175 billion yuan, and 2.669 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 462 million yuan, 573 million yuan, and 709 million yuan for the same years [6]. User Growth and Market Strategy - The C-end revenue from smart text recognition reached 385 million yuan, a year-on-year increase of 32.40%, driven by enhanced AI functionalities in overseas products [4]. - The monthly active users for the three main C-end products reached 189 million, a 12.5% increase compared to the same period in 2024 [4]. - The B-end business also showed stable growth, with smart text recognition revenue increasing by 19.64% year-on-year [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][15][19] Core Views - The company has shown a continuous acceleration in revenue growth, with a reported revenue of 1.303 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 22.51%. The net profit attributable to the parent company reached 351 million yuan, up 14.55% year-on-year [1][7] - The company is focusing on AI functionality research and product innovation, which is driving its revenue growth and global expansion [1][3] - The overseas market presents significant growth potential, with the company's overseas revenue currently accounting for about one-third of total revenue [3][15] Summary by Sections Revenue and Profitability - In Q3 2025, the company reported a revenue of 460 million yuan, an increase of 27.49% year-on-year, and a net profit of 116 million yuan, up 34.93% year-on-year [1][7] - The company’s C-end revenue from intelligent text recognition reached 385 million yuan in Q3, growing by 32.40%, while B-end revenue was 21 million yuan, up 19.64% [2] User Growth - The company has seen a significant increase in its user base, with monthly active users reaching 189 million, a growth of 12.50%, and paid users reaching approximately 9.27 million, an increase of 35.18% [2] Financial Forecast - The company is expected to maintain its revenue growth trajectory, with projected revenues of 1.757 billion yuan, 2.161 billion yuan, and 2.648 billion yuan for 2025, 2026, and 2027 respectively. Corresponding net profits are forecasted to be 486 million yuan, 595 million yuan, and 725 million yuan [4][15]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking it as the first coverage [11]. Core Insights - The company reported strong revenue growth in Q3 2025, with a year-on-year increase of 27.49% to reach 460 million yuan, and a net profit increase of 34.93% to 116 million yuan [4][5]. - The overall revenue for the first three quarters of 2025 was 1.303 billion yuan, reflecting a 24.22% year-on-year growth, while net profit increased by 14.55% to 351 million yuan [5]. - The company's profitability metrics showed a gross margin of 86.41% and a net margin of 26.93% for the first three quarters of 2025, with slight improvements attributed to higher-margin products and cost control [5][6]. Revenue and Profitability - In Q3 2025, the company achieved a gross margin of 86.62% and a net margin of 25.13%, indicating a year-on-year improvement of 3.24 percentage points and 1.38 percentage points, respectively [5]. - The comprehensive expense ratio for the first three quarters was 36.02%, a decrease of 2.35 percentage points compared to the previous year, demonstrating effective cost management [6]. Business Segments - The company's intelligent text recognition segment saw significant growth, with C-end products generating 385 million yuan (up 32.40%) and B-end products generating 21 million yuan (up 19.64%) in Q3 2025 [7]. - The commercial big data segment faced challenges in the C-end market but achieved a 10.52% increase in B-end revenue, indicating a stable growth trajectory [8]. AI Technology and B-end Products - The company is focusing on AI technology breakthroughs to enhance B-end product lines, aiming to create multi-dimensional value for clients and improve operational efficiency [9]. - The report highlights the company's strategic focus on transforming technical limitations into high-quality products and meeting new demands through AI-driven solutions [9]. Earnings Forecast - The company is projected to achieve revenues of 1.768 billion yuan, 2.164 billion yuan, and 2.637 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS estimates of 3.37 yuan, 4.11 yuan, and 5.07 yuan [10][13].