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致远互联(688369):订单回暖趋势显现 降本增效持续推进
Xin Lang Cai Jing· 2025-08-28 06:35
致远互联1H25 业绩符合我们预期 公司公布1H25 业绩:公司实现收入3.38 亿元,同比-15.98%;归母净亏损1.35 亿元,扣非后归母净亏损 1.34 亿元,亏损同比扩大。单季度看,2Q25 实现收入2.33 亿元,同比+5.99%;归母净亏损0.69 亿元; 经营活动现金流净额-0.58 亿元,环比改善明显。公司整体业绩符合我们预期。 发展趋势 合同订单呈现回暖趋势。1H25 合同负债较上年期末同比增长37%;直销合同金额同比增长20.2%,金额 达百万以上的订单金额同比增长72.7%,信创产品订单金额同比+124.3%。公司在AI 端投入取得成效, 签约AI 相关合同订单为4,669 万元。客户层面,央国企客户合同同比+57.8%;政府业务合同同比 +139.4%,其中政务信创产品合同同比+170.9%。我们认为,公司2 季度收入及订单回暖趋势明显,有 望支撑全年收入恢复。 降本增效持续,营运利润及现金流环比改善。2Q25 公司毛利率同环比均有所下滑,主要由于直销项目 交付内容增加并且复杂度提升,导致交付周期加长和成本上升。销售/研发/管理费用率环比下滑 21.4/16.2/8.0ppt,研发费 ...
致远互联: 北京致远互联软件股份有限公司2024年年度股东大会会议资料
Zheng Quan Zhi Xing· 2025-05-09 10:06
Core Viewpoint - The company is preparing for its 2024 annual financial settlement and 2025 budget report, emphasizing the importance of maintaining shareholder rights and ensuring orderly conduct during the shareholder meeting [1][5]. Meeting Procedures - The meeting will be organized by a designated committee to ensure proper attendance verification and orderly proceedings [1][2]. - Shareholders and their representatives have the right to speak, inquire, and vote, but must register to speak and adhere to time limits [2][3]. - Legal representatives will witness the meeting and provide legal opinions on the proceedings [3][4]. Financial Performance - In 2024, the company achieved a total revenue of 846.53 million yuan, a decrease of 18.97% year-on-year, with a notable 8.7% growth in enterprise orders [6][7]. - Research and development expenses accounted for 25.15% of total revenue, an increase of 2.48 percentage points compared to the previous year, indicating a commitment to enhancing core competitiveness through sustained investment [6][7]. Business Segments - The company has strengthened its market position in key industries such as central state-owned enterprises, manufacturing, and healthcare, with a 20.8% increase in contract amounts from central enterprises [7][8]. - The introduction of standardized products for small and medium-sized enterprises has lowered digitalization barriers and improved management efficiency [8][9]. Product Development - The company has launched several AI-driven products, including the AI-COP platform and various versions of its software tailored for different market segments, enhancing operational capabilities [9][10]. - The upcoming release of the new generation AI intelligent product line, CoMi, is expected to provide customizable AI solutions for clients [12][13]. Governance and Compliance - The board of directors has conducted regular meetings to ensure compliance with legal and regulatory requirements, maintaining effective governance and oversight [18][20]. - The supervisory board has confirmed that the company’s financial management and internal controls are robust, ensuring the protection of shareholder interests [33][34]. Future Outlook - The company aims to enhance its operational efficiency and customer value through strategic initiatives focused on AI integration and platform development, targeting sustainable growth [27][28]. - Plans for 2025 include expanding market presence in Southeast Asia and the Middle East, as well as enhancing digital solutions for government services [28][29].
致远互联(688369):2024年年报与2025年1季报点评:AI-COP再升级,智能体加速需求释放
Investment Rating - The report maintains an "Outperform" rating for the company [1][5][11] Core Views - The company is expected to face short-term revenue and profit pressure due to economic conditions and extended project cycles, with projected EPS for 2025-2026 at -0.73 and -0.28 RMB, respectively, and a forecast of 0.32 RMB for 2027 [5][11] - Revenue projections for 2025-2027 are estimated at 903 million, 1.01 billion, and 1.15 billion RMB, respectively [5][11] - The target price is set at 35.27 RMB, based on a 4.5x PS for 2025 [5][11] Financial Summary - In 2024, the company achieved revenue of 847 million RMB, a decrease of 18.97%, with a net profit attributable to shareholders of -236 million RMB [5][11] - For Q1 2025, revenue was 105 million RMB, down 42.40%, with a net profit of -67 million RMB [5][11] - Corporate contract orders grew by 8.7% in 2024, with contracts over 1 million RMB increasing by 27.2% [5][11] Product Development - The company launched a new AI product line, CoMi, in Q1 2025, allowing customers to choose pre-made or customizable intelligent agents, contributing to a rich AI ecosystem [5][11] - The company continues to invest in platform and technology, enhancing business customization efficiency [5][11]