AI-COP 再升级，智能体加速需求释放 致远互联(688369) ——2024 年年报与 2025 年 1 季报点评 股票研究 /[Table_Date] 2025.04.27 2025-05-06 计算机 [Table_Industry] /信息科技 [Table_Invest] 评级： 优于大市 [Table_Target] 目标价格： 35.27 [Table_CurPrice] 当前价格： 27.30 [Table_Market] 交易数据 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 -21% 20% 44% 相对指数 -18% 18% 36% 2024-04 2024-08 2024-12 2025-04 证 券 研 究 请务必阅读正文之后的免责条款部分 股 票 本报告导读： 公司 AI-COP 持续升级，新推出智能体产品线 CoMi，有望加速客户应用 AI Agent 需 求释放，在智能化、信创化发展机遇下，公司业绩有望逐步改善。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 20 ...

上次评级：买入 [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 证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 致远互联(688369.SH) 投资评级：买入 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] 业绩短期承压，AI 战略成效逐渐显现 [Table_ReportDate] 2025 年 5 月 6 日 [Table_S 事件：致远互联 ummary]发布 2024 年年度报告，公司 2024 年实现营收 8.47 亿元， 同比下降 18.97%；实现归母净利润-2.36 亿元，亏损幅度同比扩大；实现扣 非净利润-2.40 亿元；2025Q1，公司实现营收 1.05 亿元，同比下降 42.40%； 实现归母净利润-0.67 亿元；实现扣非净利润-0.68 亿元。 请阅读最后一页免责声明及信息披露 http ...

投资评级：买入 上次评级：买入 [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] 业绩短期承压，AI 战略成效逐渐显现 [Table_ReportDate] 2025 年 5 月 6 日 证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 致远互联(688369.SH) [Table_S 事件：致远互联 ummary]发布 2024 年年度报告，公司 2024 年实现营收 8.47 亿元， 同比下降 18.97%；实现归母净利润-2.36 亿元，亏损幅度同比扩大；实现扣 非净利润-2.40 亿元；2025Q1，公司实现营收 1.05 亿元，同比下降 42.40%； 实现归母净利润-0.67 亿元；实现扣非净利润-0.68 亿元。 请阅读最后一页免责声明及信息披露 http ...

近日，华为2025年港澳合作伙伴大会在深圳举办，大会围绕加速行业数智化、伙伴政策优化及行业解决方案成功实践等议题展开了深入探讨。会上，华为正 式宣布港澳伙伴IDA数智联盟成立，致远互联作为华为的深度合作伙伴及领先的"一带一路"数智化服务商，成为首批华为港澳伙伴IDA数智联盟成员，携手 联盟成员打造开放平台，深化"数智"创新。 "华为港澳伙伴IDA数智联盟"(Intelligent Digital Alliance)的成立，旨在联合生态伙伴构建开放平台，推动AI技术与行业场景的深度融合，为港澳地区的数字 化转型注入强大动力。致远互联作为联盟首批重要成员之一，受邀上台参与成立仪式，标志着致远互联与华为的合作进入更高层次的生态共创阶段，进一步 深化了双方在技术共享与生态共建上的合作共识。 致远互联作为国内领先的数智化服务提供商，积极践行出海战略，深度布点港澳、东南亚、中东市场，并积极拓展非洲、拉美等新兴区域，通过与中资出海 企业、当地政府与企业的深度合作，服务了中建中东项目、中建阿尔及利亚公司、中国港湾、中国交建（601800）项目、工银国际、香港航空有限公司、伊 拉克国家数据中心、科特迪瓦内政部等多家企业和海外政 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance but is actively positioning itself in the AI Agent space. The long-term development outlook remains positive despite current challenges [4][5] - Revenue for 2024 is projected to decline by 18.97% year-on-year, with a net loss of 236 million yuan, indicating an expanded loss compared to the previous year [4] - The company has adjusted its net profit forecasts for 2025-2026 to -97 million and -23 million yuan respectively, with a new forecast for 2027 set at 21 million yuan [3] Financial Summary - In 2024, the company achieved operating revenue of 847 million yuan, down from 1,045 million yuan in 2023, with a gross margin decrease from 68.44% to 64.22% [4][6] - For Q1 2025, the company reported operating revenue of 105 million yuan, a decline of 42.4% year-on-year, with a net loss of approximately 66.98 million yuan [4] - The company's EPS (Earnings Per Share) is projected to be -0.84, -0.20, and 0.18 yuan for 2025, 2026, and 2027 respectively, with a corresponding PE ratio of 148.6 for 2027 [3][6] Strategic Initiatives - The company launched a new generation of AI intelligent products, CoMi, which integrates mainstream AI models and allows for the creation of customized agents for various applications [5]

Group 1 - The core theme of the event is "AI-COP Digital Operation New Engine," showcasing the AI-COP digital collaborative operation platform and the CoMi Family of AI products [1] - Over 500 representatives from central state-owned enterprises and leading companies across various industries attended the event [1] - The company aims to assist large organizations and central state-owned enterprises in seizing opportunities in "AI + Xinchuang" through digital and intelligent operational management solutions [1] Group 2 - The company has focused on collaborative operations for 23 years, leveraging a strategy based on "large models + collaborative operation domain models + scenarios + intelligent agents + knowledge bases" [2] - Future plans include deepening the AI-COP platform and CoMi Family, collaborating with ecosystem partners to create a "technology-scenario-ecosystem" innovation system [2] - The goal is to empower enterprises to transition from point intelligence to overall intelligence, contributing to the dual-track development of Xinchuang and AI across various industries [2]

Core Insights - The China Academy of Information and Communications Technology (CAICT) has released a report highlighting exemplary cases of "Open Source Large Models+" software innovation applications, with Zhiyuan Interconnect recognized as a benchmark in this field [1][3] - The report focuses on the practical implementation of artificial intelligence technologies, selecting benchmarks based on technological breakthroughs, scene innovation, and ecological synergy [3] Group 1: Company Innovations - Zhiyuan Interconnect has developed the AI-COP intelligent collaborative operation platform, integrating "large models + vertical domain models + scene intelligent agents" to create a replicable and scalable industry paradigm [3][4] - The company has launched the "CoMi Family" of intelligent agent products, which combines mainstream AI large models with self-developed vertical domain models, enhancing capabilities from single-process tools to multi-task AI agents [4] Group 2: Product Offerings - The CoMi Family features over ten vertical scene intelligent agents tailored for diverse business scenarios, such as enterprise intelligent inquiry, collaborative work assistants, and contract risk assistants, aimed at improving organizational efficiency and decision-making quality [5] - The intelligent agents utilize data interaction analysis to provide instant and accurate query results, significantly accelerating decision-making processes and breaking the constraints of traditional data querying methods [5][6] Group 3: Market Applications - The company has introduced a one-stop enterprise AI service platform, Zhihuiquan, which integrates over 50 mainstream large models, supporting private deployment and adaptation for various industries, including finance and manufacturing [5] - The applications cover multiple scenarios such as AI comprehensive portals, intelligent documents, and smart data analysis, contributing to quality improvement, cost reduction, and risk mitigation for enterprises [6]

Core Viewpoint - Beijing Zhiyuan Huilian Software Co., Ltd. focuses on enterprise-level management software and services, emphasizing digital transformation and intelligent operations through AI and cloud technologies [7][8][9]. Company Overview - The company is a leading provider of enterprise management software in China, specializing in collaborative office and operational management [7]. - It has transitioned from a traditional software supplier to a data and AI-driven collaborative operations management software provider [7][8]. Business Model - The company employs a dual sales model combining direct sales and distribution to reach a wide range of clients [20][21]. - It offers tiered products and solutions tailored to different sizes of enterprises and government clients [8][9]. Industry Situation - The new generation information technology industry is a strategic and foundational sector for the national economy, with significant growth and innovation potential [22][23]. - The digital economy accounted for 42.8% of China's GDP in 2023, indicating a strong trend towards digital transformation across various sectors [23][24]. Technological Development - The company is leveraging AI technologies, particularly large models, to enhance its product offerings and operational efficiency [24][31]. - The rise of low-code and cloud-based solutions is transforming software development and deployment, making it more agile and cost-effective for businesses [32]. Financial Performance - The company plans not to distribute profits for the 2024 fiscal year, opting to retain earnings for future growth [4][5]. - It has established a solid customer base, serving over 50,000 enterprises and government clients across various industries [29].

Group 1 - The company held the 17th meeting of the third board of directors and the 14th meeting of the supervisory board on April 24, 2025, to review the proposal for expected daily related transactions for 2025, which will be submitted to the shareholders' meeting for approval [1][7] - The expected amount and categories of daily related transactions for 2025 were outlined, with the total amount being calculated based on the audited figures from 2024 [1][4] - The previous expected and executed daily related transactions were also summarized, indicating compliance with legal regulations [1][4] Group 2 - The basic information and relationships of related parties were provided, including companies such as Sichuan Zhimai Xiechuang Software Co., Ltd. and Beijing Fangcun Wuyou Technology Development Co., Ltd., all of which are legally registered and have good financial conditions [1][3] - The company analyzed the performance capabilities of the related parties, confirming their ability to fulfill contractual obligations [3] Group 3 - The main content of the daily related transactions was described, focusing on procurement and sales of goods and services between the company and related parties, adhering to fair market principles [4] - The signing of related transaction agreements will occur after approval from the board and shareholders, ensuring mutual benefits [4] Group 4 - The purpose and impact of the daily related transactions were discussed, emphasizing that they are necessary for the company's business development and do not harm the interests of shareholders, particularly minority shareholders [5][28] - The pricing of related transactions is based on market prices and follows principles of equality and voluntary participation [5][28] Group 5 - The supervisory board meeting reviewed and approved several proposals, including the 2024 annual report and the 2025 supervisory remuneration plan, all of which will be submitted to the shareholders' meeting for further approval [8][11][14] - The board also approved the continuation of the auditing firm for 2025, highlighting its compliance and professionalism during the previous audit [16] Group 6 - The company announced the upcoming 2024 annual shareholders' meeting scheduled for May 20, 2025, detailing the voting procedures and requirements for participation [33][34] - The meeting will include discussions on various proposals, including the authorization for the board to issue shares to specific investors, with a total financing amount not exceeding 300 million RMB [74][75]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 847 million RMB in 2024, a year-on-year decline of 18.97%, and a net loss attributable to shareholders of 236 million RMB, primarily due to decreased revenue and increased credit impairment and asset impairment losses [2]. - In Q1 2025, the company generated revenue of 105 million RMB, down 42.40% year-on-year, attributed to longer delivery cycles and complex project requirements, resulting in delayed acceptance [2]. - The company has made significant progress in securing orders from state-owned enterprises, with a 20.8% increase in contract amounts from central state-owned enterprises and a 44.3% increase in contracts for its specialized products [3]. - The company has upgraded its overseas strategy, achieving localized breakthroughs in Hong Kong and the Middle East, with a 45.8% increase in overseas revenue [3]. - The company launched a new AI product line, CoMi, and a one-stop AI service platform, integrating over 50 mainstream models, which supports private deployment and industry adaptation [4]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 847 million RMB, down 18.97% year-on-year, with a net loss of 236 million RMB due to revenue decline and increased impairment losses [2]. - Q1 2025 revenue was 105 million RMB, a 42.40% decline year-on-year, with a net loss of 67 million RMB [2]. Operational Analysis - Orders from enterprise clients increased by 8.7%, with contracts over one million RMB growing by 27.2%. Notably, contracts from central state-owned enterprises grew by 20.8% [3]. - The company has made strides in the overseas market, with a 45.8% increase in overseas revenue and a 25.5% increase in contract amounts [3]. Profit Forecast, Valuation, and Rating - Revenue projections for 2025-2027 are 895 million RMB, 1,006 million RMB, and 1,156 million RMB, with expected growth rates of 5.78%, 12.32%, and 14.89% respectively [5]. - The net profit forecast for the same period is -93 million RMB, -17 million RMB, and 38 million RMB, with corresponding price-to-sales ratios of 3.49, 3.11, and 2.71 [5].