AI 模型加快行业拓展应用，一季度净利润增长显著 事件：公司于 2025 年 4 月 19 日发布 2025 年一季报，报告期内实现营收 62.56 亿元，同比增长 1.22%；归母净利润 6.53 亿元，同比增长 16.45%； 扣非净利润 5.04 亿元，同比增长 0.44%。 净利润实现高增速，经营状况改善 资产结构优化。公司 Q1 归母净利润同 比提升 16.45%，这得益于：经常性损益稳定贡献，政府补助（0.84 亿元）、 金融资产投资收益（0.92 亿元）等合计贡献 1.50 亿元，占净利润比例达 23%；费用结构优化，财务费用因汇兑收益同比减少 204%，研发费用率稳 定在 15.5%（9.70 亿元），销售费用率同比下降至 16.4%（10.24 亿元）。经 营活动现金流净额同比改善 48.59%，主因销售回款增加及税费支付减少； 短期借款较年初减少 59.7%；同时公司进一步优化了资产结构，总资产规 模微降 4.24%，主要因减持思特威股票（交易性金融资产减少 52%）、国债 逆回购减少（其他流动资产降 48%）。 公司报告 | 季报点评 大华股份（002236） 证券研究报告 AI 大模型 ...

大华股份 - A 我们更新模型以反映 2025 年 1 季度的实际财务数据，并维持我们 2025-27 年预测基本不变。由于需求前景疲软且竞争加剧，我们维 持"中性"评级；我们截至 2026 年 6 月的目标价为 17.5 元，基于 12 倍的一年动态市盈率得出。 中国 证券研究 2025 年 4 月 22 日 中性 002236.SZ, 002236 CH 模型更新 股价（2025 年 4 月 21 日）： 15.79 元 目标价（2026 年 6 月）： 17.50 元 证券研究报告 科技 证券分析师: 冯令天 AC (86-21) 6106 6359 billy.feng@jpmorgan.com 登记编号: S1730520030005 证券分析师: 许日 (86-21) 6106 6318 ri.xu@jpmchase.com 登记编号: S1730522100001 证券分析师: 刘叶 (86-21) 6106-6200 ye.liu@jpmorgan.com 登记编号: S1730521090001 摩根大通证券（中国）有限公司 重要变更（财年12月份结束） | | 旧 | 新 | | --- ...

Investment Ratings - Dahua: Sell [1][2][39] - Arcsoft: Sell [1][14][36] - Chinasoft Intl.: Neutral [1][24][34] Core Insights - Dahua launched the Xinghan foundation model 2.0 to enhance product competitiveness, but market demand is expected to remain low in 2025, particularly in China [2][3] - Arcsoft's growth is driven by AI and smart driving technologies, with management targeting high double-digit to triple-digit revenue growth in 2025 [14][15] - Chinasoft Intl. is expected to recover in 2025, driven by Huawei's product deployment and a positive outlook for traditional IT services [24][25] Dahua Summary - 1Q25 net income increased by 16% YoY to RMB 653 million, but was 14% below estimates; revenues were up 1% YoY but down 36% QoQ [3][7] - Earnings estimates for 2025-2027 were revised down by 21%, 16%, and 15% respectively due to lower revenue visibility and increased R&D investments [8][10] - Target price revised down to RMB 14.28, reflecting a 9% downside [10] Arcsoft Summary - 1Q25 revenues were up 14% YoY to RMB 209 million, but 10% lower than estimates; net income was up 45% YoY to RMB 50 million [15][16] - Earnings estimates for 2025-2026 were revised down by 19% and 15% respectively, reflecting competition and modest demand [21][22] - Target price revised up to RMB 37.5, indicating a 14% downside [22] Chinasoft Intl. Summary - 2H24 revenues returned to positive YoY growth at +4%, with operating income largely in line with estimates [27][29] - Earnings estimates for 2025-2027 were cut by 3%, 2%, and 2% respectively due to gross margin misses and pricing pressures [30][34] - Target price set at HK$5.5, based on a 15.4x 2025E P/E [34]

证券代码：002236 证券简称：大华股份 公告编号：2025-046 二、担保进展情况 1、近日，公司在汇丰银行（中国）有限公司杭州分行开立保函（保函编号： PEBHAZ402356），约定为子公司Dahua Technology (HK) Limited向供应商的采 购合同提供付款担保，担保总额不超过300万美元，保证期间为2025年4月23日至 2026年4月21日。本保函所担保的业务范围、期限、费用等内容以相关法律文书 或凭证为准。 2、近期，华睿科技全资孙公司Huaray Technology Korea Company Limited（简 浙江大华技术股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 浙江大华技术股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日召开 的第八届董事会第十一次会议审议通过了《关于为子公司提供担保的议案》。根 据公司实际业务发展需要，浙江大华技术股份有限公司（以下简称"公司"）及 控股子公司拟为其合并范围内的部分子公司提供担保，担保总额度不超过 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Views - The company reported a revenue of 32.181 billion yuan for 2024, a slight decline of 0.12% year-on-year, and a net profit attributable to shareholders of 2.906 billion yuan, down 60.53% year-on-year. However, in Q1 2025, revenue increased by 1.22% year-on-year to 6.256 billion yuan, with a net profit growth of 16.45% year-on-year to 0.653 billion yuan [1][3]. - Emerging demand industries continue to grow rapidly, with the company's smart IoT products and solutions generating 25.775 billion yuan in revenue for 2024, a decrease of 3.26% year-on-year. The government business segment saw a revenue of 4.057 billion yuan, down 6.37% year-on-year, primarily due to cautious local government investments [1][2]. - The company is focusing on enhancing its "Five Full" capabilities, which include full perception, full intelligence, full connectivity, full computing, and full ecology, with R&D investment reaching 4.213 billion yuan in 2024, a 6.20% increase year-on-year [3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 32.181 billion yuan, with a projected revenue growth of 9.9% in 2025, reaching 35.364 billion yuan. The net profit attributable to shareholders is expected to recover to 3.274 billion yuan in 2025, reflecting a growth rate of 12.7% [4][8]. - The company’s EBITDA for 2024 is projected at 3.026 billion yuan, with a steady increase expected in subsequent years [9]. Business Segments - The government business segment is expected to recover in the second half of 2024, driven by government special bonds, while the enterprise business is projected to maintain a strong performance, particularly in the industrial and energy sectors [2][3]. - The overseas market showed resilience, with revenue from international operations reaching 16.294 billion yuan in 2024, a growth of 6.31% year-on-year, effectively offsetting domestic demand contraction [2][3]. Investment Outlook - The company is positioned as a leading R&D platform with a strong moat in market, R&D, and supply chain capabilities. The expected revenue for 2025-2027 is projected to be 35.364 billion yuan, 38.939 billion yuan, and 43.172 billion yuan, respectively [3][4].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Views - The company reported a revenue of 32.181 billion yuan for 2024, a slight decline of 0.12% year-on-year, and a net profit attributable to shareholders of 2.906 billion yuan, down 60.53% year-on-year. However, in Q1 2025, revenue increased by 1.22% year-on-year to 6.256 billion yuan, with a net profit growth of 16.45% [1][3]. - Emerging demand industries continue to grow rapidly, with the company's smart IoT products and solutions generating 25.775 billion yuan in revenue for 2024, a decrease of 3.26% year-on-year. The government and enterprise sectors showed varying performance, with government business revenue declining by 6.37% and enterprise business revenue down by 4.15% [1][2][3]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 32.181 billion yuan in 2024, with a projected revenue growth of 9.9% in 2025, reaching 35.364 billion yuan. The net profit attributable to shareholders is expected to recover to 3.274 billion yuan in 2025, reflecting a growth of 12.7% [4][8]. Business Segments - Government business revenue was 4.057 billion yuan in 2024, down 6.37%, primarily due to cautious local government investments. However, it showed positive growth in the second half of the year driven by government special bonds [1][2]. - Enterprise business revenue reached 8.71 billion yuan, down 4.15%, with strong performance in the industrial and energy sectors, while public sector budgets constrained growth [2][3]. - The SMB segment faced the most significant impact from macroeconomic demand weakness, prompting a strategic focus on local operations and essential service areas [2][3]. International and Innovative Business - The overseas market showed resilience, with revenue of 16.294 billion yuan, up 6.31% year-on-year, effectively offsetting domestic demand contraction. The innovative business segment generated 5.566 billion yuan, growing by 13.44% [2][3]. Research and Development - The company invested 4.213 billion yuan in R&D in 2024, representing 13.09% of revenue, with a focus on enhancing its "Five Full" capabilities. The upgraded "Starry Sky Model 2.0" is expected to improve operational efficiency [3][4]. Financial Projections - The company forecasts revenues of 35.364 billion yuan in 2025, 38.939 billion yuan in 2026, and 43.172 billion yuan in 2027, with corresponding net profits of 3.274 billion yuan, 3.753 billion yuan, and 4.467 billion yuan respectively [4][8].

证券代码：002236 证券简称：大华股份 公告编号：2025-045 浙江大华技术股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 4、本次实施分配方案距离股东大会审议通过利润分配方案的时间未超过两 个月。 5、公司在权益分派申请日至股权登记日期间，股票期权激励计划激励对象 已暂停自主行权。 二、权益分派方案 本公司 2024 年年度权益分派方案为：以公司现有总股本剔除已回购股份 19,819,601.00 股后的 3,279,257,910.00 股为基数，向全体股东每 10 股派 4.580000 元人民币现金（含税；扣税后，通过深股通持有股份的香港市场投资者、境外机 构（含 QFII、RQFII）以及持有首发前限售股的个人和证券投资基金每 10 股派 4.122000 元；持有首发后限售股、股权激励限售股及无限售流通股的个人股息红 利税实行差别化税率征收，本公司暂不扣缴个人所得税，待个人转让股票时，根 据其持股期限计算应纳税额【注】；持有首发后限售股、股权激励限售股及无限 售流通股的证券投资基金 ...

Financial Performance - In Q1 2025, the company achieved revenue of 6.256 billion CNY, a year-on-year increase of 1.22% [1] - The net profit attributable to shareholders was 653 million CNY, up 16.45% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 504 million CNY, a growth of 0.44% [1] Business Segment Analysis - Domestic revenue growth has rebounded, particularly in the enterprise sector, with strong performance in traditional energy and education sectors [1] - Government business remains under pressure due to cautious domestic investment, with only large-scale transportation and public welfare digital upgrades showing demand [1] - The distribution business is still in an adjustment phase, resulting in relatively weak performance [1] International Operations - The company has exited the U.S. market and has diversified its overseas revenue sources, with a significant portion coming from developing countries [3] - The company has localized its materials to mitigate the impact of U.S. tariffs and sanctions [3] Innovation and Future Planning - The innovation business segment generated revenue of 5.566 billion CNY in 2024, reflecting a year-on-year growth of 13.44% [4] - The company aims to maintain rapid growth in its innovative subsidiaries, with expectations for some loss-making subsidiaries to reach breakeven [4] Technological Advancements - The Starry Sky Model 2.0 has been upgraded to include V, M, and L series models, enhancing capabilities in visual processing, multi-modal data analysis, and vertical domain knowledge [5][7] - The V series model offers improved visual analysis and contextual understanding, while the M series supports cross-modal data analysis [7] Market Trends and Customer Needs - There is a growing demand for integrated machine products, with the cost of implementing large model projects decreasing significantly [9] - The company is focusing on demonstrating tangible value to clients to facilitate business integration and commercialization [10]

证券代码：002236 证券简称：大华股份 公告编号：2025-043 浙江大华技术股份有限公司 关于减少注册资本暨通知债权人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江大华技术股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召开 2024 年度股东大会，审议通过了《关于回购注销 2022 年股票期权与限制性股票 激励计划部分限制性股票的议案》及《关于回购公司股份方案的议案》，具体内 容详见刊载于巨潮资讯网的《关于回购注销 2022 年股票期权与限制性股票激励 计划部分限制性股票的公告》《关于回购公司股份方案的公告》《2024 年度股东 大会决议公告》。 （一）回购注销部分限制性股票事项 根据公司《2022 年股票期权与限制性股票激励计划（草案修订稿）》的规定， 因为公司业绩未达成解除限售条件及激励对象离职，公司拟回购注销 3,837 名激 励对象所合计持有的 20,544,960 股未解除限售的限制性股票，回购注销完成后， 公司总股本将由 3,294,584,502 股减少至 3,274,039,542 股，注册资本将由 3 ...

证券代码：002236 证券简称：大华股份 公告编号：2025-044 浙江大华技术股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要提示 1．本次股东大会无否决提案的情形； 2．本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： （1）现场会议时间：2025年4月21日（星期一）下午3:20。 （2）网络投票时间：2025 年 4 月 21 日。通过深圳证券交易所交易系统进 行网络投票时间为 2025 年 4 月 21 日 9:15—9:25，9:30—11:30 和 13:00—15:00。 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2025 年 4 月 21 日上午 9:15 至下午 3:00。 2、召开地点：浙江省杭州市滨江区滨兴路1399号公司会议室。 司总股份的 50.8506％。其中：通过现场投票的股东 10 人，代表股份 1,320,552,374 股，占上市公司总股份的 40.0279％；通过网络投票的股东 1,485 ...