太极股份（002368.SZ）2025 年一季报点评 毛利率同比提升，多点发力打造成长新动能 2025 年 05 月 03 日 [Table_Author] 分析师：吕伟 分析师：郭新宇 执业证号：S0100521110003 执业证号：S0100518120001 邮箱：lvwei_yj@mszq.com 邮箱：guoxinyu@mszq.com ➢ 事件概述：2025 年 4 月 29 日，公司发布 2025 年一季报，2025 年一季度 营业收入 13.96 亿元，同比去年-15.96%；归母净利润 1626.12 万元，同比去年 -0.42%。 ➢ 毛利率同比提升，合同负债环比增长或预示业务景气度提升。2025 年一季 度公司毛利率 28.20%，较 2024 年一季度的 25.10%有明显提升；同时，2025 年一季度末公司合同负债 15.93 亿元，较 2024 年底有所增长，合同负债环比增 长或预示业务景气度提升。 ➢ 紧抓信创、AI、数据要素等大趋势，不断强化自身优势。1）AI 方面，公司 构建"算力+模型+应用"的一体化发展模式。在算力方面，公司基于国产 CPU+GPU 的组合打造算力基础设 ...

证券代码：002368 证券简称：太极股份 公告编号：2025-018 太极计算机股份有限公司 第六届监事会第十七次会议决议公告 本公司及监事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 （一）审议通过了《关于〈公司2025年第一季度报告〉的议案》 经核查，监事会认为：董事会编制和审核2025年第一季度报告的程序符合法 律、行政法规和中国证监会的规定，内容真实、准确、完整地反映了报告期内公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：5票同意、0票反对、0票弃权。 三、备查文件 1、第六届监事会第十七次会议决议。 特此公告。 一、监事会会议召开情况 太极计算机股份有限公司（以下简称"公司"）第六届监事会第十七次会议通 知于 2025 年 4 月 18 日以直接送达、电话或电子邮件形式发出，会议于 2025 年 4 月 29 日在北京市朝阳区容达路 7 号院中国电科太极信息产业园 C 座会议中心 以现场结合通讯方式召开。 本次会议应到监事 5 位，实到监事 5 位，会议由监事会召集人胡雷先生主 持。本次会议的召开符合《公司法》和《公司章程》的有关规 ...

证券代码：002368 证券简称：太极股份 公告编号：2025-017 太极计算机股份有限公司 第六届董事会第二十次会议决议公告 本次会议应到董事9位，实到董事9位，公司部分监事、高级管理人员列席 了会议，会议由董事长吕翊先生主持。本次会议的召开符合《公司法》和《公 司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过了《关于〈公司 2025 年第一季度报告〉的议案》 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）的相关公告。 表决结果：9票同意、0票反对、0票弃权。 三、备查文件 1、第六届董事会第二十次会议决议。 特此公告。 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 太极计算机股份有限公司（以下简称"公司"）第六届董事会第二十次会议通 知于2025年4月18日以直接送达、电话或电子邮件的方式发出，会议于2025年4 月29日在北京市朝阳区容达路7号院中国电科太极信息产业园C座会议中心以现 场结合通讯方式召开。 董事会 2025 年 4 月 29 日 1 太极计算机股份有限公司 ...

太极计算机股份有限公司 2025 年第一季度报告 证券代码：002368 证券简称：太极股份 公告编号：2025-016 公司是否需追溯调整或重述以前年度会计数据 太极计算机股份有限公司 2025 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第一季度报告是否经审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 1,396,400,564.02 | 1,661,500,116.22 | -15.96% | | 归属于上市公司股东的净利润（元） | 16,261,241.31 | 16,329,727.5 ...

证券代码：002368 证券简称：太极股份 公告编号：2025-015 太极计算机股份有限公司 关于控股股东及一致行动人增持计划期限届满暨实施完成的公告 中电太极（集团）有限公司、中电科投资控股有限公司保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、太极计算机股份有限公司（以下简称"公司"）于 2024 年 10 月 19 日披露 了《关于控股股东及一致行动人增持公司股份计划的公告》（公告编号：2024-029）， 基于对公司未来持续稳定发展的信心和长期投资价值的认可，为增强投资者信 心，中电太极（集团）有限公司（以下简称"中电太极"）及一致行动人中电科投 资控股有限公司（以下简称"电科投资"）拟自 2024 年 10 月 19 日起 6 个月内以 不限于集中竞价交易、大宗交易等深圳证券交易所允许的方式增持公司股份， 增持金额分别为不低于人民币 1 亿元且不超过 2 亿元和不低于人民币 5,000 万元， 双方合计增持股份数量不超过公司总股本的 2%。 2、截至本公告披露日，本次增持计划实施 ...

北京大成律师事务所 关于中电太极（集团）有限公司及一致行动人 增持太极计算机 股份有限公司股份 释 义 N- 法律意见书 大成 DENTONS 大成 is Dentons' Preferred Law Firm in China. 北京大成律师事务所 www.dentons.cn 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层(100020) 16-21F, Tower B, ZT International Center, No. 10, Chaoyangmen Nandajie Chaoyang District, 100020, Beijing, China Tel: +86 10-58137799 Fax: +86 10-58137788 | | | | 释 义 … | | --- | | 第一部分 律师声明……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 2 | | 第二部分 正文 ...

证 券 研 究 报 告 太极股份（002368）2024 年报点评 强推（维持） 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 7,836 | 8,607 | 10,040 | 12,203 | | 同比增速(%) | -14.8% | 9.8% | 16.7% | 21.5% | | 归母净利润(百万) | 191 | 377 | 471 | 589 | | 同比增速(%) | -49.1% | 97.2% | 24.9% | 25.2% | | 每股盈利(元) | 0.31 | 0.60 | 0.76 | 0.95 | | 市盈率(倍) | 81 | 41 | 33 | 26 | | 市净率(倍) | 3.0 | 2.8 | 2.6 | 2.4 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 11 日收盘价 公司研究 行业应用软件 2025 年 04 月 11 日 目标价：30 元 当前价：24.8 ...

Investment Rating - The report maintains a "Recommended" rating for the company [8] Core Viewpoints - The company has launched the "Taiji Low-Code Development Platform TDP V25.0.0," marking a new stage of intelligence in the low-code development field through AI-driven data modeling and code generation [4][5] - The company is positioned as a leader in the "Xinchuang" (information innovation) sector, with steady revenue growth from its subsidiary, Electric Science JinCang, which achieved a revenue of 433 million yuan in 2024, a year-on-year increase of 16.02% [6] - The company is actively developing data elements and aims to play a significant role in the national data element development strategy, focusing on data resource utilization challenges [7][9] Summary by Sections Product Development - The Taiji platform features an AI assistant for data modeling and an integrated Web IDE for code generation, allowing users to create and modify data models and application code using natural language [5] - Continuous upgrades to the platform are planned, including AI applications in intelligent component recommendations and process automation [5] Financial Performance - The company forecasts a revenue of 7.836 billion yuan for 2024, with a projected growth rate of -14.8%, followed by a recovery with expected revenues of 9.039 billion yuan in 2025, representing a growth rate of 15.4% [10][12] - The net profit attributable to shareholders is expected to be 191 million yuan in 2024, with significant growth anticipated in subsequent years, reaching 531 million yuan by 2027 [10][12] Market Position - The company has secured multiple benchmark projects across various industries, enhancing its market presence and establishing itself as a key player in the Xinchuang sector [6][7] - The company is also expanding its product offerings in management software, further solidifying its position in the state-owned enterprise market [7] Future Outlook - The company is expected to enhance its "cloud + data + application" service capabilities, with projected net profits of 313 million yuan in 2025 and 409 million yuan in 2026 [9][10] - The report anticipates a decline in PE ratios from 81 in 2024 to 29 by 2027, indicating improved valuation as earnings grow [10][12]

Investment Rating - The report maintains a "Recommended" rating for the company [8] Core Viewpoints - The company has launched the "Taiji Low-Code Development Platform TDP V25.0.0," marking a new stage of intelligence in the low-code development field through AI-driven data modeling and code generation [4][5] - The company is positioned as a leader in the "Xinchuang" (information innovation) sector, with steady revenue growth from its subsidiary, Electric Science and Technology JinCang, which achieved a revenue of 433 million yuan in 2024, a year-on-year increase of 16.02% [6] - The company is actively developing data elements and aims to play a significant role in the national data element development strategy, focusing on data resource utilization challenges [7][9] - The company is expected to enhance its "cloud + data + application" service capabilities, with projected net profits for 2025-2027 of 313 million, 409 million, and 531 million yuan, respectively [9] Financial Projections - The company forecasts total revenue of 7.836 billion yuan for 2024, with a growth rate of -14.8%, followed by 9.039 billion yuan in 2025, representing a growth rate of 15.4% [10][12] - The projected net profit for 2024 is 191 million yuan, with a significant increase to 313 million yuan in 2025, reflecting a growth rate of 63.7% [10][12] - The earnings per share (EPS) is expected to rise from 0.31 yuan in 2024 to 0.50 yuan in 2025, with a corresponding price-to-earnings (PE) ratio decreasing from 81 to 49 [10][12]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 7.836 billion yuan in 2024, a year-over-year decrease of 14.77%, and a net profit attributable to shareholders of 191 million yuan, down 49.08% year-over-year [4] - The fourth quarter of 2024 saw a revenue of 3.5 billion yuan, a year-over-year decline of 12%, with a net profit of 220 million yuan, down 9.8% year-over-year [4] - The company is undergoing a business structure optimization, leading to an increase in overall gross margin, which reached 24.08% in 2024, up 0.6 percentage points year-over-year [6] - The cloud and data services segment performed well, achieving a revenue of 1.173 billion yuan in 2024, a year-over-year increase of 12.34%, with a gross margin of 42.81% [6] - The subsidiary, Electric Science JinCang, reported a revenue of 430 million yuan in 2024, a year-over-year increase of 16.02% [6] - The company is expected to benefit from the domestic software autonomy and data element industry dividends, with projected revenues of 8.152 billion yuan, 9.158 billion yuan, and 10.646 billion yuan for 2025, 2026, and 2027 respectively [6] Financial Data and Profit Forecast - The company’s total revenue for 2023 was 9.195 billion yuan, with a projected revenue of 8.152 billion yuan for 2025, reflecting a year-over-year growth rate of 4% [5] - The net profit attributable to shareholders is projected to be 235 million yuan in 2025, representing a year-over-year growth of 22.9% [5] - The earnings per share are expected to increase from 0.31 yuan in 2024 to 0.38 yuan in 2025 [5] - The company’s price-to-earnings ratio is projected to be 66x in 2025, decreasing to 33x by 2027 [6]