Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 21.95 CNY [1]. Core Insights - The company reported a rapid growth in net profit for Q3, with a year-on-year increase of 37.65% in net profit for the quarter, despite a decline of 36.36% in net profit year-to-date [1]. - The company is focusing on three main product lines: collaborative office products, smart channel products, and cloud and big data products, with a strong emphasis on integrating AI technologies [1]. - The company has launched a restricted stock incentive plan, reflecting confidence in future growth, with a target of achieving a year-on-year growth of over 16% in net profit from 2024 to 2026 [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.21 billion CNY, a year-on-year increase of 10.72%, while the net profit attributable to the parent company was 195 million CNY, down 36.36% [1]. - In Q3 alone, the company generated revenue of 429 million CNY, representing a year-on-year growth of 19.26% [1]. - The company’s total revenue projections for 2024 to 2026 are 1.65 billion CNY, 1.90 billion CNY, and 2.17 billion CNY respectively, with corresponding growth rates of 10.55%, 14.79%, and 14.07% [2][5]. Product Line Developments - The collaborative office product line includes a leading email product in China, which will continue to evolve towards a "digital employee" concept by integrating AI and the metaverse [1]. - The smart channel product line focuses on enterprise data operation and management, leveraging the AIBox platform to provide customized AI applications for clients [1]. - The cloud and big data product line aims to extend into intelligent computing, with the company being a core supplier for mobile cloud services [1]. Future Outlook - The company is expected to benefit from the growing digital economy and the adoption of AIGC technologies, with anticipated rapid growth in order volume [1]. - Forecasted net profits for 2024, 2025, and 2026 are 264 million CNY, 332 million CNY, and 400 million CNY respectively, with corresponding P/E ratios of 37.51, 29.86, and 24.78 [2][4].

Company and Industry Summary Company Overview - The company recently released its Q3 financial report, showing strong performance in revenue and profit despite the macroeconomic environment [3][4] - The company aims to become a leading intelligent digital transformation expert, focusing on AI and the metaverse as core directions [5][6] Financial Performance - For the first three quarters, the company achieved revenue of 1.21 billion, a year-on-year increase of 10.72% [3] - The scale profit for the same period was 195 million, showing a slight decline due to changes in the value of a stake in a listed aerospace software company [3] - Q3 revenue was 429 million, up 19.2% year-on-year, with scale profit of 77.18 million, a 37.6% increase compared to the same period last year [3][4] AI Product Development - The company has established a "Rich AI Super Factory" to cover the entire AI ecosystem, including computing power systems, management tools, and industry application solutions [3][6] - A new AI product called "Tuke Le" was launched, which has received positive feedback and is designed for both B2B and B2C applications [3][7][12] Market Position and Strategy - The company ranks in the top 9.28% of the industry in terms of scale economy, with a scale profit ranking in the top 8.9% [4] - The company has a strong partnership with telecom operators, leveraging its 20 years of experience in the industry to secure significant orders [9][10] - The company maintains a low debt ratio and has ample financial resources, positioning it well for future growth [9][10] AI Applications and Innovations - The company is developing various AI applications, including AI email and AI music products, which are expected to enhance user engagement and drive revenue [11][13] - The AI email product has been well-received, particularly among large enterprises, and is integrated with various office collaboration tools [12][13] - The AI music product, "Tuke Le," allows users to create personalized songs easily, tapping into a growing market for AI-generated content [15][23] Future Outlook - The company plans to expand its AI product offerings and enhance its market presence, particularly in the telecom sector [28][30] - There is a focus on commercializing AI applications in Q4, with expectations for significant user engagement and revenue growth in 2024 [38] - The company is exploring partnerships with major tech firms like NVIDIA and Huawei to enhance its AI capabilities and product offerings [30][31] Key Challenges and Opportunities - The company faces challenges related to the overall economic environment affecting telecom operators, but it is well-positioned to capitalize on the growing demand for AI solutions [32][34] - The strategic focus on AI and digital transformation aligns with industry trends, providing a solid foundation for future growth [35][36]

彩讯股份（300634.SZ） IT 服务Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 28 日 C 端应用创新迭代，算力布局打造一体化 AI 能力 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a revenue of 1.21 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 10.72%, while the net profit attributable to shareholders decreased by 36.36% to 195 million yuan [2]. - In Q3 2024, the company reported a revenue of 429 million yuan, a year-on-year increase of 19.26%, indicating a healthy growth trend [2]. - The company is a key partner of Huawei in developing applications for the Harmony OS, with a focus on enhancing user services through a mobile app launched in the Huawei App Store [2]. - The company is actively expanding its AI applications, including the launch of various AI-driven products such as Rich AIBox and AI-based communication solutions [2]. Financial Performance - The projected net profits for 2024, 2025, and 2026 are estimated to be 347 million yuan, 405 million yuan, and 488 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 27X, 23X, and 19X [2][5]. - The company’s total revenue is expected to grow from 1.87 billion yuan in 2024 to 2.79 billion yuan in 2026, with growth rates of 25.2%, 23.3%, and 21.2% respectively [5]. - The gross margin is projected to improve from 38.66% in 2023 to 40.74% in 2026, indicating enhanced profitability [5]. AI and Technology Development - The company is leveraging AI to upgrade traditional business models, with products like AI email expected to accelerate its AI strategy [2]. - The Rich AIBox serves as a powerful engine for AI application development, facilitating various industry-specific solutions [2]. - The company has launched a series of AI applications aimed at enhancing communication experiences, showcasing its commitment to integrating AI into its offerings [2].

关于2021年限制性股票激励计划首次授予部分第二个归属 期及预留授予部分第二个归属期归属结果暨股份上市公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或者重大遗漏。 证券代码：300634 证券简称：彩讯股份 公告编号：2024-082 彩讯科技股份有限公司 重要内容提示： 1、本次归属股票上市流通日：2024 年 10 月 30 日（星期三）； 2、本次归属股份数量：共计 3,557,650 股，占公司当前总股本的 0.79%，其 中首次授予部分第二个归属期归属数量为 2,831,900 股；预留授予部分第二个归 属期归属数量为 725,750 股； 3、本次归属限制性股票人数：共计 193 名（其中 34 名激励对象同时获授首 次及预留部分权益）。 彩讯科技股份有限公司（以下简称"公司"）于 2024 年 10 月 14 日召开第 三届董事会第二十一次会议及第三届监事会第十九次会议，审议通过了《关于 2021 年限制性股票激励计划首次授予部分第二个归属期及预留授予部分第二个 归属期归属条件成就的议案》及其相关议案。根据《上市公司股权激励管理办法》 （以下简称"《管 ...

彩讯科技股份有限公司 2024 年第三季度报告 证券代码：300634 证券简称：彩讯股份 公告编号：2024-080 彩讯科技股份有限公司 2024 年第三季度报告 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.第三季度报告是否经过审计 □是 否 1 彩讯科技股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|----------------|-----------------------------------|-------- ...

证券代码：300634 证券简称：彩讯股份 公告编号：2024-081 一、基本情况 彩讯科技股份有限公司（以下简称"彩讯股份"或"公司"）及控股子公司 深圳市微云信众技术有限公司（以下简称"深圳微云"）于 2024 年第三季度取 得由国家知识产权局颁发的 4 项《发明专利证书》，具体情况如下： | 序 | 发明名称 | 专利 | 专利号 | | | 证书号 | | 专利 | | | | 授权 | | 专利权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | 类型 | | | | | | 申请日 | | | | 公告日 | | | | 1 | 一种远程调用方法、 装置、计算机设备及 | 发明 | ZL 1 | 2020 | 第 | | 号 | 2020 | 年 | 09 | 2024 | 年 | 07 | 彩讯股份 | | | | 专利 | 0981164.2 | | | 7230213 | | 月 17 | 日 | | 月 | 26 | 日 | | | ...

彩讯科技股份有限公司（以下简称"公司"）第三届董事会第二十二次会议 通知于 2024 年 10 月 17 日以电子邮件方式发出。本次会议于 2024 年 10 月 23 日在公司会议室以通讯方式召开，会议由董事长杨良志先生主持，应出席董事 7 人，实际出席董事 7 人，公司监事、部分高级管理人员列席了会议。本次会议的 召集、召开和表决程序符合《中华人民共和国公司法》《公司章程》及《董事会 议事规则》等有关规定，合法有效。 二、会议审议情况 证券代码：300634 证券简称：彩讯股份 公告编号：2024-076 彩讯科技股份有限公司 第三届董事会第二十二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或者重大遗漏。 一、会议召开情况 本议案已经公司董事会战略委员会审议通过。 本议案尚需提交股东大会审议。 2、审议通过《关于召开公司 2024 年第四次临时股东大会的议案》 公司拟于 2024 年 11 月 11 日下午 14:30 召开 2024 年第四次临时股东大会， 1、审议通过《关于 2024 年中期利润分配预案的议案》 公司拟定 2024 年中期利润分配 ...

证券代码：300634 证券简称：彩讯股份 公告编号：2024-078 彩讯科技股份有限公司 关于2024年中期利润分配预案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或者重大遗漏。 彩讯科技股份有限公司（以下简称"公司"）第三届董事会第二十二次会议 及第三届监事会第二十次会议于 2024 年 10 月 23 日召开，会议审议通过了《关 于 2024 年中期利润分配预案的议案》，本议案尚需提交公司 2024 年第四次临 时股东大会审议批准。现将具体情况公告如下： 一、利润分配预案基本情况 公司 2024 年半年度实现归属于上市公司股东的净利润 117,986,898.28 元， 母公司实现的净利润为 140,012,250.70 元。截至 2024 年 6 月 30 日止，公司合并 报表可供分配利润为 1,066,272,928.52 元，母公司可供分配利润为 1,067,314,530.79 元（以上财务数据未经审计）。 以公司 2024 年 6 月 30 日的总股本扣除回购专用账户已回购股份 2,957,940 股后股本 444,695,310 股为基数，向 ...

证券代码：300634 证券简称：彩讯股份 公告编号：2024-079 彩讯科技股份有限公司 关于召开 2024 年第四次临时股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或者重大遗漏。 2024 年 10 月 23 日，彩讯科技股份有限公司（以下简称"公司"）第三届 董事会第二十二次会议审议通过了《关于召开公司 2024 年第四次临时股东大会 的议案》，现将本次股东大会的有关事项公告如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第四次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政法 规、部门规章、规范性文件及《公司章程》等有关规定。 4、会议召开时间： （1）现场会议时间：2024 年 11 月 11 日（星期一）下午 14:30 （2）网络投票时间：2024 年 11 月 11 日 其中，通过深圳证券交易所交易系统进行网络投票的时间为 2024 年 11 月 11 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统 进行 ...