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hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n国泰海通:维持迅策(03317)“增持”评级 探索token化付费模式有望带来业务升维 目标价242.36港元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-02 16:32 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1424558.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉,国泰海通发布研报称,维持迅策(03317)“增持”评级。该行预测公司2026-2028年收入分别为21.80/33.15/47.10亿元。参考可比公司估值,考虑公司积极探索token化付费商业模式,有望实现业务升维,打开收入成长空间,给予公司2026年33倍PS,按照1港元=0.92元人民币汇率折算,目标市值782亿港元,对应目标价为242.36港元。国泰海通主要观点如下:数据...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1424558.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EWH":"香港ETF-iShares MSCI","03317":"迅策","02611":"国泰海通"},"source_url":"http://www.zhitongcaijing.com/content/detail/1424558.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2624711465","content_text":"智通财经APP获悉,国泰海通发布研报称,维持迅策(03317)“增持”评级。该行预测公司2026-2028年收入分别为21.80/33.15/47.10亿元。参考可比公司估值,考虑公司积极探索token化付费商业模式,有望实现业务升维,打开收入成长空间,给予公司2026年33倍PS,按照1港元=0.92元人民币汇率折算,目标市值782亿港元,对应目标价为242.36港元。国泰海通主要观点如下:数据需求爆发,25年收入翻倍25年公司实现收入12.85亿元,同比+103%,其中25H2经调整净利润为0.50亿元,首次实现半年度由亏转盈。单25H2收入为10.87亿元,同比+211%,环比+449%。公司25年业绩表现亮眼,收入同比翻倍,核心驱动来自:1)AI大模型落地加速,数据需求爆发,公司数据基础设施与解决方案多场景渗透;2)公司正加速行业拓展,除传统行业加速落地外,还积极布局机器人数据平台、商业航天等新兴领域;3)公司与核心客户合作升级,ARPU值跨越式增长,2025年APPU值达到559万,同比+106%。多元化行业高速增长分行业来看,公司25年资管行业收入为2.62亿元,同比+7.0%,毛利率为71.1%,资管行业的收入水平和盈利能力保持相对稳定;多元化行业25年收入为10.23亿元,同比+164.0%,毛利率59.3%,伴随行业拓展加速以及企业客户数据治理需求激增,公司多元化行业迎来高速增长,收入占比从24年的61%快速提升至80%。探索token化付费模式,有望带来业务升维公司以AI Data 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