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04-03
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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
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href=\"https://laohu8.com/S/02611\">国泰海通</a>主要观点如下：</strong></p><p><strong>数据需求爆发，25年收入翻倍</strong></p><p>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%。</p><p><strong>多元化行业高速增长</strong></p><p>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%。</p><p><strong>探索token化付费模式，有望带来业务升维</strong></p><p>公司以AI Data Agent为核心，构建覆盖数据获取、清洗、标准化、实时计算至大模型调优的全链路技术体系。随着AI大模型在B端企业加速落地，企业级AI数据治理需求蓬勃兴起，token消耗呈指数级攀升，公司正积极探索token化付费商业模式，为后续业绩成长积聚动能。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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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":{"03317":"迅策","EWH":"香港ETF-iShares MSCI","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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16:32","market":"hk","language":"zh","title":"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","url":"https://stock-news.laohu8.com/highlight/detail?id=2624711465","media":"智通财经","summary":"智通财经APP获悉，国泰海通发布研报称，维持迅策“增持”评级。探索token化付费模式，有望带来业务升维公司以AI Data Agent为核心，构建覆盖数据获取、清洗、标准化、实时计算至大模型调优的全链路技术体系。随着AI大模型在B端企业加速落地，企业级AI数据治理需求蓬勃兴起，token消耗呈指数级攀升，公司正积极探索token化付费商业模式，为后续业绩成长积聚动能。","content":"<html><body><p>智通财经APP获悉，<a href=\"https://laohu8.com/S/601211\">国泰海通</a>发布研报称，维持<a href=\"https://laohu8.com/S/03317\">迅策</a>(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。</p><p><strong><a href=\"https://laohu8.com/S/02611\">国泰海通</a>主要观点如下：</strong></p><p><strong>数据需求爆发，25年收入翻倍</strong></p><p>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%。</p><p><strong>多元化行业高速增长</strong></p><p>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%。</p><p><strong>探索token化付费模式，有望带来业务升维</strong></p><p>公司以AI Data Agent为核心，构建覆盖数据获取、清洗、标准化、实时计算至大模型调优的全链路技术体系。随着AI大模型在B端企业加速落地，企业级AI数据治理需求蓬勃兴起，token消耗呈指数级攀升，公司正积极探索token化付费商业模式，为后续业绩成长积聚动能。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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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":{"03317":"迅策","EWH":"香港ETF-iShares MSCI","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 Agent为核心，构建覆盖数据获取、清洗、标准化、实时计算至大模型调优的全链路技术体系。随着AI大模型在B端企业加速落地，企业级AI数据治理需求蓬勃兴起，token消耗呈指数级攀升，公司正积极探索token化付费商业模式，为后续业绩成长积聚动能。","news_type":1,"symbols_score_info":{"03317":1.5,"02611":1.5,"EWH":1.5}},"isVote":1,"tweetType":1,"viewCount":157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}
