东北证券研报指出，神州泰岳深耕ICT领域二十余年，具备AI技术与通信产品融合领域的前沿成果，推出“泰岳灯塔”AI大模型应用能力体系及三大垂类产品体系。其中“岳擎数智化新IT运营”大模型体系为基于“泰岳灯塔”能力的垂类Agent矩阵，能够提供全新的用户交互、信息组织和系统集成方式，深度重构企业ICT运营管理业务流程，本次通过检验标志着其在 AI原生技术与行业深度融合领域的重要突破。2024年公司ICT运营业务收入实现高增+20.53%，大模型时代下“岳擎”有望为公司带来更强产品竞争力。25年Q2公司核心游戏收入回升，长线运营能力稳定。此外公司储备多款在研游戏，其中三款不同题材的SLG产品《代号：XCT》、《代号：AOO2》、《代号：MN》预计将从今年底到明年二季度陆续在海外市场开启商业化，中长期公司业绩释放弹性大。公司为中国手游出海的先行者，长线运营能力强，新品流水增量可期。首次覆盖，给予“买入”评级。
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