国泰海通证券研报指出，用友网络25H1预计营收35.6-36.4亿元（同比-6.4%至-4.3%），但Q2单季显著改善，实现营收21.82-22.62亿元（同比+6.1%至10.0%），合同签约金额Q2同比增长超18%，上半年累计增长近8%，彰显业务复苏动能，为下半年增长奠定基础。Q2经营性现金流实现净流入，同比改善约3.2 亿元，上半年累计同比改善约6亿元，经营质量有效提升。公司Q2业绩彰显业务复苏势头，经营质量进一步改善。受益AI大模型持续迭代升级，公司推动企业级AI 应用新范式快速落地。参考可比公司，综合考虑AI 产品进展与财务表现，给予公司2025年动态PS 6.5倍，目标价18.82元，维持“增持”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.