【券商聚焦】光大证券维持多点数智(02586)“买入”评级指其AI+零售聚焦高质量增长

金吾财讯

Aug 15

金吾财讯 | 光大证券研报指，多点数智(02586)于8月13日盘后发布2025年中期业绩。25H1实现营业收入10.78亿元，同比增长14.8%，相比2024年增速有所放缓。其中AI零售解决方案营收4.9亿元，同比增长16.2%（24H1同比增长27.0%）；AI零售增值服务营收5.9亿元，同比增长15.0%（24H1同比增长89.0%）。该机构指，25H1虽营收增速放缓，但公司聚焦高质量增长，AI增值服务毛利率提升。公司通过AI生产力工具进行内部降本增效，费用率大幅降低，实现扭亏为盈。该行认为，公司营收增长上限取决于高级销售人员，因此研发和行政的降本增效不会影响客户拓展，反而有利于公司厚积薄发。另外，公司持续拓展国内外合作，携手胖东来落地调改方案，为业绩增长注入动能。本地零售商亟待数字化转型，多点数智携手胖东来调改，试点门店ROI提升明显，有望驱动客户订单加速增长，维持25-27年营收预测21.7/25.4/29.6亿元；考虑到公司积极采用AI生产力工具降本增效，上调25-27年净利润预测至1.3/2.8/4.2亿元（相比上次预测+6.5%/+3.5%/+2.7%），现价对应PS4.4/3.7/3.2x，维持“买入”评级。

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