【券商聚焦】环球富盛理财首予神州控股(00861)“买入”评级指业绩扭亏为盈

金吾财讯

Apr 24

金吾财讯 | 环球富盛理财有限公司发布研报指，首次覆盖神州控股(00861)给予“买入”评级，目标价2.95港元。

研报指出，2025年集团业绩实现扭亏为盈，经营质量显著提升。收入210.15亿元，同比增长26%；归属于母公司股东溢利由2024年亏损2.54亿元扭转为盈利3142万元；经调整利润净额由亏损1.27亿元增长至2.15亿元。

公司现金流充沛，2025年经营活动产生的现金净额4.90亿元，新签约161.90亿元。在“DataxAI”战略引领下，集团业务披露口径调整为数据智能服务、一体化供应链服务、金融科技服务及其他三个分部。

数据智能服务持续深化AI全栈服务能力；一体化供应链服务聚焦端到端履约解决方案；金融科技服务深度服务超2000家金融及泛金融客户。集团新增披露“服务型业务”，2025年服务型收入101.40亿元，同比增长9%，占收入比重48%。

研报预测2026-2028年归母净利润分别为1.01、2.02和3.13亿元，给予2026年0.2倍PS，按港元兑人民币0.88汇率计算对应目标价2.95港元。

风险提示包括财务风险、公司治理与股权风险、业务与行业风险、客户与政策风险。

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