Guotai Haitong: The computer industry's annual report performance is polarized between growth and decline, showing a "big at both ends, small in the middle" characteristic.

Guotai Haitong released a research report stating that median data shows that the profit performance of computer companies in 2025 is better than revenue. Large market cap companies tend to lean towards the growth end in performance interval statistics, with stronger certainty in performance in the fourth quarter. In the 2025 performance forecast, more than half of the companies are expected to have positive growth, presenting a polarized pattern of growth and decline, with profit improvement stronger than revenue improvement. The leading companies in terms of growth are mainly in the fields of computing power, information technology, and financial IT. Among companies with a net profit volume of about 100 million yuan or more, the performance differentiation characteristics are more significant. Guotai Haitong's main points are as follows: Median data shows that the profit performance of computer companies in 2025 is better than revenue. According to statistics, out of 238 companies that have released performance forecasts, only 70 have released revenue data, with a median revenue growth rate of 0.97%. The median growth rate of net profit attributable to shareholders is 17.83%; the median growth rate of non-recurring net profit is 28.68%. Overall, profit growth is higher than revenue growth. In addition, large market cap companies tend to lean towards growth in performance interval statistics, with relatively stronger performance certainty in the fourth quarter. More than half of the computer industry's performance forecasts for 2025 are positive, with a polarization of growth and decline. According to the Shanghai Securities Industry Classification, out of 358 computer companies, 238 have released performance forecasts, accounting for 66.5%. According to the median of expected year-on-year growth in net profit attributable to shareholders: those with a growth rate of 30% or more account for 103 companies, or 42.9%; 27 companies with a growth rate of 10%~30%, accounting for 11.3%; 12 companies with a growth rate of 0~10%, accounting for 5.0%; 6 companies with a growth rate of 0~-10%, accounting for 2.5%; 3 companies with a growth rate of -10%~-30%, accounting for 1.3%; and 87 companies with a growth rate of -30% or more, accounting for 36.3%. Overall, it shows a "big at both ends, small in the middle" characteristic, with 190 companies in total experiencing high growth or significant declines, accounting for 79.2%. When divided by the median year-on-year growth rate into positive and negative, there are 142 companies with growth, accounting for 60%, and 96 companies with decline, accounting for 40%. Furthermore, the companies with high growth are mainly in the fields of computing power, information technology, and financial IT. Among companies with a net profit volume of about 100 million yuan or more, the performance differentiation characteristics are more significant. The performance forecasts show that companies falling into the 30%+ growth range with a clear improvement in business conditions include Hithink RoyalFlush Information Network, Autel Intelligent Technology Corp., Ltd., Iflytek Co., Ltd., XGD INC., Glodon, Streamax Technology, Sangfor Technologies Inc., China TransInfo Technology, Beijing Tricolor Technology, Xiamen Leading Optics, 360 Security Technology Inc., DongGuan YuTong Optical Technology, Pci Technology Group, Langxin Technology, Strait Innovation Internet, Beijing Advanced Digital Technology, SeeWay.ai Co., Ltd., and Daheng New Epoch Technology, Inc . Conversely, companies falling into the -30%+ growth range and experiencing profit pressure are mainly Fujian Boss Software Corp. and Nanjing Sciyon Wisdom Technology Group (due to impairment, excluding impairment, the year-on-year growth of net profit attributable to shareholders is nearly 40%). Risk warning: AI technology development falls short of expectations, AI business implementation falls short of expectations.