鍒嗕韩鍒板井淇?a>X
鎵撳紑寰俊锛岀偣鍑诲簳閮ㄧ殑鈥滃彂鐜扳€濓紝浣跨敤 鈥滄壂涓€鎵€?鍗冲彲灏嗙綉椤靛垎浜埌鎴戠殑鏈嬪弸鍦堛€?/p>
涓浗缁忔祹缃戠増鏉冩墍鏈?/p>
涓浗缁忔祹缃戞柊濯掍綋鐭╅樀
缃戠粶浼犳挱瑙嗗惉鑺傜洰璁稿彲璇?0107190) (浜琁CP040090)
銆€銆€涓浗缁忔祹缃戝寳浜?鏈?8鏃ヨ 鐧捐瀺浜戯紙06608.HK锛?鏈?6鏃ュ叕甯冧簡2024骞翠笟缁╂儏鍐点€?024骞达紝鐧捐瀺浜戝疄鐜拌惀涓氭敹鍏?9.29浜垮厓锛屽悓姣斿闀?%锛涘噣鍒╂鼎2.66浜垮厓锛屽悓姣斾笅婊?1%銆?
銆€銆€鍗庢嘲璇佸埜鍙戝竷鐮旀姤銆婄櫨铻嶄簯-W(6608.HK)锛?4骞村埄娑︽尝鍔?钀ラ攢鍜岀爺鍙戞姇鍏ュ姞澶с€嬨€傜爺鎶ユ寚鍑猴紝褰掓瘝鍑€鍒╂鼎寮变簬鎴戜滑棰勬湡鐨?.6浜匡紝涓诲洜鍚勭被璐圭敤寮€鏀秴杩囨垜浠殑棰勬湡锛岃€岃垂鐢ㄥ紑鏀殑瓒呴鏈熶竴鏂归潰鏄洜涓哄叕鍙稿姞澶т簡鐮斿彂鍜岃惀閿€鍔涘害锛屽彟涓€鏂归潰鏄洜涓鸿偂浠藉熀纭€浠樻鐩稿2023骞存彁鍗?76%鑷?.1浜匡紝鎵i櫎鑲′唤鍩虹浠樻鍚庣殑闈濱FRS鍑€鍒╂鼎涓?.76浜匡紙鍚屾瘮锛?0.3%锛夈€?4骞村畯瑙備俊璐烽渶姹傛尝鍔ㄣ€佽涓氱珵浜夊姞鍓у拰淇濋櫓涓氣€滄姤琛屽悎涓€鈥濇斂绛栫殑钀藉湴鎷栫疮浜嗗叕鍙哥殑涓氱哗銆侻aaS涓氬姟鍏ㄥ勾鐨勬牳蹇冨鎴锋暟閲忓拰骞冲潎鏀跺叆鍧囨湁涓嬫粦锛汢aaS閲戣瀺浜戞敹鍏ュ閫熸斁缂擄紱BaaS淇濋櫓浜戞湇鍔¤垂鐜囦笅婊戙€傚叕鍙稿湪涓氱哗浼氫笂琛ㄧず灏嗏€滄瀬澶у湴鈥濆鍔犵爺鍙戝拰涓氬姟鎶曞叆锛岀敋鑷斥€滀笉璁℃垚鏈湴鈥濇姠鍗犲競鍦轰唤棰濓紝鎴戜滑璁や负杩欏皢澧炲姞鏈潵1-2骞寸殑璐圭敤寮€鏀紝浣嗕害涓哄叕鍙镐繚鎸侀暱鏈熺珵浜変紭鍔挎墦涓嬪熀纭€锛岀淮鎸佲€滀拱鍏モ€濊瘎绾с€?
銆€銆€鍗庢嘲璇佸埜涓婅堪鐮旀姤琛ㄧず锛岄璁″叕鍙稿皢鍦ㄦ湭鏉ュぇ骞呮彁鍗囪惀閿€鍜岀爺鍙戞姇鍏ワ紝鐩堝埄鎴栧彈褰卞搷锛屼笅璋?5/26/27骞村綊姣嶅噣鍒╂鼎棰勬祴鑷?.44/3.96/6.06浜匡紙骞呭害锛?52.5/-47.0%/-锛夛紝涓嬭皟鐩爣浠疯嚦13.1娓竵锛堝墠鍊硷細16.1娓竵锛夛紝鑰冭檻鍒板叕鍙稿凡閫愭笎浠庢鍓嶄笓娉ㄤ簬椋庢帶鐨勬暟鎹湇鍔″晢鍚慉I鏈嶅姟鍟嗚浆鍨嬶紝鎴戜滑璋冩暣浼板€兼柟娉曚负DCF浼板€兼硶锛堟潈鐩婃垚鏈細8%锛夛紙姝ゅ墠涓哄彲姣斾及鍊兼硶锛?024E20xPE锛夈€?
銆€銆€涓噾鍏徃涔熷湪鍙戝竷鐨勭爺鎶ャ€婄櫨铻嶄簯-W(06608.HK)锛氭櫤鑳戒綋骞冲彴CYBOTSTAR鍔犻€熸硾鍦烘櫙AI搴旂敤钀藉湴銆嬩腑绉帮紝鑰冭檻鍒板叕鍙告湭鏉ヤ袱骞存垨鍔犲ぇAI浜у搧鐩稿叧鐮斿彂鍙婅惀閿€鎶曞叆锛屽垎鍒笅璋冨叕鍙?025e/2026e闈為€氱敤鍑嗗垯鍑€鍒╂鼎29%/20%鑷?.28/4.19浜垮厓銆傚叕鍙稿綋鍓嶄氦鏄撲簬13.5x/10.4x25e/26e缁忚皟鏁碢/E銆傚吋椤剧泩鍒╅娴嬭皟鏁翠笌鍏徃闀挎湡鍙戝睍绌洪棿锛屼笅璋冪洰鏍囦环20%鑷?2.88娓厓锛堝熀浜?5e18.1x缁忚皟鏁碢/E锛夛紝缁存寔璺戣耽琛屼笟璇勭骇锛屾湁35%鐨勪笂琛岀┖闂淬€?
銆€銆€鎹?鏂伴粍娌?锛屽湪涓婂競鍚庣殑涓夊勾閲岋紝鐧捐瀺浜戜笟缁╃ǔ姝ュ闀匡紝姣忓勾鍧囧疄鐜扮泩鍒┿€傝€屽湪姝ゅ墠锛?018鑷?020骞达紝鐧捐瀺浜戞瘡骞村潎鍦ㄤ簭鎹熴€?鍦?024骞达紝鐧捐瀺浜戝噣鍒╂鼎鑷笂甯備互鏉ュ嚭鐜伴娆′笅婊戙€?
銆€銆€鐧捐瀺浜戠殑鏀跺叆涓昏鍖呮嫭涓ら儴鍒嗭細 涓€涓槸MaaS锛屼篃灏辨槸鍘熸潵鐧捐瀺鐨勮€佹湰琛屸€斺€旀暟鎹煡璇㈡湇鍔★紝渚濇嵁妯″瀷鍜岃瘎浼扮粨鏋滆皟鐢ㄩ噺鏉ユ敹璐癸紝杩欓儴鍒嗚皟鐢ㄤ富瑕佹秹鍙婅捶娆炬満鏋勩€?鍙︿竴涓畝绉癇aaS锛屼篃灏辨槸璐㈡姤涓В閲婂府瀹㈡埛淇冩垚鐨勪氦鏄擄紝鍏朵腑鍒嗕袱鍧楋紝閲戣瀺琛屼笟浜戙€佷繚闄╄涓氫簯銆?
銆€銆€鍏朵腑閲戣瀺浜戞敹鍏ュ湪鎬讳綋涓崰姣?8.17%,鍙互鐞嗚В锛屽疄闄呬笂鍔╄捶涓氬姟浠嶇劧鏋勬垚浜嗙櫨铻嶈繖瀹跺叕鍙告敹鍏ョ殑鍗婂姹熷北銆?杩欏潡鍖呭惈浜嗙煡鍚嶇殑璐锋鍝佺墝鈥滄鏍戣捶娆锯€濄€佲€滈挶灏忎箰鈥濈瓑涓汉娑堣垂璐峰搧鐗岀殑涓氬姟銆?
銆€銆€鎹叕寮€鏁版嵁鍙婁笟鍐呬汉澹€忛湶锛屾鏍戣捶娆惧拰閽卞皬涔愮瓑璐锋骞冲彴娉ㄥ唽鐢ㄦ埛鏁扮疮璁″凡瓒?浜匡紝鍚屾椂锛屾棭鍦?023骞村簳锛岀櫨铻嶄簯鏃椾笅娑堣垂璐蜂骇鍝佺殑绱鏀炬棰濆凡杩?000浜垮厓銆?
銆€銆€2024骞达紝鐧捐瀺浜戜互鍔╄捶涓轰富鐨凚aaS-閲戣瀺琛屼笟浜戝疄鐜版敹鍏?4.11浜垮厓锛屾槸鐧捐瀺鏀跺叆鐨勬牳蹇冩潵婧愶紝浣嗗閫熸槑鏄炬斁缂撱€?
銆€銆€杩戜袱骞达紝鍔╄捶鐩稿叧鐨勪笟鍔℃敹鍏ュ湪鐧捐瀺浜戣惀鏀舵墍鍗犳瘮渚嬩粛鍦ㄤ笉鏂彁楂橈紝鑰屽彟澶栦袱椤逛笟鍔℃敹鍏ュ崰姣斿潎鍛堜笅闄嶈秼鍔裤€?
锛堣矗浠荤紪杈戯細钄℃儏锛?/p>