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计算机行业2025半年报：业绩拐点已至，AI与信创引领高增长

发布于 2025-09-07

<p data-pm-slice="0 0 []"><span leaf="">计算机行业终于迎来了业绩拐点！招商证券最新发布的2025年计算机行业半年报总结显示，行业整体收入增长明显提速，利润端实现大幅改善，现金流管理加强，降本增效效果显著。信创和人工智能板块表现尤为亮眼，成为推动行业增长的核心动力。</span></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span leaf=""><br /></span></p><h2><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">一、行业整体业绩：收入增长提速，利润大幅改善</span></span></h2><h2><span leaf=""><br /></span></h2><p><span leaf="">2025年上半年，计算机行业交出了一份令人惊喜的成绩单：</span></p><ul class="list-paddingleft-1"><li><p><strong><span leaf="">收入端</span></strong><span leaf="">：行业整体营收达4916亿元，同比增长12.55%，增速比去年同期提升4.88个百分点。超过一半（56.59%）的公司实现了收入增长，其中6.29%的公司收入增速超过50%。</span></p><p><span x-noteelement="excluded" aria-describedby=":rkr:"></span></p><p><span leaf=""><br /></span></p></li><li><p><strong><span leaf="">利润端</span></strong><span leaf="">：行业归母净利润合计35.22亿元，同比实现大幅扭亏！超过一半（54.79%）的公司实现了净利润增长、扭亏或减亏。</span></p><p><span x-noteelement="excluded" aria-describedby=":rkt:"></span></p><p><span leaf=""><br /></span></p></li></ul><p><span leaf="">单看第二季度，行业复苏态势更加明显：</span></p><ul class="list-paddingleft-1"><li><section><span leaf="">营收同比增长8.10%，延续了一季度以来的复苏势头</span><p><span x-noteelement="excluded" aria-describedby=":rkv:"></span></p></section></li><li><section><span leaf="">归母净利润同比大幅增长73.31%</span><p><span x-noteelement="excluded" aria-describedby=":rl1:"></span></p></section></li><li><section><span leaf="">扣非净利润同比增长239.27%</span><p><span x-noteelement="excluded" aria-describedby=":rl3:"></span></p></section></li></ul><p><span leaf="">这表明计算机行业已经走出了前期的低迷，迎来了真正的业绩拐点。</span></p><p><span leaf=""><br /></span></p><h2><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">二、增长质量提升：降本增效成果显著</span></span></h2><h2><span leaf=""><br /></span></h2><p><span leaf="">除了收入和利润的增长，更令人欣喜的是行业增长质量的提升：</span></p><p><strong><span leaf="">毛利率略有下滑但费用控制更加有效</span></strong></p><ul class="list-paddingleft-1"><li><section><span leaf="">行业整体毛利率为20.98%，同比下滑2.49个百分点</span><p><span x-noteelement="excluded" aria-describedby=":rl7:"></span></p></section></li><li><section><span leaf="">但期间费用率合计20.74%，同比下滑2.91个百分点</span><p><span x-noteelement="excluded" aria-describedby=":rl9:"></span></p></section></li><li><section><span leaf="">销售、管理、研发三项费用率全面下降</span></section></li></ul><p><strong><span leaf="">现金流管理改善</span></strong><span leaf="">虽然行业经营性净现金流仍为负值（-395.60亿元），但同比改善了25.53%。更重要的是，应收账款增幅低于预收账款增幅，且应收账款增幅低于行业收入增速，表明企业加强了回款管理，经营质量在提升。</span></p><p><span x-noteelement="excluded" aria-describedby=":rlb:"></span></p><p><span leaf=""><br /></span></p><h2><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">三、AI板块：算力芯片爆发，应用逐步落地</span></span></h2><h2><span leaf=""><br /></span></h2><p><span leaf="">人工智能无疑是本次半年报的最大亮点。2025年上半年AI板块营收增速中位数达10.64%，同比提升12.62个百分点。</span></p><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100044581" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwneJGewndOb7KPicN8VPFfYwMvCYYzeGONuSRaop9I9MfGaTwBnBd11cJUopFnrLYcRtZ4kBiaPaQjQ/640?wx_fmt=png&amp;from=appmsg" data-type="png" type="block" /></section><p><span leaf=""><br /></span></p><p><span leaf="">细分领域表现</span><span leaf="">：</span></p><ol class="list-paddingleft-1"><li><p><strong><span leaf="">算力芯片</span></strong><span leaf="">：寒武纪和海光信息营收分别爆发增长4347.82%和45.21%，扣非净利润分别增长249.88%和33.31%</span></p><p><span x-noteelement="excluded" aria-describedby=":rlf:"></span></p><p><span leaf=""><br /></span></p></li><li><p><strong><span leaf="">数据服务与大模型应用</span></strong><span leaf="">：营收增速中位数8.82%，同比提升10.62个百分点</span></p><p><span x-noteelement="excluded" aria-describedby=":rlh:"></span></p><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100044583" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwneJGewndOb7KPicN8VPFfYwPGiaLDeic2bc235YjnZx35quT7ibCkTC0RcB6PCKfakzibbWD4sicvR1HfA/640?wx_fmt=png&amp;from=appmsg" data-type="png" type="block" /></section><section nodeleaf=""></section><p><span leaf=""><br /></span></p></li><li><p><strong><span leaf="">一体机与服务器</span></strong><span leaf="">：营收增速中位数11.16%，同比提升18.88个百分点</span></p><p><span x-noteelement="excluded" aria-describedby=":rlj:"></span></p><p><span leaf=""><br /></span></p></li></ol><p><span leaf="">第二季度AI板块增长进一步加速，营收增速中位数达到14.01%，同比提升17.64个百分点。这表明AI产业正在从概念走向落地，商业化进程明显加快。</span></p><p><span x-noteelement="excluded" aria-describedby=":rll:"></span></p><p><span leaf=""><br /></span></p><h2><span leaf=""><span textstyle="" style="font-size: 18px;font-weight: bold;">四、信创板块：政策驱动高增长</span></span></h2><h2><span leaf=""><br /></span></h2><p><span leaf="">信创板块成为另一个高增长领域：</span></p><ul class="list-paddingleft-1"><li><section><span leaf="">上半年营收增速中位数11.07%，同比提升5.31个百分点</span></section><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100044584" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwneJGewndOb7KPicN8VPFfYwkNXtpicc4t3qo34nQwXzdTjvhEsz0Y3lPEkWUlS774RPGoXn1n7QYYg/640?wx_fmt=png&amp;from=appmsg" data-type="png" type="block" /></section><section><span leaf=""><br /></span><p><span x-noteelement="excluded" aria-describedby=":rln:"></span></p></section></li><li><section><span leaf="">非净利润增速中位数55.20%，同比提升35.20个百分点</span></section><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100044585" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwneJGewndOb7KPicN8VPFfYwCsGJZniaDfqxLsZuEiamXGMeZoWDbrA1UxCX7LRsjjnoH5djbxzhvb2Q/640?wx_fmt=png&amp;from=appmsg" data-type="png" type="block" /></section><section><span leaf=""><br /></span><p><span x-noteelement="excluded" aria-describedby=":rlp:"></span></p></section></li><li><section><span leaf="">第二季度增长进一步加速，营收增速中位数达21.89%</span><p><span x-noteelement="excluded" aria-describedby=":rlr:"></span></p></section></li></ul><p><span leaf="">信创产业的高增长主要受益于政策推动和国产化替代进程的加速。</span></p><h2><span leaf=""><br /></span></h2><h2><span leaf=""><span textstyle="" style="font-weight: bold;">五、其他重点板块表现</span></span></h2><h2><span leaf=""><br /></span></h2><p><strong><span leaf="">电力能源信息化</span></strong><span leaf="">：营收增速中位数14.35%，表现突出</span></p><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100044586" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwneJGewndOb7KPicN8VPFfYwG7jqyG7wjR251ezMs0MYNcOsftcdd8xkIapYicjDRNXxff1HFe7Cjnw/640?wx_fmt=png&amp;from=appmsg" data-type="png" type="block" /></section><section><strong><span leaf="">金融IT</span></strong></section><section><section><span leaf="">：营收增速中位数6.27%，同比改善明显</span></section><p><span x-noteelement="excluded" aria-describedby=":rlv:"></span></p><section nodeleaf=""></section><section><strong><span leaf="">算力基础设施</span></strong><span leaf="">：营收增速中位数3.27%，保持稳定增长</span></section><p><span x-noteelement="excluded" aria-describedby=":rm1:"></span></p><p><span leaf=""><br /></span></p><p><span leaf="">相比之下，医疗IT、智慧城市、数据要素等板块表现相对较弱，仍处于调整期。</span></p><h2><span leaf="">六、投资启示：关注AI和信创产业链</span></h2><p><span leaf="">综合分析2025年计算机行业半年报，可以得出以下结论：</span></p><ol class="list-paddingleft-1"><li><p><strong><span leaf="">行业拐点确认</span></strong><span leaf="">：计算机行业整体已经走出低谷，收入和利润均呈现改善趋势</span></p></li><li><p><strong><span leaf="">AI产业化加速</span></strong><span leaf="">：从算力基础设施到应用落地，AI产业链各环节都在快速发展</span></p></li><li><p><strong><span leaf="">信创持续景气</span></strong><span leaf="">：国产化替代趋势不可逆转，信创产业保持高景气度</span></p><p><span x-noteelement="excluded" aria-describedby=":rm3:"></span></p><p><span leaf=""><br /></span></p></li><li><p><strong><span leaf="">质量提升</span></strong><span leaf="">：行业不仅在增长，更在提升增长质量，费用控制和现金流管理改善</span></p></li></ol><p><span leaf="">对于投资者来说，可以重点关注AI产业链中的算力芯片、服务器等硬件领域，以及信创产业链中的核心软件企业。这些领域不仅增长确定性高，而且具有政策支持和长期发展空间。</span></p><p><span leaf="">计算机行业作为数字经济的核心组成部分，正在迎来新的发展机遇。随着AI技术的不断成熟和信创政策的持续推进，行业有望保持稳健增长态势。</span></p></section><section><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>

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