計算機行業(yè)2023年年報及2024年一季報綜述：收入端穩(wěn)定增長利潤端短期承壓

證券研究報告證券研究報告收入端穩(wěn)定增長，利潤端短期承壓——計算機行業(yè)2023年年報及2024年一季報綜述華龍證券研究所華龍證券研究所分析師：孫伯文執(zhí)業(yè)證書編號：S0230523080004郵箱：sunbw@《Meta推出開源Llama3，關注國內AI產業(yè)技術進步—計算機行業(yè)周報》2024.04.22請認真閱讀文后免責條款2420.91億元，同比增長6.01%；歸母凈利合計值達4.05億元，同比性調整行情。4月底至今，即財報季結束后風險逐步釋放，計算子技術、腦機接口、智能駕駛等主題概念拉動，市公司收入確認具有季節(jié)性特征，一季度屬全年淡季，因此2023全年和2024Q1單季度AI算力板塊歸母凈利潤同比增長率實現歸母凈利潤同比增加49.78%，增速由負轉正。2023全年，建議關注中科曙光（603019.SH）、紫光股份（000938.SZ）、浪（688041.SH）；2）AI應用方面，國內大模型山辦公（688111.SH）、科大訊飛（002230.SZ）、萬興科技新國都（300130.SZ）；4）工業(yè)信息化方面，工業(yè)軟件國產化需求有望持續(xù)提振，建議關注理工能科（002322.SZ）、中控技術（688777.SH）、能科科技（603859.S關注公司業(yè)績不達預期；政策標準出臺速度不及表：重點關注公司及盈利預測股票代碼股票簡稱2024/05/16EPS（元）PE投資評級股價（元）2023A2024E2025E2026E2023A2024E2025E2026E000034.SZ神州數碼29.02.102.822.999.52增持000938.SZ紫光股份22.190.740.9030.1922.67未評級000977.SZ浪潮信息39.9533.8426.4021.37未評級000997.SZ新大陸0.998.84未評級002230.SZ科大訊飛42.840.280.380.520.6583.2865.69未評級002322.SZ理工能科0.650.9022.0未評級300130.SZ新國都20.812.102.539.948.27未評級300451.SZ創(chuàng)業(yè)慧康4.170.09208.525.76未評級300624.SZ萬興科技83.350.640.92130.2390.4666.4552.45未評級300688.SZ創(chuàng)業(yè)黑馬24.840.060.390.600.76414.063.7342.0732.99未評級603019.SH中科曙光44.532.0735.6229.6825.8721.37增持603859.SH能科科技34.62.412.9926.02未評級688041.SH海光信息72.540.540.74134.3396.0269.8751.59未評級688111.SH金山辦公279.52.863.614.766.1897.7377.0758.5545.09未評級688777.SH中控技術45.12.072.5631.3226.9721.83未評級數據來源：Wind，華龍證券研究所12023年-2024年一季度計算機行情回顧和 6 6 722023年及2024Q1計算機子行業(yè)業(yè) 9 9 10 12 14 16 18 20 23 24 6 7 8 8 8 8 8 9 9 10 10 10 10 11 11 11 11 13 13 13 13 15 15 15 15 17 17 17 17 18 18 19 19 21 21 21 21 12 14 15 17 19 2112023年-2024年一季度計算機行情回顧和業(yè)1.12024年內計算機行業(yè)指數相資情緒回落加之臨近財報季市場避險情緒抬升，計算機指數于3月底至4月底進入階段性調整行情。4月底至今，即財報季結束后，計算機指數再次小幅反彈后回落。2024年初至今，除AI概念外，其他主題投資如低空圖1：2024年內計算機行情回顧數據來源：Wind，華龍證券研究所圖2：2024年內申萬一級行業(yè)區(qū)間漲跌幅數據來源：Wind，華龍證券研究所1.22023年-2024年一季度計算機歸母凈利合計值達4.05億元，同比下降92.11%，單季度利潤承壓明顯。承壓更為明顯。考慮到計算機行業(yè)上市公司收入確認具有季節(jié)性特征，一季度屬全年淡季，因此建議持續(xù)關注行業(yè)全年收入、利圖3：計算機行業(yè)營業(yè)收入情況（全年）圖4：計算機行業(yè)歸母凈利潤情況（全年）數據來源：Wind，華龍證券研究所數據來源：Wind，華龍證券研究所圖5：計算機行業(yè)營業(yè)收入情況（單季度）圖6：計算機行業(yè)歸母凈利潤情況（單季度）數據來源：Wind，華龍證券研究所數據來源：Wind，華龍證券研究所圖7：計算機行業(yè)市值大于100億上市公司歸母凈利潤情況（單季度）數據來源：Wind，華龍證券研究所銷售費用率與2022年相比略有上升（+1.05pct)，財務費用率由正轉負，圖8：計算機行業(yè)毛利率情況（全年）圖9：計算機行業(yè)費用率情況（全年）數據來源：Wind，華龍證券研究所數據來源：Wind，華龍證券研究所22023年及2024Q1計算機子行業(yè)2.1計算機子行業(yè)業(yè)績匯總分析），橫向通用軟件和其他計算機設備板塊營業(yè)收入設備板塊營業(yè)收入合計值相對行業(yè)整體實現較高增長，同比增長率為17.34%。），季度，安防設備板塊歸母凈利潤合計值實現9.25%的同比增長率，其他板圖10：計算機子行業(yè)營業(yè)收入情況（2023年）圖11：計算機子行業(yè)歸母凈利潤情況（2023年）數據來源：Wind，華龍證券研究所數據來源：Wind，華龍證券研究所圖12：計算機子行業(yè)營業(yè)收入情況（2024年一季度）圖13：計算機子行業(yè)歸母凈利潤情況（2024年一季度）數據來源：Wind，華龍證券研究所數據來源：Wind，華龍證券研究所另外，我們選取了AI算力、AI應用、工業(yè)軟件、醫(yī)療信息化、數據安全和出海六大細分板塊作進一步分析。各板塊上市除ST股的行業(yè)內所有A股標的，選取標準包括主營業(yè)務范圍、相關收入端：2023年計算機行業(yè)AI算力板塊A股標的總營收達9197.38億元，同比下降2.11%，主要系營收體量大的成分公司收入下降所致；2024Q1單季總營收達2232.06億元，同比增長15.78%，單季度實現較高利潤端：近5年來，AI算力板塊A股標的歸母凈利合計值呈現穩(wěn)定2024Q1單季歸母凈利合計值達78.21億元，同比增長38.35%，增速提升圖14：AI算力板塊營業(yè)收入情況（全年）圖15：AI算力板塊歸母凈利潤情況（全年）數據來源：Wind，華龍證券研究所數據來源：Wind，華龍證券研究所圖16：AI算力板塊營業(yè)收入情況（單季度）圖17：AI算力板塊歸母凈利潤情況（單季度）數據來源：Wind，華龍證券研究所數據來源：Wind，華龍證券研究所上述上市公司整體營業(yè)收入同比增長率中位數為4.4%，低于202年基本持平。2023年AI算力板塊上市公司營業(yè)收入與歸母凈利潤總體保表1：AI算力板塊重點上市公司2022-2024年一季度業(yè)績情況000066.SZ中國長城140.27134.2026.63-21.15-4.3321.131.20-9.77-2.50-79.87-895.9818.15000938.SZ紫光股份740.58773.08170.069.494.392.8921.5821.034.140.48-2.54-5.76000977.SZ浪潮信息695.25658.67176.073.70-5.4185.3220.8017.833.063.88-14.5464.39002156.SZ通富微電214.29222.6952.8235.523.9213.795.021.690.98-47.53-66.242,064.01002261.SZ拓維信息22.3731.548.130.2941.0216.71-10.130.450.06-1,337.39104.44-85.53002281.SZ光迅科技69.1260.6112.916.56-12.311.796.086.190.777.251.80-24.21300308.SZ中際旭創(chuàng)96.42107.1848.4325.2911.16163.5912.2421.7410.0939.5777.58303.84300339.SZ潤和軟件29.7531.067.707.824.424.491.051.640.26-40.1855.24-29.40300383.SZ光環(huán)新網71.9178.5519.78-6.619.245.25-8.803.881.64-205.22144.09-5.50300394.SZ天孚通信11.9619.397.3215.8962.04154.954.037.302.7931.5181.14202.68300442.SZ潤澤科技27.1543.5112.4232.6160.2753.6511.9817.624.7465.9847.0343.81300502.SZ新易盛33.1130.9811.1313.83-6.4385.419.046.883.2536.51-23.82200.96300738.SZ奧飛數據10.9713.353.81-8.9221.6319.071.661.410.5114.58-14.7014.35600100.SH同方股份237.61288.3329.35-16.5021.35-32.68-7.72-7.65-1.5958.930.86-157.55600602.SH云賽智聯45.3452.6414.25-9.1916.0928.661.811.930.60-29.576.7044.04600845.SH寶信軟件131.50129.1633.9111.82-1.7834.4421.8625.545.9020.1816.8218.19601138.SH工業(yè)富聯5,118.504,763.401,186.8816.45-6.9412.09200.73210.4041.850.324.8233.77603019.SH中科曙光130.08143.5324.7915.4410.347.8615.4418.361.4331.2718.888.86688041.SH海光信息51.2560.1215.92121.8317.3037.098.0412.632.89145.6557.1720.53688047.SH龍芯中科7.395.061.20-38.51-31.541.620.52-3.29-0.75-78.15-736.57-3.64688256.SH寒武紀-U7.297.090.261.11-2.70-65.91-12.57-8.48-2.27-52.3232.4711.12688521.SH芯原股份26.7923.383.1825.23-12.73-41.020.74-2.96-2.07455.31-501.64-189.11000034.SZ神州數碼1,158.801,196.24292.72-5.323.237.9510.0411.722.35303.1116.6612.35合計/中位數9077.698873.752159.657.824.3913.79314.65356.0778.127.256.7014.35數據來源：Wind，華龍證券研究所收入端：2023年計算機行業(yè)AI應用板塊總營收達3220.85億元，同達695.82億元，同比增長18.30%，增速由負轉正，在去年同期較低基數利潤端：近3年來，計算機AI應用板塊A股標的歸母凈利合計值波圖18：AI應用板塊營業(yè)收入情況（全年）圖19：AI應用板塊歸母凈利潤情況（全年）數據來源：Wind，華龍證券研究所數據來源：Wind，華龍證券研究所圖20：AI應用板塊營業(yè)收入情況（單季度）圖21：AI應用板塊歸母凈利潤情況（單季度）數據來源：Wind，華龍證券研究所數據來源：Wind，華龍證券研究所2022全年、2023全年和2024年一季度AI應用板塊重點上市公司營9.89%和5.78%，2023年板塊中上市公司歸母凈利潤同比增速較為分化。AI應用有望逐步進入業(yè)績兌現期，2023年利潤端較上期有所修復，建議表2：AI應用板塊重點上市公司2022-2024年一季度業(yè)績情況002230.SZ科大訊飛188.20196.5036.462.774.4126.275.616.57-3.00-63.9417.12-418.99002261.SZ拓維信息22.3731.548.130.2941.0216.71-10.130.450.06-1,337.39104.44-85.53002415.SZ?？低?31.66893.4029.98128.37141.0819.16-23.599.895.78002771.SZ真視通6.474.470.810.97-30.9421.390.10-0.490.07-23.26-600.51143.81002777.SZ久遠銀海12.8313.471.96-1.795.014.181.841.680.13-15.71-8.83-19.80300033.SZ同花順35.5935.646.191.400.141.4716.9114.021.04-11.51-17.07-15.03300044.SZ賽為智能3.864.480.79-62.5916.047.80-2.26-1.610.0635.1129.01132.67300229.SZ拓爾思9.077.821.78-11.81-13.84-15.351.280.360.27-48.04-71.45-9.74300624.SZ萬興科技11.8014.813.5814.6725.490.900.400.860.2644.78113.2022.99300766.SZ每日互動5.264.301.00-12.43-18.25-6.570.26-0.50-0.04-76.96-289.95-329.07603106.SH恒銀科技5.854.270.93-18.16-27.08-21.77-1.52-2.08-0.21-899.55-36.7828.60603660.SH蘇州科達15.7718.162.01-39.6615.19-49.79-5.83-2.64-1.52-1,023.7054.65-122.21688039.SH當虹科技3.313.330.62-20.750.3619.67-0.99-1.38-0.23-260.70-40.15-22.02688088.SH虹軟科技5.326.701.84-7.2226.0713.940.580.880.34-58.9553.0321.21688327.SH云從科技-UW5.266.280.54-51.0619.3319.99-8.69-6.43-1.61-37.4625.95-11.62688787.SH海天瑞聲2.631.700.4127.32-35.3341.040.29-0.30-0.01-6.81-203.1695.34688111.SH金山辦公38.8545.5612.2518.4417.2716.5411.1813.183.677.3317.9237.31688095.SH福昕軟件5.806.111.697.165.3316.87-0.02-0.91-0.11-103.77-5,114.766.47300688.SZ創(chuàng)業(yè)黑馬3.472.710.502.13-21.923.68-0.840.10-0.09-831.06111.6014.95合計/中位數1,213.381,301.25259.670.295.019.98136.56162.8418.25-48.049.895.78數據來源：Wind，華龍證券研究所增速由負轉正；2024Q1單季歸母凈利合計值達13.39億元，同比增長圖22：工業(yè)軟件板塊營業(yè)收入情況（全年）圖23：工業(yè)軟件板塊歸母凈利潤情況（全年）數據來源：Wind，華龍證券研究所數據來源：Wind，華龍證券研究所圖24：工業(yè)軟件板塊營業(yè)收入情況（單季度）圖25：工業(yè)軟件板塊歸母凈利潤情況（單季度）數據來源：Wind，華龍證券研究所數據來源：Wind，華龍證券研究所2022年-2024年一季度工業(yè)軟件板塊重點上市公司營業(yè)收入同比增速中位數波動較小，總體保持雙位數不變。其中2022全年、2023全年和2024年一季度板塊上市公司營業(yè)收入同比增速中位數分別為13.96%、同時，2022年-2024年一季度工業(yè)軟件板塊上市公司歸母凈利潤同比表3：工業(yè)軟件板塊重點上市公司2022-2024年一季度業(yè)績情況002212.SZ天融信35.431-11.81-9.932.05-3.71-0.89-10.83-281.092.12002362.SZ漢王科技14.0114.503.39-13.193.5610.08-1.36-1.35-0.15-350.630.6549.23002380.SZ科遠智慧11.5414.073.671.2321.9030.08-4.341.610.43-1,265.137.07322.18300378.SZ鼎捷軟件19.9522.284.0611.5811.6513.271.341.50-0.1019.0712.278.73300379.SZ東方通7.915.570.76-8.35-29.62102.01-0.39-6.73-0.73-115.87-1,609.0117.66300496.SZ中科創(chuàng)達54.4552.4211.7831.96-3.731.017.694.660.9118.77-39.36-46.10300598.SZ誠邁科技18.6118.784.1930.630.900.82-1.681.88-0.46-661.65212.1130.06300687.SZ賽意信息22.7122.545.4017.37-0.754.512.492.540.2011.101.98216.45301095.SZ廣立微3.564.780.4479.4834.31100.651.221.29-0.2391.975.30-667.92301269.SZ華大九天7.9810.102.1337.7626.6133.591.862.010.0833.178.20-63.75600536.SH中國軟件96.4067.237.03-6.87-30.26-42.320.45-2.33-1.11-40.02-606.5344.30600845.SH寶信軟件131.50129.1633.9111.82-1.7834.4421.8625.545.9020.1816.8218.19603100.SH川儀股份63.7074.1115.6716.1016.340.485.797.441.487.4928.446.48603859.SH能科科技12.3514.104.048.2914.1330.371.982.200.5624.3310.7130.22688039.SH當虹科技3.313.330.62-20.750.3619.67-0.99-1.38-0.23-260.70-40.15-22.02688058.SH寶蘭德2.483.050.6823.9323.2828.51-0.350.15-0.03-229.21141.9024.05688083.SH中望軟件6.018.281.20-2.8637.713.840.060.61-0.26-96.53922.84-44.94688088.SH虹軟科技5.326.701.84-7.2226.0713.940.580.880.34-58.9553.0321.21688207.SH格靈深瞳3.542.620.3120.47-25.84-54.510.33-0.90-0.27147.67-376.97-3,210.88688258.SH卓易信息2.823.200.7019.2013.558.900.510.560.1721.0110.11149.98688768.SH容知日新5.474.980.6137.76-8.966.321.160.63-0.1942.86-45.982.29688777.SH中控技術66.2486.2017.3846.5630.1320.257.9811.021.4537.1838.0857.39合計/中位數595.29599.24124.0513.967.6111.6748.2548.116.879.309.1517.93數據來源：Wind，華龍證券研究所圖26：醫(yī)療信息化板塊營業(yè)收入情況（全年）圖27：醫(yī)療信息化板塊歸母凈利潤情況（全年）數據來源：Wind，華龍證券研究所數據來源：Wind，華龍證券研究所圖28：醫(yī)療信息化板塊營業(yè)收入情況（單季度）圖29：醫(yī)療信息化板塊歸母凈利潤情況（單季度）數據來源：Wind，華龍證券研究所數據來源：Wind，華龍證券研究所2023年全年及2024年一季度，醫(yī)療信息化板塊重點上市公司營業(yè)收療反腐常態(tài)化和醫(yī)療行業(yè)信創(chuàng)有望進一步刺激醫(yī)院端信息化及醫(yī)療軟表4：醫(yī)療信息化板塊重點上市公司2022-2024年一季度業(yè)績情況000638.SZ萬方發(fā)展-51.16.2-24.70.0-0.10.0-93.1-224.05.3002065.SZ東華軟件118.3-2.614.94.04.40.7-12.89.7-48.6002777.SZ久遠銀海12.813.52.0-1.85.00.1-15.7-8.8-19.8300078.SZ思創(chuàng)醫(yī)惠15.9-9.9-15.4-8.8-8.7-0.7-28.10.411.6300168.SZ萬達信息-8.2-23.7-47.3-2.9-9.0-2.1-518.7-210.0-392.4300253.SZ衛(wèi)寧健康30.931.64.912.52.30.2-71.3229.5126.2300288.SZ朗瑪信息7.55.3-0.110.410.2-70.3300290.SZ榮科科技7.18.01.2-13.713.1-18.2-2.30.3-0.144.4111.8-184.6300451.SZ創(chuàng)業(yè)慧康15.316.23.8--89.7-13.919.0300550.SZ和仁科技-22.421.9-8.5--341.6147.0-153.9301337.SZ亞華電子22.6-0.4--0.18.7-42.4-300.7600718.SH東軟集團94.7105.418.38.411.410.5--129.2121.63.8603990.SH麥迪科技-13.7102.357.40.3-2.70.1-20.0-902.8191.8688246.SH嘉和美康7.27.01.210.0-3.014.00.70.4-0.137.1-37.547.7835670.BJ數字人0.71.00.0-14.735.2-56.60.00.10.0-126.6374.2118.5合計/中位數346.5352.872.4-1.85.3-8.5-8.3-7.3-1.8-數據來源：Wind，華龍證券研究所圖30：數據安全板塊營業(yè)收入情況（全年）圖31：數據安全板塊歸母凈利潤情況（全年）數據來源：Wind，華龍證券研究所數據來源：Wind，華龍證券研究所圖32：數據安全板塊營業(yè)收入情況（單季度）圖33：數據安全板塊歸母凈利潤情況（單季度）數據來源：Wind，華龍證券研究所數據來源：Wind，華龍證券研究所從公司層面分析，2022全年、2023全年及20據安全板塊重點上市公司營業(yè)收入同比增速中位數分別為1.04%、-4.61%表5：數據安全板塊重點上市公司2022-2024年一季度業(yè)績情況000004.SZ國華網安1.661.100.15-42.39-33.89-27.31-5.95-1.57-0.11-16.9073.62-44.77000066.SZ中國長城140.27134.2026.63-21.15-4.3321.131.20-9.77-2.50-79.87-895.9818.15000977.SZ浪潮信息695.25658.67176.073.70-5.4185.3220.8017.833.063.88-14.5464.39002049.SZ紫光國微71.2075.6511.4133.286.26-26.1626.3225.313.0734.71-3.84-47.44002212.SZ天融信35.431-11.81-9.932.05-3.71-0.89-10.83-281.092.12002268.SZ電科網安34.3830.731.2816.35-10.62-68.943.073.49-1.9421.9913.74-423.69002298.SZ中電興發(fā)24.1522.384.93-12.84-7.33-0.13-8.60-5.900.32-518.1031.36221.30002368.SZ太極股份106.0191.9516.620.91-13.27-9.953.783.750.161.23-0.28-40.48002439.SZ啟明星辰44.3745.0817.136.267.41-1.13-27.3318.37-72.18002912.SZ中新賽克4.366.530.85-37.2049.90-60.58-1.221.14-0.38-316.93193.59-164.62003029.SZ吉大正元4.914.081.26-39.82-16.943.68-0.34-1.57-0.16-123.03-366.05-645.51300077.SZ國民技術11.9510.372.3117.47-13.276.47-0.32-5.72-0.75-114.84-1,659.3511.17300188.SZ國投智能22.8019.841.94-10.08-12.9831.781.48-2.06-0.34-52.41-239.0679.62300229.SZ拓爾思9.077.821.78-11.81-13.84-15.351.280.360.27-48.04-71.45-9.74300311.SZ任子行7.306.090.2412.19-16.56-57.57-0.01-1.24-0.7098.64-12,246.11-19.64300324.SZ旋極信息24.5330.004.67-22.6622.31-16.43-5.90-2.68-0.48-422.1354.56-9.45300333.SZ兆日科技1.421.450.28-28.911.49-18.57-1.28-0.69-0.05-580.1446.2776.39300352.SZ北信源5.436.831.30-19.5925.76-15.05-1.880.070.0357.33103.5236.86300369.SZ綠盟科技26.2916.813.570.76-36.068.480.28-9.77-1.50-91.77-3,516.17.2862300379.SZ東方通7.915.570.76-8.35-29.62102.01-0.39-6.73-0.73-115.87-1,609.0117.66300386.SZ飛天誠信8.687.391.4811.34-14.88-0.71-1.21-1.72-0.09-147.57-42.2875.78300454.SZ深信服74.1376.6210.358.933.36-14.661.941.98-4.89-28.841.89-18.64300546.SZ雄帝科技230.53-33.24-35.700.37-0.24-0.02236.14-163.90-161.33300579.SZ數字認證10.999.721.787.13-11.558.361.01-0.47-0.25-12.63-146.53-880.35300659.SZ中孚信息6.449.191.31-49.2842.59-4.28-4.47-1.86-0.74-482.3958.3135.82300663.SZ科藍軟件11.7611.692.49-9.42-0.580.710.22-1.23-0.06-42.14-662.0334.36300768.SZ迪普科技8.9310.342.55-13.3115.7710.161.501.270.37-51.57-15.4412.37300921.SZ南凌科技5.676.041.71-1.646.4222.830.570.380.01-9.23-34.52-86.54600100.SH同方股份237.61288.3329.35-16.5021.35-32.68-7.72-7.65-1.5958.930.86-157.55600498.SH烽火通信309.18311.3050.5917.380.680.854.065.050.4140.6024.3910.93600536.SH中國軟件96.4067.237.03-6.87-30.26-42.320.45-2.33-1.11-40.02-606.5344.30600845.SH寶信軟件131.50129.1633.9111.82-1.7834.4421.8625.545.9020.1816.8218.19601360.SH三六零95.2190.5517.19-12.54-4.89-12.53-22.04-4.92-1.10-344.2377.6541.15603232.SH格爾軟件6.605.610.497.93-14.89-29.24-0.090.37-0.52-110.93524.28-23.65688023.SH安恒信息19.8021.702.818.779.60-16.47-2.53-3.60-2.00-1,935.70-41.90-5.75688030.SH山石網科8.129.011.51-20.9711.024.49-1.83-2.40-0.75-341.64-31.4213.78688168.SH安博通4.565.480.5716.6120.128.99-0.080.12-0.35-111.72239.2524.52688201.SH信安世紀6.585.490.7125.44-16.5436.671.640.11-0.306.36-93.158.61688225.SH亞信安全17.2116.082.883.21-6.5622.050.99-2.91-1.46-44.85-395.56-53.75688244.SH永信至誠3.313.960.293.2819.7210.660.510.31-0.207.93-38.78-21.24688561.SH奇安信-U62.2364.427.057.123.53-23.820.570.72-4.80110.2824.509.97688651.SH盛邦安全2.362.910.4216.5623.1718.980.460.43-0.10-3.34-7.96-42.82合計/中位數2,412.152,362.72446.691.04-4.61-0.4236.8114.89-18.37-41.08-14.995.37數據來源：Wind，華龍證券研究所長5.71%，保持穩(wěn)定增長；2024Q1單季總營收達856.29億元，同比增長圖34：出海板塊營業(yè)收入情況（全年）圖35：出海板塊歸母凈利潤情況（全年）數據來源：Wind，華龍證券研究所數據來源：Wind，華龍證券研究所圖36：出海板塊營業(yè)收入情況（單季度）圖37：出海板塊歸母凈利潤情況（單季度）數據來源：Wind，華龍證券研究所數據來源：Wind，華龍證券研究所海板塊重點上市公司營業(yè)收入同比增速中位數分別為11.58%、11.65%和部分計算機行業(yè)上市公司積極布局海外市場，已形成的海外有望復制和推廣，同時海外業(yè)務的毛利率和滲透率有望雙提升，我表6：出海板塊重點上市公司2022-2024年一季度業(yè)績情況000034.SZ神州數碼1,158.801,196.24292.72-5.323.237.9510.0411.722.35303.1116.6612.35000977.SZ浪潮信息695.25658.67176.073.70-5.4185.3220.8017.833.063.88-14.5464.39000997.SZ新大陸66.6176.1116.04-5.2814.26-8.79-3.8210.042.49-154.20362.91-16.93001339.SZ智微智能30.3336.657.1412.3220.86-10.371.190.330.13-39.60-72.44-64.13002152.SZ廣電運通75.2690.4320.0610.9820.1536.028.279.772.470.3717.804.75002153.SZ石基信息25.9527.496.31-19.275.9312.56-7.79-1.050.11-62.8386.5710.96002415.SZ?？低?31.66893.4029.98128.37141.0819.16-23.599.895.78002920.SZ德賽西威149.33219.0856.4856.0546.7141.7811.8415.473.8542.1330.5716.41002970.SZ銳明技術13.8416.995.02-19.2022.8037.19-1.471.020.53-567.49169.54120.74603171.SH稅友股份16.9818.293.635.807.719.66