中商官网
研究报告
深信服（300454）
主要经济指标
| 类别\年份 | 营业收入 （元) |
营业收入同比 （%) |
营业利润 （元) |
营业利润同比 （%) |
利润总额 （元) |
利润总额同比 （%) |
净利润 （元) |
净利润同比 （%) |
| 2025-03-31 | 1262000000.0000 | 21.93 | -253000000.0000 | -48.47 | -250000000.0000 | -48.98 | -250000000.0000 | -48.88 |
| 2024-09-30 | 4634000000.0000 | -3.62 | -581000000.0000 | 3.57 | -583000000.0000 | 4.48 | -580000000.0000 | 6.23 |
| 2024-06-30 | 2707000000.0000 | -7.74 | -591000000.0000 | 3.68 | -589000000.0000 | 3.70 | -592000000.0000 | 6.86 |
| 2024-12-31 | 7520000000.0000 | -1.85 | 211000000.0000 | 0.96 | 204000000.0000 | 0.00 | 197000000.0000 | -1.01 |
| 2023-12-31 | 7662000000.0000 | 3.36 | 209000000.0000 | 2.45 | 204000000.0000 | -6.85 | 199000000.0000 | 2.58 |
| 2024-03-31 | 1035000000.0000 | -14.67 | -491000000.0000 | 15.53 | -490000000.0000 | 15.02 | -489000000.0000 | 18.69 |
| 2023-09-30 | 4808000000.0000 | 1.26 | -561000000.0000 | -18.22 | -558000000.0000 | -17.09 | -546000000.0000 | -21.66 |
| 2022-12-31 | 7413000000.0000 | 8.93 | 204000000.0000 | -18.07 | 219000000.0000 | -14.45 | 194000000.0000 | -28.94 |
| 2023-06-30 | 2934000000.0000 | 4.23 | -570000000.0000 | -15.56 | -568000000.0000 | -15.10 | -554000000.0000 | -19.71 |
| 2023-03-31 | 1213000000.0000 | 6.03 | -425000000.0000 | -15.51 | -426000000.0000 | -14.97 | -412000000.0000 | -20.46 |
| 2022-06-30 | 2815000000.0000 | 8.86 | -675000000.0000 | 178.93 | -669000000.0000 | 179.92 | -690000000.0000 | 418.80 |
| 2022-09-30 | 4748000000.0000 | 8.50 | -686000000.0000 | 139.86 | -673000000.0000 | 139.50 | -697000000.0000 | 424.06 |
| 2021-12-31 | 6805000000.0000 | 24.68 | 249000000.0000 | -67.28 | 256000000.0000 | -66.58 | 273000000.0000 | -66.25 |
| 2021-09-30 | 4376000000.0000 | 34.90 | -286000000.0000 | -468.97 | -281000000.0000 | -452.41 | -133000000.0000 | -292.06 |
| 2022-03-31 | 1144000000.0000 | 4.76 | -503000000.0000 | 226.62 | -501000000.0000 | 229.61 | -518000000.0000 | 439.16 |
| 2020-12-31 | 5458000000.0000 | 18.91 | 761000000.0000 | -3.55 | 766000000.0000 | -3.16 | 809000000.0000 | 6.59 |
| 2021-06-30 | 2586000000.0000 | 48.28 | -242000000.0000 | 92.06 | -239000000.0000 | 92.74 | -133000000.0000 | 5.56 |
| 2021-03-31 | 1092000000.0000 | 79.31 | -154000000.0000 | -21.43 | -152000000.0000 | -22.45 | -96075700.0000 | -50.48 |
| 2020-06-30 | 1744000000.0000 | 11.87 | -126000000.0000 | -271.54 | -124000000.0000 | -267.88 | -126000000.0000 | -288.48 |
| 2020-09-30 | 3244000000.0000 | 16.19 | 77513000.0000 | -75.55 | 79735600.0000 | -75.08 | 69247900.0000 | -77.88 |
| 2020-03-31 | 609000000.0000 | -5.14 | -196000000.0000 | 461.80 | -196000000.0000 | 468.91 | -194000000.0000 | 453.12 |
| 2019-09-30 | 2792000000.0000 | 35.34 | 317000000.0000 | 2.26 | 320000000.0000 | 2.24 | 313000000.0000 | 0.00 |
| 2019-12-31 | 4590000000.0000 | 42.37 | 789000000.0000 | 28.50 | 791000000.0000 | 27.99 | 759000000.0000 | 25.87 |
| 2018-12-31 | 3224000000.0000 | 30.42 | 614000000.0000 | -3.91 | 618000000.0000 | -3.59 | 603000000.0000 | 5.05 |
| 2019-03-31 | 642000000.0000 | 21.59 | -34887600.0000 | -169.58 | -34451800.0000 | -167.57 | -35074000.0000 | -171.30 |
| 2019-06-30 | 1559000000.0000 | 32.34 | 73454300.0000 | -41.70 | 73863600.0000 | -42.29 | 66849500.0000 | -46.52 |
| 2018-03-31 | 528000000.0000 | 40.05 | 50142300.0000 | -666.39 | 50985800.0000 | -679.27 | 49192600.0000 | -652.65 |
| 2018-09-30 | 2063000000.0000 | 32.84 | 310000000.0000 | -0.32 | 313000000.0000 | 0.32 | 313000000.0000 | 14.65 |
| 2018-06-30 | 1178000000.0000 | 30.31 | 126000000.0000 | 6.78 | 128000000.0000 | 7.56 | 125000000.0000 | 12.61 |
| 2017-12-31 | 2472000000.0000 | 41.26 | 639000000.0000 | 480.91 | 641000000.0000 | 110.16 | 574000000.0000 | 122.48 |
| 2017-09-30 | 1553000000.0000 | -- | 311000000.0000 | -- | 312000000.0000 | -- | 273000000.0000 | -- |
| 2017-06-30 | 904000000.0000 | -- | 118000000.0000 | -- | 119000000.0000 | -- | 111000000.0000 | -- |
| 2017-03-31 | 377000000.0000 | -- | -8853000.0000 | -∞ | -8801700.0000 | -∞ | -8901300.0000 | -∞ |
| 2016-12-31 | 1750000000.0000 | 32.68 | 110000000.0000 | -57.03 | 305000000.0000 | -20.57 | 258000000.0000 | -21.82 |
| 2015-12-31 | 1319000000.0000 | 38.84 | 256000000.0000 | 65.16 | 384000000.0000 | 43.28 | 330000000.0000 | 41.63 |
| 2014-12-31 | 950000000.0000 | -- | 155000000.0000 | -- | 268000000.0000 | -- | 233000000.0000 | -- |
| 2025-06-30 | 3009000000.0000 | 11.16 | -232000000.0000 | -60.74 | -229000000.0000 | -61.12 | -228000000.0000 | -61.49 |
| 2025-09-30 | 5125000000.0000 | 10.60 | -92185400.0000 | -84.13 | -85284700.0000 | -85.37 | -80563800.0000 | -86.11 |
| 2026-03-31 | 1627000000.0000 | 28.92 | -74965100.0000 | -70.37 | -70260700.0000 | -71.90 | -64503000.0000 | -74.20 |
| 2025-12-31 | 8043000000.0000 | 6.95 | 368000000.0000 | 74.41 | 380000000.0000 | 86.27 | 393000000.0000 | 99.49 |
盈利能力分析
| 类别\年份 | 销售毛利率 （%) |
营业利润率 （%) |
总资产利润率 （%) |
净资产收益率 | 存货周转率 | 应收账款周转率 （次) |
总资产周转率 （次) |
| 2025-03 | -27.65 | -19.81 | -1.83 | -2.7500 | 1.6700 | 8.71 | 0.09 |
| 2024-09 | -19.40 | -12.58 | -4.23 | -6.8100 | 4.0800 | 8.86 | 0.34 |
| 2024-06 | -29.66 | -21.76 | -4.01 | -6.9800 | 1.9800 | 7.62 | 0.18 |
| 2024-12 | -3.40 | 2.71 | 1.34 | 2.2200 | 8.0100 | 9.35 | 0.49 |
| 2023-12 | -3.12 | 2.66 | 1.36 | 2.4100 | 8.1400 | 9.06 | 0.51 |
| 2024-03 | -58.45 | -47.34 | -3.39 | -5.7000 | 0.9400 | 6.14 | 0.07 |
| 2023-09 | -18.16 | -11.61 | -4.00 | -6.9900 | 5.7700 | 9.26 | 0.34 |
| 2022-12 | -3.16 | 2.95 | 1.80 | 2.6000 | 8.6000 | 10.92 | 0.61 |
| 2023-06 | -25.87 | -19.36 | -4.75 | -7.1800 | 3.6700 | 8.62 | 0.25 |
| 2023-03 | -44.35 | -35.12 | -3.70 | -5.3300 | 1.6500 | 7.53 | 0.11 |
| 2022-06 | -32.11 | -23.77 | -6.43 | -9.9000 | 2.9700 | 10.39 | 0.27 |
| 2022-09 | -21.50 | -14.17 | -6.36 | -9.9800 | 5.3300 | 11.05 | 0.45 |
| 2021-12 | -3.47 | 3.76 | 2.34 | 4.0200 | 8.8600 | 13.06 | 0.62 |
| 2021-09 | -13.76 | -6.42 | -2.84 | -2.0200 | 3.9600 | 12.77 | 0.44 |
| 2022-03 | -56.38 | -43.79 | -5.09 | -7.3500 | 1.3300 | 9.92 | 0.12 |
| 2020-12 | 5.28 | 14.03 | 7.93 | 16.5600 | 8.6000 | 12.30 | 0.57 |
| 2021-06 | -17.44 | -9.24 | -2.42 | -2.0300 | 2.6300 | 11.82 | 0.26 |
| 2021-03 | -27.56 | -13.92 | -1.65 | -1.4700 | 2.0500 | 10.97 | 0.12 |
| 2020-06 | -17.55 | -7.11 | -1.82 | -2.9200 | 3.2100 | 9.93 | 0.26 |
| 2020-09 | -5.83 | 2.46 | 1.09 | 1.5700 | 5.4500 | 11.69 | 0.45 |
| 2020-03 | -49.43 | -32.18 | -3.41 | -4.5500 | 1.0500 | 7.50 | 0.11 |
| 2019-09 | 2.26 | 11.46 | 5.83 | 8.7100 | 5.4400 | 12.54 | 0.51 |
| 2019-12 | 9.43 | 17.23 | 11.68 | 19.7400 | 7.7600 | 13.19 | 0.68 |
| 2018-12 | 9.46 | 19.17 | 12.04 | 22.3700 | 7.9800 | 11.76 | 0.63 |
| 2019-03 | -23.05 | -5.37 | -0.72 | -1.0200 | 1.4900 | 10.00 | 0.13 |
| 2019-06 | -7.44 | 4.74 | 1.41 | 1.9300 | 3.3700 | 11.30 | 0.30 |
| 2018-03 | -7.20 | 9.66 | 1.99 | 2.8400 | 1.4300 | 9.38 | 0.21 |
| 2018-09 | 4.22 | 15.17 | 7.06 | 13.0200 | 5.6700 | 11.17 | 0.47 |
| 2018-06 | -1.53 | 10.87 | 3.25 | 6.1600 | 3.0100 | 10.45 | 0.30 |
| 2017-12 | 16.46 | 25.93 | 22.02 | 39.4400 | 8.7200 | 12.65 | 0.85 |
| 2017-09 | 9.01 | 20.09 | -- | -- | -- | -- | -- |
| 2017-06 | 4.42 | 13.16 | -- | 8.9900 | -- | -- | -- |
| 2017-03 | -7.16 | -2.33 | -0.44 | -0.7500 | 1.6600 | 10.86 | 0.19 |
| 2016-12 | 5.94 | 17.43 | 14.50 | 13.2100 | 8.7700 | 12.85 | 0.83 |
| 2015-12 | 19.18 | 29.11 | 17.93 | 29.0700 | 8.3200 | 12.94 | 0.62 |
| 2014-12 | 16.00 | 28.21 | 16.63 | 27.3200 | 5.5000 | 12.57 | 0.59 |
| 2025-06 | -13.36 | -7.61 | -1.58 | -2.5000 | 3.0600 | 10.02 | 0.21 |
| 2025-09 | -7.32 | -1.66 | -0.57 | -0.8800 | 4.7100 | 11.44 | 0.34 |
| 2026-03 | -11.00 | -4.32 | -0.46 | -- | -- | -- | 0.11 |
| 2025-12 | -0.46 | 4.72 | 2.28 | -- | -- | -- | 0.48 |
偿债能力分析
| 类别\年份 | 资产负债率 （%) |
股东权益比率 （%) |
流动比率 | 速动比率 |
| 2025-03 | 34.24 | 65.76 | 2.0800 | 0.7100 |
| 2024-09 | 39.75 | 60.25 | 1.5100 | 0.5400 |
| 2024-06 | 44.24 | 55.76 | 1.3400 | 0.5400 |
| 2024-12 | 39.77 | 60.23 | 1.6300 | 0.8300 |
| 2023-12 | 41.39 | 58.61 | 1.5600 | 0.8300 |
| 2024-03 | 42.58 | 57.42 | 1.3900 | 0.5500 |
| 2023-09 | 43.48 | 56.52 | 1.3700 | 0.8100 |
| 2022-12 | 36.63 | 63.37 | 1.5400 | 0.9700 |
| 2023-06 | 35.98 | 64.01 | 1.1400 | 0.5600 |
| 2023-03 | 32.50 | 67.50 | 1.3800 | 0.7000 |
| 2022-06 | 36.73 | 63.27 | 1.5000 | 0.6700 |
| 2022-09 | 36.82 | 63.18 | 1.4200 | 0.7100 |
| 2021-12 | 33.30 | 66.71 | 1.6700 | 0.8800 |
| 2021-09 | 33.37 | 66.63 | 1.6200 | 0.6000 |
| 2022-03 | 31.35 | 68.65 | 1.6300 | 0.6800 |
| 2020-12 | 32.57 | 67.43 | 1.7900 | 1.0600 |
| 2021-06 | 33.61 | 66.39 | 1.7200 | 0.7500 |
| 2021-03 | 29.32 | 70.68 | 1.9600 | 0.9500 |
| 2020-06 | 37.51 | 62.49 | 0.8500 | 0.6800 |
| 2020-09 | 38.20 | 61.80 | 1.1400 | 0.7200 |
| 2020-03 | 27.11 | 72.88 | 1.0400 | 0.7500 |
| 2019-09 | 31.60 | 68.38 | 1.2600 | 0.8700 |
| 2019-12 | 36.19 | 63.81 | 1.2000 | 0.9900 |
| 2018-12 | 33.03 | 66.97 | 2.0200 | 0.7200 |
| 2019-03 | 28.25 | 71.75 | 2.2300 | 1.3200 |
| 2019-06 | 33.23 | 66.77 | 1.5000 | 0.9400 |
| 2018-03 | 34.32 | 65.68 | 2.1900 | 0.5100 |
| 2018-09 | 29.57 | 70.45 | 2.6600 | 0.6800 |
| 2018-06 | 25.75 | 74.25 | 3.4300 | 1.1400 |
| 2017-12 | 40.23 | 59.81 | 2.0000 | 0.4900 |
| 2017-09 | -- | -- | -- | -- |
| 2017-06 | -- | -- | -- | -- |
| 2017-03 | 39.53 | 60.47 | 1.6100 | 0.6600 |
| 2016-12 | 42.49 | 57.56 | 1.4700 | 0.5200 |
| 2015-12 | 48.65 | 51.40 | 1.7700 | 0.5900 |
| 2014-12 | 39.70 | 60.30 | 1.8100 | 0.6600 |
| 2025-06 | 37.77 | 62.23 | 2.0200 | 0.6400 |
| 2025-09 | 38.13 | 61.87 | 1.9600 | 0.5200 |
| 2026-03 | 29.19 | 70.81 | -- | -- |
| 2025-12 | 41.76 | 58.24 | -- | -- |
成本费用分析
| 类别\年份 | 营业成本 （元) |
销售费用 （元) |
管理费用 （元) |
财务费用 （元) |
| 2025-03 | 1611000000.0000 | 590000000.0000 | 84805500.0000 | -51900100.0000 |
| 2024-09 | 5533000000.0000 | 1901000000.0000 | 287000000.0000 | -139000000.0000 |
| 2024-06 | 3510000000.0000 | 1264000000.0000 | 190000000.0000 | -96675400.0000 |
| 2024-12 | 7776000000.0000 | 2507000000.0000 | 382000000.0000 | -198000000.0000 |
| 2023-12 | 7901000000.0000 | 2702000000.0000 | 372000000.0000 | -196000000.0000 |
| 2024-03 | 1640000000.0000 | 636000000.0000 | 90486000.0000 | -51932700.0000 |
| 2023-09 | 5681000000.0000 | 2102000000.0000 | 283000000.0000 | -163000000.0000 |
| 2022-12 | 7647000000.0000 | 2411000000.0000 | 390000000.0000 | -191000000.0000 |
| 2023-06 | 3693000000.0000 | 1408000000.0000 | 187000000.0000 | -111000000.0000 |
| 2023-03 | 1751000000.0000 | 669000000.0000 | 93037300.0000 | -54513300.0000 |
| 2022-06 | 3719000000.0000 | 1261000000.0000 | 216000000.0000 | -100000000.0000 |
| 2022-09 | 5769000000.0000 | 1930000000.0000 | 316000000.0000 | -147000000.0000 |
| 2021-12 | 7041000000.0000 | 2317000000.0000 | 392000000.0000 | -185000000.0000 |
| 2021-09 | 4978000000.0000 | 1723000000.0000 | 285000000.0000 | -153000000.0000 |
| 2022-03 | 1789000000.0000 | 630000000.0000 | 112000000.0000 | -49777300.0000 |
| 2020-12 | 5170000000.0000 | 1811000000.0000 | 272000000.0000 | -124000000.0000 |
| 2021-06 | 3037000000.0000 | 1081000000.0000 | 183000000.0000 | -96983200.0000 |
| 2021-03 | 1393000000.0000 | 514000000.0000 | 85361000.0000 | -59662900.0000 |
| 2020-06 | 2050000000.0000 | 777000000.0000 | 126000000.0000 | -60932200.0000 |
| 2020-09 | 3433000000.0000 | 1241000000.0000 | 204000000.0000 | -96998300.0000 |
| 2020-03 | 910000000.0000 | 368000000.0000 | 59465900.0000 | -36892400.0000 |
| 2019-09 | 2729000000.0000 | 1089000000.0000 | 127000000.0000 | -91081000.0000 |
| 2019-12 | 4157000000.0000 | 1608000000.0000 | 192000000.0000 | -111000000.0000 |
| 2018-12 | 2919000000.0000 | 1171000000.0000 | 130000000.0000 | -67789600.0000 |
| 2019-03 | 790000000.0000 | 340000000.0000 | 33518600.0000 | -26709300.0000 |
| 2019-06 | 1675000000.0000 | 686000000.0000 | 79629500.0000 | -51351800.0000 |
| 2018-03 | 566000000.0000 | 248000000.0000 | 24788600.0000 | -11487700.0000 |
| 2018-09 | 1976000000.0000 | 815000000.0000 | 91052600.0000 | -46854700.0000 |
| 2018-06 | 1196000000.0000 | 514000000.0000 | 57406800.0000 | -24475900.0000 |
| 2017-12 | 2065000000.0000 | 868000000.0000 | 96897700.0000 | -32219400.0000 |
| 2017-09 | 1413000000.0000 | 610000000.0000 | 65725800.0000 | -30858200.0000 |
| 2017-06 | 864000000.0000 | 386000000.0000 | 267000000.0000 | -15448600.0000 |
| 2017-03 | 404000000.0000 | 193000000.0000 | 130000000.0000 | -8770400.0000 |
| 2016-12 | 1646000000.0000 | 766000000.0000 | 513000000.0000 | -39601500.0000 |
| 2015-12 | 1066000000.0000 | 476000000.0000 | 351000000.0000 | -40971800.0000 |
| 2014-12 | 798000000.0000 | 384000000.0000 | 274000000.0000 | -30540000.0000 |
| 2025-06 | 3411000000.0000 | 1223000000.0000 | 155000000.0000 | -98673400.0000 |
| 2025-09 | 5500000000.0000 | 1878000000.0000 | 238000000.0000 | -157000000.0000 |
| 2026-03 | 1806000000.0000 | 622000000.0000 | 79310900.0000 | -48149000.0000 |
| 2025-12 | 8080000000.0000 | 2553000000.0000 | 340000000.0000 | -183000000.0000 |