Investment Rating - The investment rating for the computer industry is "Buy" [2] Core Insights - The computer industry is experiencing a bottoming out of demand in 2024, with significant differences in structural performance across various segments. Companies are enhancing operational efficiency to cope with the challenges [6][14] - The median revenue growth rate for the industry in 2024 is -1.59%, a decrease of 4.88 percentage points from 2023. The median net profit growth rate is -2.24%, down 8.35 percentage points from the previous year [15] - The report highlights that while revenue and profit metrics are declining, the rate of decline is slowing, indicating potential for improvement in Q1 2025 [15][16] Summary by Sections 1. 2024 Annual Report: Bottoming Demand and Efficiency Improvements - The report analyzes the performance of 208 listed companies in the computer industry, revealing that the overall revenue growth is stabilizing, and profit margins are showing signs of recovery [14][15] - Different segments within the industry show varying performance, with IT hardware, trusted computing, and smart vehicle sectors demonstrating positive growth trends [16][28] 2. Demand Stabilization and Financial Indicators - The report notes that contract liabilities are beginning to improve, and accounts receivable growth is declining, indicating a more stable financial environment [23][24] - Cash inflows from sales of goods and services have significantly increased, reflecting a positive trend in operational cash flow [24] 3. Investment Activity and Valuation Levels - The report indicates an increase in net cash outflow from investment activities, suggesting an expansion trend among companies [26] - As of April 30, 2025, the industry’s price-to-earnings (P/E) ratio is 46 times, with software companies showing a higher P/E increase compared to hardware companies [19][20] 4. Key Areas of Investment Value - The report identifies several key areas with strong investment potential, including AI applications, domestic software and hardware replacements, and the smart driving industry [20][21] - The acceleration of domestic orders in trusted computing and the expansion of the Harmony OS ecosystem are expected to enhance the competitive edge of leading companies in the industry [20][21]

Core Viewpoint - The company reported a revenue increase of 7.47% in 2024, but faced a significant decline in net profit, indicating challenges in cost control and profitability despite revenue growth [1][4][7] Group 1: Financial Performance - The company achieved total revenue of 1.51 billion, with a gross profit of 747 million and a gross margin of 49.46%, an increase of 0.81 percentage points year-on-year [1] - Net profit attributable to shareholders was 192 million, a decrease of 15.17% year-on-year, while the non-recurring net profit fell by 22.10% to 167 million [1][4] - Operating cash flow reached 519 million, reflecting a significant increase of 64.87% year-on-year [6] Group 2: AI Products and Services - The company increased investment in AI products and services, achieving notable progress in applications such as robotics and high-end equipment AI quality inspection [4] - The "Ling Series" AI agent products were successfully applied across multiple industries, with two contracts worth over 100 million signed [4] - Despite revenue contributions from AI, net profit declined, indicating that the profitability of AI business has not yet been fully realized [4][7] Group 3: Industrial Software - The "Le Series" industrial software products underwent continuous upgrades, adding 12 industry packages, 36 sub-applications, and 156 industrial components [4] - The company faced intensified competition in the industrial software market, necessitating strategies to maintain a competitive edge [5][6] Group 4: Strategic Partnerships and R&D - The company deepened strategic partnerships with major players like Huawei and Siemens, enhancing its industry standing [6] - R&D investment amounted to 456 million, a decrease of 6.07% year-on-year, with R&D expenditure as a percentage of revenue falling by 4.22 percentage points to 30.19% [6] - The reduction in R&D investment raises concerns about future innovation capabilities and market competitiveness [6][7]

证券代码：603859 证券简称：能科科技 公告编号：2025-024 能科科技股份有限公司 关于参加 2024 年度沪市主板人工智能专题 集体业绩说明会情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 能科科技股份有限公司（以下简称"公司"）于 2025 年 4 月 30 日（周三） 下午 14:00-17:00 参加了 2024 年度沪市主板人工智能专题集体业绩说明会，就公 司2024年度及2025年第一季度的经营成果及财务状况等情况与投资者进行了交 流和沟通。现将有关内容公告如下： 一、业绩说明会召开情况 2025 年 4 月 30 日（周三）下午 14:00-17:00，公司参加了 2024 年度沪市主 板人工智能专题集体业绩说明会，公司董事长祖军先生，董事会秘书、副总裁刘 景达先生，董事、财务负责人、副总裁侯海旺先生，独立董事刘正军先生出席会 议，与投资者进行了现场及线上的互动交流。 二、本次会议投资者提出的主要问题及公司的回复情况 问题一：大模型给工业软件行业带来的变化有哪些？ 回答：尊敬的投资者，您好！ ...

Core Viewpoint - The year 2025 is anticipated to be the "Year of Intelligent Agents," with the emergence of killer applications in the artificial intelligence (AI) sector [1][3][6]. Group 1: Industry Trends - Companies participating in the event are leaders in AI and digital economy sectors, covering various fields such as large models, AIoT chips, computing power, data centers, and industrial digitalization software [1]. - The AI-driven demand is expected to lead to significant growth in the IDC (Internet Data Center) industry, characterized by increased demand, larger and more standardized data centers, and diversified business models [4][5]. Group 2: Company Developments - DataPort has reported a substantial increase in demand due to AI, indicating a genuine demand explosion in the industry [5]. - Ruixinwei, a leader in AIoT SoC chips, is capitalizing on opportunities in edge and on-device AI applications, with multiple clients developing new hardware based on their main control chips [5]. - CloudSai Zhilian is actively contributing to Shanghai's computing power infrastructure, with a new high-level intelligent computing center project set to support digital infrastructure and smart city development [7]. - Nengke Technology achieved a remarkable growth in AI business, with a revenue of 1.51 billion yuan in 2024, a year-on-year increase of 7.47%, and AI product revenue skyrocketing over 12 times [7][8]. Group 3: Future Outlook - Companies are focusing on enhancing AI product development and market promotion, with Nengke Technology prioritizing AI in its 2025 strategy [8]. - Ruixinwei plans to continue iterating its self-developed NPU chips, aiming to meet diverse market demands for computing power [8].

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company has shown improvement in operational quality, with significant growth in AI products and services, which is expected to drive future growth [7]. - The company reported a total revenue of 1.51 billion yuan in 2024, a year-on-year increase of 7.5%, while the net profit attributable to the parent company was 192 million yuan, a decrease of 15.2% [7]. - The first quarter of 2025 saw a revenue of 337 million yuan, down 16.7% year-on-year, and a net profit of 49.9 million yuan, down 12.1% year-on-year, attributed to the delivery rhythm of industrial electrical products and a high base from the previous year [7]. Financial Data and Profit Forecast - The company expects total revenue to reach 1.78 billion yuan in 2025, with a year-on-year growth of 17.7%, and net profit to be 256 million yuan, reflecting a growth of 33.4% [6][9]. - The gross margin is projected to improve, with an overall gross margin of 50.3% in 2025, up from 49.5% in 2024 [6]. - The return on equity (ROE) is expected to increase from 6.6% in 2024 to 8.1% in 2025 [6]. Business Growth Drivers - The company has signed two major contracts worth over 100 million yuan each, which are expected to be significant growth sources in the future [7]. - The AI product revenue surged by 1256% in 2024, indicating strong demand and market potential [7]. - The collaboration with Huawei in smart manufacturing is expected to enhance the company's AI capabilities and market reach [7].

Summary of Nengke Technology Conference Call Company Overview - Nengke Technology reported total revenue of 1.5 billion RMB in 2024, a year-on-year increase of 7.47%, with a gross margin of 49.46% and operating cash flow growth of 64.87% to 518 million RMB [2][8][9] - The company has four main business segments: AR products and services (2024 revenue of 270 million RMB), cloud product services, self-developed industrial software systems and services (in collaboration with Siemens), and industrial engineering and electrical equipment [2][3][6] Key Business Insights - Nengke Technology has a strong advantage in AI technology applications, with over 3,000 customer resources and extensive scene understanding and data application capabilities. In 2024, the company studied 100 scenarios, successfully implementing 8, and plans to focus on AR business development in 2025 [2][5][15] - The company plans to increase R&D and technical personnel investment to 30% of total revenue in 2025 to enhance technical strength and match expected revenue growth [2][8] - As of the end of 2024, Nengke Technology had 1,300 employees, with approximately 700-800 being technical personnel [2][7] Financial Performance - In Q1 2025, contract liabilities reached 400 million RMB, a significant increase from 350 million RMB in 2024, although revenue saw a decline due to delays in acceptance in specialized industries [2][12] - The company managed cash flow through systematic optimization, including sales contract management, payment conditions, and supply chain payment matching [10][11] Product Line Performance - AR products and services grew from 20 million RMB to 273 million RMB; cloud product services saw a slight increase of 6.68%; self-developed software systems and services decreased as the company focused on domestic self-developed products [2][13] - The expected business proportion for 2025 includes AI products at 20% (targeting 30%), cloud products at 30%, software systems and services at 20%, and industrial engineering at 30% [4][15] AI Technology and Future Directions - Nengke Technology's AI product development focuses on two main categories: product intelligence applications and R&D/manufacturing applications, including automated design tools and AI quality inspection [5][16] - The company aims to strengthen its AI product development capabilities and enhance scene-based applications, particularly in industrial environments [25][26] Strategic Partnerships - Nengke Technology has deepened its collaboration with Huawei, achieving a compound annual growth rate of 208% in the past three years within Huawei's ecosystem. The partnership is expected to expand in areas such as domestic production, AR applications, and robotics [4][23] Market Outlook - The company anticipates continued demand for its project-based model in 2025, focusing on scene-based intelligent model development, with optimistic prospects for order demand [20][21] - Nengke Technology's industrial electrical business is expected to maintain stable growth, particularly in the context of increasing domestic market demand for high-end equipment and localization efforts [28][29]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 30.03 yuan [6]. Core Insights - The company achieved a revenue of 1.51 billion yuan in 2024, representing a year-on-year growth of 7.47%. However, the net profit attributable to shareholders decreased by 15.17% to 192 million yuan. The operating cash flow increased significantly by 64.87% to 519 million yuan [1]. - The AI products and services experienced a remarkable revenue growth of 1255.99%, reaching 273 million yuan in 2024, with a gross margin of 39.32%, an increase of 14.43 percentage points year-on-year. The company has developed the "Ling Series" AI agent product system, which has been applied in various scenarios such as robotics training, automotive product design optimization, and high-end equipment AI quality inspection [2]. - The industrial software product matrix continues to expand, with steady growth in core business areas. The cloud products and services generated 458 million yuan in revenue, up 6.68% year-on-year. The software systems and services saw a decline of 39.91% to 316 million yuan. The industrial engineering and electrical products and services achieved a revenue of 456 million yuan, growing by 8.01% [3]. Summary by Sections AI Business - The company is focusing on the application of AI technology in industrial software, with significant breakthroughs in AI products and services. The strategic partnerships with major companies like Huawei, Siemens, and Amazon are aimed at developing multi-scenario solutions for key industry areas [4]. Financial Forecast - The company is projected to achieve revenues of 1.725 billion yuan, 1.987 billion yuan, and 2.321 billion yuan for the years 2025, 2026, and 2027, respectively. The earnings per share (EPS) are expected to be 0.93 yuan, 1.11 yuan, and 1.34 yuan for the same years. The price-to-earnings (PE) ratios are forecasted to be 32X, 27X, and 22X [5][10].

证券研究报告 2024 年公司云产品与服务业务收入 4.58 亿元，同比+6.68%。AI 产品与服 务收入 2.73 亿元，同比+1255.99%。软件系统与服务收入 3.16 亿元，同比 -39.92%。工业工程及工业电气产品与服务收入 4.56 亿元，同比+8.01%。 2024 年公司 AI 产品与服务收入快速增长，预计主因公司持续打磨 AI Agent 等核心产品，产品力提升带动订单、收入转化。 Agent 商业化有望带动 25 年营收增长 能科科技 (603859 CH) Agent商业化有望带动25年营收增长 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 25 日│中国内地 | 计算机应用 | 能科科技发布年报，2024 年实现营收 15.10 亿元（yoy+7.47%），归母净利 1.92 亿元（yoy-15.17%），扣非净利 1.67 亿元（yoy-19.67%）。其中 Q4 实现营收 4.74 亿元（yoy+48.00%，qoq+42.30%），归母净利 7411.33 万 元（yoy+22.25%，qoq+ ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 46.77 [8][9]. Core Views - The commercialization of AI Agent is expected to drive revenue growth in 2025, with a projected increase in revenue due to the gradual rollout of AI products [1][4]. - The company experienced a revenue decline in Q1 2025, primarily due to delays in the delivery of industrial electrical products, but anticipates a recovery as downstream demand improves [2]. - AI business performance has shown significant growth, with AI products and services revenue increasing by 1255.99% year-on-year in 2024, indicating enhanced product capabilities [3]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of RMB 1.51 billion, a year-on-year increase of 7.47%, while net profit attributable to shareholders was RMB 191.73 million, a decrease of 15.17% [1][7]. - For Q4 2024, revenue reached RMB 474 million, marking a year-on-year increase of 48.00% [1]. - The company expects revenue growth to accelerate in 2025, driven by the commercialization of AI Agent products [5]. Revenue and Profit Forecast - The forecast for 2025-2026 net profit has been adjusted downwards by 12.0% and 18.6% to RMB 253.36 million and RMB 295.86 million, respectively [5]. - The expected earnings per share (EPS) for 2025 is RMB 1.04, with a projected increase to RMB 1.33 by 2027 [5][7]. Market Position and Valuation - The company is positioned to benefit from the ongoing transformation towards productization and cloud services, with a target price adjustment reflecting a favorable valuation compared to peers [5][9]. - The average price-to-earnings (PE) ratio for comparable companies is 45.0x for 2025, and the report assigns the same PE multiple to the company [5][17].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company achieved a total revenue of 1.51 billion yuan in 2024, representing a year-over-year increase of 7.47%, while the net profit attributable to shareholders was 192 million yuan, a decrease of 15.17% [2][3] - The operating cash flow significantly improved, reaching 519 million yuan, an increase of 64.87% year-over-year [2] - In Q1 2025, the company reported a revenue of 337 million yuan, down 16.65% year-over-year, and a net profit of approximately 48.99 million yuan, a decrease of 12.07% [2] Revenue and Profitability - The company's overall gross margin for 2024 was 49.46%, with sales, management, and R&D expense ratios at 6.23%, 6.61%, and 12.88%, respectively [2] - The AI products and services segment saw remarkable growth, with revenue reaching 273 million yuan, a staggering increase of 1255.99% year-over-year, and a gross margin of 39.32% [3] - The cloud products and services segment generated 458 million yuan in revenue, up 6.68% year-over-year, with a gross margin of 53.83% [3] Business Development - The company has made significant strides in expanding its AI business, achieving breakthrough progress in the commercialization of its AI agent products [4] - The self-developed cloud product matrix continues to expand, integrating AI capabilities to strengthen core competitiveness [5] Financial Forecast and Valuation - The company is projected to achieve revenues of 1.78 billion, 2.17 billion, and 2.62 billion yuan for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 18.17%, 21.43%, and 20.89% [6] - The net profit attributable to shareholders is expected to reach 247 million, 308 million, and 377 million yuan for the same years, with corresponding growth rates of 29.02%, 25.21%, and 22.35% [6]