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]

证券代码：603859 证券简称：能科科技 公告编号：2025-021 能科科技股份有限公司 关于前期会计差错更正的公告 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个别及连带责任。 重要内容提示： 本次会计差错更正是对公司 2022-2023 年度之间利润总额和资产总额报表项目 的调整，不影响公司截至 2024 年末归母净资产、总资产，不会导致公司已披露的年 度报告出现盈亏性质的改变，不影响公司盈利能力和未来发展。 一、本次会计差错更正情况概述 能科科技股份有限公司（以下简称"公司"）于 2024 年 12 月 20 日收到中国证 券监督管理委员会北京监管局（以下简称"北京证监局"）下发的《关于对能科科 技股份有限公司采取责令整改措施及对侯海旺采取出具警示函措施的决定》（〔2024〕 302 号）（以下简称"决定书"）。公司收到决定书后及时履行了信息披露义务（公 告编号：2024-083），积极组织落实决定书所涉问题的梳理并向北京证监局提交了 整改报告。经公司与审计机构充分沟通，认为应当根据《企业会计准则第 28 号—— 会计政策、 ...

关于前期会计差错更正后的财务报表和附注 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个别及连带责任。 证券代码：603859 证券简称：能科科技 公告编号：2025-022 能科科技股份有限公司 能科科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第五届 董事会第十七次会议和第五届监事会第十一次会议，根据《企业会计准则第 28 号— —会计政策、会计估计变更和差错更正》、中国证券监督管理委员会《公开发行证 券的公司信息披露编报规则第 19 号——财务信息的更正及相关披露》等相关规定， 对公司 2022-2023 年度的合并财务报表及相关附注进行更正。 一、2022 年年度更正后的财务报表 （一）2022 年年度合并更正后的财务报表 | 报表项目 | 调整前金额 | 累计影响金额 | 调整后金额 | | --- | --- | --- | --- | | 应收账款 | 1,047,775,750.95 | 3,382,229.00 | 1,051,157,979.95 | | 流动资产合计 | 1,947,96 ...

能科科技股份有限公司 2024 年度董事会工作报告 2024 年度，董事会严格按照《公司法》、《证券法》、《公司 章程》等法律法规的规定，切实履行董事会相应职责，严格执行股东 会各项决议，认真推进会议各项决议的有效实施，促进公司规范运作， 保障公司科学决策，推动各项业务顺利有序开展，使公司保持良好的 发展态势，有效地保障了公司和全体股东的利益。现将董事会 2024 年度工作情况报告如下： 一、报告期内董事会日常工作情况 (一)董事会基本情况 报告期内，于胜涛先生、阴向阳先生、马国良先生因个人原因辞 任董事职务，公司经股东会选举周兴科、吴宇担任公司第五届董事会 董事。 公司第五届董事会由祖军先生、赵岚女士、侯海旺先生、周兴科 先生、吴宇先生、范爱民先生、刘正军先生、温小杰先生、文宗瑜先 生组成。 (二)董事会会议召开情况 报告期内，共召开 11 次董事会、审议 39 项议案。会议的召集和 召开程序、出席会议人员资格、召集人资格及表决程序等均符合法律、 法规及《公司章程》的有关规定，做出的会议决议合法有效。会议审 议通过的事项，均由管理层组织有效落实。具体情况如下： | | | 会议届次 | | 会议时间 | 会 ...

2024 年度财务决算报告 1、货币资金本期 556,756,717.40 元，上期 271,858,462.07 元，同比上涨 104.80%，主要系公司销售收款较上年同期增加所致； 2、交易性金融资产本期 103,606,937.20 元，上期 175,570,838.71 元，同比下 降 40.99%，主要系公司结构性存款减少所致； | 项目名称 | 本期期末数 | 本期期末数占 总资产的比例 | 上期期末数 | 上期期末 数占总资 | 本期期末金 额较上期期 | | --- | --- | --- | --- | --- | --- | | | | （%） | | 产的比例 | 末变动比例 | | | | | | （%） | （%） | | 货币资金 | 556,756,717.40 | 12.41 | 271,858,462.07 | 7.17 | 104.80 | | 交易性金融资产 | 103,606,937.20 | 2.31 | 175,570,838.71 | 4.63 | -40.99 | | 应收票据 | 11,035,714.78 | 0.25 | 20,798,572.72 | 0 ...

证券代码：603859 证券简称：能科科技 公告编号：2025-016 能科科技股份有限公司 关于续聘会计师事务所的公告 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个别及连带责任。 重要内容提示： 拟聘任的会计师事务所名称：天圆全会计师事务所（特殊普通合伙） 能科科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日第五届董 事会第十七次会议审议通过《关于续聘 2025 年度财务审计机构及内控审计机构 的议案》，该议案尚需提交公司股东大会审议。现将具体情况公告如下： 一、拟聘任会计师事务所的基本信息 （一）机构信息 验。 1.基本信息。 天圆全会计师事务所（特殊普通合伙）成立于 1984 年 6 月，总部位于北京， 是国内最早获得证券期货相关业务许可证的会计师事务所之一，具有军工涉密业 务咨询服务安全保密资质。三十多年以来天圆全一直从事证券服务业务。 天圆全首席合伙人为魏强，注册地址为北京市海淀区车公庄西路甲 19 号国 际传播大厦 5 层 22、23、24、25 号房。 2.人员信息 截至 2024 年 12 月 ...