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].

上 市 公 司 公 司 研 究 / 公 司 点 评 2025 年 04 月 28 日 能科科技 (603859) ——经营质量改善，Agent+华为+机器人开启新成长 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 25 日 | | --- | --- | | 收盘价（元） | 30.03 | | 一年内最高/最低（元） | 41.30/13.28 | | 市净率 | 2.5 | | 股息率%（分红/股价） | 0.33 | | 流通 A 股市值（百万元） | 7,348 | | 上证指数/深证成指 | 3,295.06/9,917.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | | --- | --- | --- | | 每股净资产（元） | | 12.05 | | 资产负债率% | | 31.21 | | 总股本/流通 A 股（百万） | | 245/245 | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 04-25 05-25 06-25 07-25 ...

➢ 事件：近日，能科科技发布 2024 年年度报告及 2025 年一季度报告。2024 年，公司实现营业收入 15.10 亿元，同比增长 7.47%；归母净利润 1.92 亿元， 同比下降 15.17%；经营活动现金流净额 5.19 亿元，同比增长 64.87%。2025 年一季度，公司实现营业收入 3.37 亿元，归母净利润 0.49 亿元。 ➢ AI 产品与服务收入突破性增长，"灵系列"产品推动 AI Agent 落地应用。 2024 年，公司 AI 产品与服务实现营收 2.73 亿元，同比增长 1255.99%；毛利 率 39.32%，同比增加 14.43pct。公司加大布局 AI 和数据的应用开发，通过整 合和管理相关资源，打造了"灵系列"AI agent 产品体系，实现了在机器人训推、 汽车产品设计优化和高端装备 AI 质检等场景下 AI agent 的研发和应用。公司 2024 年签署了"AI 大模型、软件工具链及私有云建设项目"和"大模型场景化 应用合同"两个亿元级项目，AI 技术能力实现落地应用、AI 业务实现重大突破。 ➢ 工业软件产品矩阵持续扩展，主营业务稳步发展。1）云产品与服务：202 ...

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].

证券研究报告 | 公司点评 | IT 服务Ⅱ 营收稳健增长，AI Agent 贡献显著业绩增量 ——能科科技 2024 年报&2025 年一季报点评 投资要点 ❑ 4 月 24 日，公司披露 2024 年报及 2025 年一季报。2024 年公司实现营业总收入 15.10 亿元（YoY +7.47%），实现归母净利润 1.92 亿元（YoY -15.17%），经营性 现金流净额为 5.19 亿元（YoY +64.87%）。2025 年第一季度，公司实现营业总收 入 3.37 亿元（YoY -16.65%），实现归母净利润 4899.28 万元（YoY -12.07%）。 公司自研云产品矩阵持续扩充完善，AI Agent 产品商业化实现突破性进展。 ❑ 公司营收稳健增长，2024 年经营性现金流情况大幅改善 2024 年公司实现营业总收入 15.10 亿元（YoY +7.47%），实现归母净利润 1.92 亿 元（YoY -15.17%），扣非后归母净利润为 1.67 亿元（YoY -22.10%），经营性活动 现金流净额为 5.19 亿元（YoY +64.87%），营收保持稳健增长。公司全年整体毛 利率为 4 ...

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、 ...