Macroeconomic Insights - China will impose a 34% tariff on all imports from the United States starting April 10, 2025, which is expected to significantly reduce agricultural imports from the U.S. [3] - In 2024, China imported agricultural products worth $24.9 billion from the U.S., with major imports including soybeans (22.1 million tons), sorghum (5.7 million tons), corn (2.1 million tons), and wheat (1.9 million tons) [3]. Agricultural Sector - The increase in tariffs is likely to enhance domestic grain prices and benefit the planting industry chain, emphasizing the need for self-sufficiency in grain production [3]. - The report highlights the importance of technological advancements in agriculture, particularly in genetically modified and gene-edited crops, which are expected to accelerate, benefiting seed companies with leading technology reserves [3]. - The report recommends focusing on companies that are actively expanding their domestic brands in the pet food sector, such as Guibao Pet and Zhongchong Co., which primarily generate revenue from domestic sales [4]. Livestock Industry - The report indicates that the pig farming sector is expected to see a significant improvement in profitability for the 2024 annual report and the first quarter of 2025, driven by favorable pig prices and reduced costs [5]. - The analysis of March's supply and demand dynamics in the pig farming industry shows a balanced market, but a potential downward trend in prices is anticipated if there is no support from state reserves [4][5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares; for the post-cycle sector, recommended stocks are KQ Bio, Haida Group; in the pig farming sector, recommended stocks include Muyuan Foods, Wens Foodstuff Group, Tiankang Bio, and Shennong Group [7]. - In the seed industry, recommended stocks include Fengle Seed Industry, Quanyin High-Tech, Longping High-Tech, and Dabeinong [7]. - In the pet sector, recommended stocks are Guibao Pet, Zhongchong Co., and Ruipu Bio [7]. Chemical Industry - The report suggests that the imposition of a 34% tariff on U.S. imports will accelerate the domestic substitution process for chemical products, particularly in high-end markets [17]. - Beneficiary products include lubricant additives, nucleating agents, adsorption separation resins, and nano-silica, with specific companies recommended for investment [19]. Rare Earth Industry - The report maintains an "overweight" rating on the rare earth sector, anticipating that the recent tariffs will enhance China's strategic advantages in rare earth production and lead to price increases due to supply-demand mismatches [22]. - The export control measures on heavy rare earths are expected to stimulate overseas stockpiling, further driving up prices [23]. Insurance Sector - The insurance sector is projected to see stable growth in 2025, with a focus on improving asset-liability matching strategies [25]. - The report recommends increasing holdings in companies like China Pacific Insurance and New China Life Insurance, which are expected to benefit from improved investment returns and stable business strategies [40].

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between 314 million to 373 million yuan, representing a decrease of 43.03% to 52.04% compared to the previous year[3]. - The net profit after deducting non-recurring gains and losses is projected to be between 304 million to 363 million yuan, reflecting a decline of 43.75% to 52.89% year-over-year[5]. - The net profit for the previous year was 654.71 million yuan, with a net profit of 645.31 million yuan after deducting non-recurring gains and losses[6]. Reasons for Performance Decline - The decline in performance is attributed to reduced IT investments from some clients and extended project execution cycles, leading to a decrease in software business revenue and gross margin[7]. Audit and Forecast Accuracy - The company has communicated with its annual audit firm regarding the performance forecast, indicating no significant uncertainties affecting the accuracy of the forecast[8]. - The forecast data is preliminary and subject to final audited financial results to be disclosed in the 2024 annual report[10].

Group 1: Investor Relations Activities - The investor relations activities included specific object research and analyst meetings, with participation from various securities firms and funds [2] - Key participants included firms such as Industrial Securities, Northeast Securities, and HSBC Qianhai Securities, among others [2] - The activities took place on multiple dates in December 2024, including site visits and meetings [2] Group 2: Company Performance and Financials - The company reported an increase in revenue for the first three quarters of the year, but profit margins were affected by a decline in insurance IT revenue [6] - Insurance business accounted for over 50% of total revenue, while government projects contributed around 15% [6] - Non-insurance business showed good growth, particularly in integration projects, which are expected to provide opportunities for software business expansion [6] Group 3: Market Opportunities and Challenges - The company is actively exploring opportunities in the integration of medical insurance and commercial insurance, driven by policy changes and system upgrades [2] - There is a focus on expanding overseas markets, although the process is lengthy and carries uncertainties [6] - The company is enhancing cash flow management and increasing efforts to collect long-term receivables [6] Group 4: AI and Technological Development - The company is prioritizing AI applications in vertical industries, aiming to integrate AI with existing systems [6] - The MaaS (Model as a Service) platform is a key focus area, emphasizing data processing and model training capabilities [3] - The company has a strong market share in the insurance sector and is expanding into other industries, leveraging its domain knowledge [3]

中科软科技股份有限公司 证券代码：603927 证券简称：中科软 公告编号：2024-031 关于 2023 年员工持股计划股票出售完毕的公告 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。 中科软科技股份有限公司（以下简称"公司"）2023 年员工持 股计划（以下简称"本员工持股计划"）所持有的公司股票已全部出 售完毕。根据《关于上市公司实施员工持股计划试点的指导意见》、 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等规 定，现将相关情况公告如下： 截至本公告披露日，本员工持股计划所持有的公司股票已全部出 售完毕。公司在实施本员工持股计划期间，严格遵守市场交易规则， 遵守中国证监会、上海证券交易所关于信息敏感期不得买卖股票的规 定，不存在利用内幕信息进行交易的情形。后续管理委员会将根据本 员工持股计划的有关规定完成相关资产清算和分配等工作。 特此公告。 中科软科技股份有限公司 董事会 2023 年 4 月 20 日，公司发布了《关于 2023 年员工持股计划完 成股票非交易过户的公告》（公告编号：2023-0 ...

中科软科技股份有限公司 投资者关系活动记录表 证券简称：中科软 证券代码：603927 编号：2024-001 | --- | --- | --- | |-----------------------|------------------------------------------------------------|-----------------------------------------------------------------------------------------------------| | 投资者关系 \n活动类别 | 特定对象调研 \n□业绩说明会 □新闻发布会 \n□现场参观 □其他 | □分析师会议 □媒体采访 \n 路演活动 | | | | （排名不分先后）华泰证券、中银三星人寿、宏利基金、兴业证 | | 参与单位 | | 券、海富通基金、广发证券、海通证券、银华基金、运舟资本、 中银基金、富国基金、中信建投证券、平安养老 | | | 2024/11/7、2024/11/8 | 、 2024/11/11、2024/11/13、2024/11/21、 | | 时间 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing continuous improvement in cash flow and is strategically positioning itself in vertical AIGC model applications [1] - The revenue for 2024 is projected to be 41.24 billion yuan, with a year-on-year growth of 5.19%, while the net profit is expected to be 2.9 billion yuan, reflecting a year-on-year decline of 21.69% [1] - The report highlights that despite pressure on profit margins due to a downturn in downstream demand, effective cost control has been implemented, leading to improved cash flow [1] Financial Summary - Revenue (million yuan): - 2022A: 6,705 - 2023A: 6,503 - 2024E: 6,858 - 2025E: 7,343 - 2026E: 8,027 [1] - Net Profit (million yuan): - 2022A: 639 - 2023A: 655 - 2024E: 720 - 2025E: 832 - 2026E: 987 [1] - Earnings Per Share (yuan): - 2022A: 0.77 - 2023A: 0.79 - 2024E: 0.87 - 2025E: 1.00 - 2026E: 1.19 [1] - Cash Flow Per Share: - 2022A: 0.34 - 2023A: 0.24 - 2024E: 0.42 - 2025E: 0.68 - 2026E: 0.78 [1] - Return on Equity (ROE): - 2022A: 23% - 2023A: 20% - 2024E: 19% - 2025E: 18% - 2026E: 18% [1] - Price-to-Earnings (P/E) Ratio: - 2022A: 27.5 - 2023A: 26.8 - 2024E: 24.3 - 2025E: 21.1 - 2026E: 17.8 [1] - Price-to-Book (P/B) Ratio: - 2022A: 6.4 - 2023A: 5.4 - 2024E: 4.5 - 2025E: 3.9 - 2026E: 3.3 [1]

证券代码：603927 证券简称：中科软 公告编号：2024-030 中科软科技股份有限公司 关于 2024 年第三季度业绩说明会召开情况的公告 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。 一、业绩说明会召开情况 中科软科技股份有限公司（以下简称"公司"）于 2024 年 10 月 22 日在上海证券交易所网站（www.sse.com.cn）披露了《关于召开 2024 年第三季度业绩说明会的公告》（公告编号：2024-028），并通 过上证路演中心网站"提问预征集"栏目以及邮件方式提前征集投资 者所关注的问题。 2024 年 10 月 29 日 13:00-14:00，公司通过上证路演中心提供的 网上平台（https://roadshow.sseinfo.com/）以网络互动方式召开 了 2024 年第三季度业绩说明会，公司董事长、总经理左春先生，董 事会秘书蔡宏先生，证券部经理郧文龙先生，财务部经理杨培兰女士 及公司其他相关人员出席了本次业绩说明会，与投资者进行了充分的 沟通和交流，并就投资者普遍关注的问题进行了回答。 ...

证券代码：603927 证券简称：中科软 公告编号：2024-029 中科软科技股份有限公司（以下简称"公司"）第八届监事会第 九次会议于 2024 年 10 月 28 日以现场结合通讯方式召开。本次会议 通知已于 2024 年 10 月 22 日以电子邮件、专人送达等方式送达各位 监事。会议应出席监事 3 人，实际出席监事 3 人。本次会议由第八届 监事会召集，监事会主席张正女士主持，本次会议的召开符合《中华 人民共和国公司法》等有关法律、行政法规、规范性文件以及《公司 章程》的规定。 二、监事会会议审议情况 中科软科技股份有限公司 第八届监事会第九次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 2、报告的内容与格式符合中国证监会、上海证券交易所的相关 规定，报告内容真实、准确、完整，不存在虚假记载、误导性陈述或 重大遗漏，其中包含的信息能够真实的反映公司的经营成果和财务状 况； 3、提出本意见前，未发现参与报告编制和审议的人员存在违反 保密规定的行为。 表决结果：3 票同意；0 票反 ...

Financial Performance - The company's revenue for Q3 2024 was CNY 1,305,168,114.80, representing a year-over-year increase of 1.17%[2]. - Net profit attributable to shareholders decreased by 37.25% to CNY 100,791,822.52 in Q3 2024[2]. - The basic earnings per share for Q3 2024 was CNY 0.1213, down 37.25% compared to the same period last year[2]. - Total operating revenue for the first three quarters of 2024 reached CNY 4,124,212,773.12, an increase of 5.2% compared to CNY 3,920,597,493.34 in the same period of 2023[11]. - Net profit for the first three quarters of 2024 was CNY 289,781,129.91, a decrease of 21.6% from CNY 370,052,031.86 in the same period of 2023[12]. - Basic and diluted earnings per share for the first three quarters of 2024 were both CNY 0.35, compared to CNY 0.45 in the same period of 2023, representing a decline of 22.2%[13]. - The company reported a decrease in comprehensive income for the first three quarters of 2024, totaling CNY 288,648,802.23, compared to CNY 371,506,486.54 in 2023[13]. Assets and Liabilities - The total assets at the end of Q3 2024 were CNY 6,758,899,550.86, a decrease of 5.80% from the end of the previous year[3]. - The total equity attributable to shareholders at the end of Q3 2024 was CNY 3,226,742,973.95, a decrease of 1.16% from the previous year[3]. - Total liabilities as of the end of the third quarter of 2024 were CNY 3,532,156,576.91, a decrease from CNY 3,910,406,059.45 at the end of the third quarter of 2023[11]. - The company's total current liabilities decreased to CNY 3,000,000,000 from CNY 3,500,000,000, indicating a reduction of approximately 14.3%[10]. - The company's contract liabilities decreased to CNY 1,330,716,323.15 from CNY 1,500,782,981.13, a decline of about 11.3%[10]. - The company reported a decrease in total non-current assets to CNY 311,771,451.74 from CNY 341,177,762.89, reflecting a decline of approximately 8.6%[10]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY -751,464,379.99, indicating a significant cash outflow[2]. - The net cash flow from operating activities for the first three quarters of 2024 was -751,464,379.99 RMB, an improvement from -1,094,821,538.34 RMB in the same period of 2023, indicating a reduction in cash outflow[15]. - Total cash inflow from operating activities increased to 4,220,172,864.65 RMB in 2024, compared to 3,699,334,081.96 RMB in 2023, reflecting a growth of approximately 14.1%[15]. - Cash outflow from operating activities totaled 4,971,637,244.64 RMB in 2024, up from 4,794,155,620.30 RMB in 2023, representing an increase of about 3.7%[15]. - The company reported a total cash outflow from investing activities of -9,797,028.95 RMB in 2024, an improvement from -24,017,618.84 RMB in 2023[15]. - Cash outflow from financing activities was -346,941,046.77 RMB in 2024, compared to -172,162,962.30 RMB in 2023, indicating a higher cash outflow in 2024[15]. Shareholder Information - The company had 53,980 common shareholders at the end of the reporting period[6]. - Total equity attributable to shareholders of the parent company was CNY 3,226,742,973.95, slightly down from CNY 3,264,574,171.72 in the previous year[11]. - The company reported a total of 325,983,575.10 RMB in cash paid for dividends and interest in 2024, which is consistent with the previous year's figure of 325,897,488.95 RMB[15]. Operational Highlights - The company's cash and cash equivalents decreased to CNY 1,926,284,804.79 from CNY 3,032,895,667.82, representing a decline of about 36.5%[9]. - Inventory increased significantly to CNY 1,062,161,453.59, up from CNY 656,468,867.09, marking an increase of approximately 62%[9]. - Accounts receivable decreased to CNY 1,050,891,444.83 from CNY 1,180,357,458.94, a reduction of about 11%[9]. - The company's short-term borrowings were not reported in the current period, indicating a potential shift in financing strategy[10]. - The company has not indicated any significant new product launches or technological advancements in the current report[8]. - There are no significant mergers or acquisitions reported during this quarter, and the company has not outlined any new strategic initiatives[8]. Expenses - Total operating costs for the first three quarters of 2024 were CNY 3,849,844,978.79, up from CNY 3,557,903,181.19 in 2023, reflecting an increase of 8.2%[12]. - Research and development expenses for the first three quarters of 2024 amounted to CNY 661,411,051.82, down from CNY 701,671,374.99 in 2023, indicating a reduction of 5.7%[12]. - The company’s financial expenses showed a significant improvement, with a net financial income of CNY 15,766,160.79 in 2024 compared to a loss of CNY 36,212,355.31 in 2023[12]. - Deferred income increased to CNY 4,415,847.82 in 2024 from CNY 1,503,337.91 in 2023, indicating a growth of 194.5%[11].

证券代码：603927 证券简称：中科软 公告编号：2024-028 中科软科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 10 月 29 日(星期二)下午 13:00-14:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第三 季度经营成果及财务指标的具体情况与投资者进行互动交流和沟通， 在信息披露允许的范围内就投资者普遍关注的问题进行回答。 证券代码：603927 证券简称：中科软 公告编号：2024-028 二、业绩说明会召开的时间、地点 （一）会议召开时间：2024 年 10 月 29 日下午 13:00-14:00 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 22 日(星期二)至 10 月 28 日(星期 一)16:00 前登录上证路演中心网站首页，点击" ...