Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, with its DCS flagship product winning multiple large contracts [1] - The company reported a revenue of 1.162 billion yuan for Q3 2024, a year-on-year increase of 16.16%, and a net profit attributable to shareholders of 159 million yuan, up 75.34% year-on-year [1] - The company is positioned as a leader in the domestic energy and power industry with its domestically produced DCS projects [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 1,154 - 2023A: 1,407 - 2024E: 1,907 - 2025E: 2,436 - 2026E: 2,976 - Growth rate (yoy%): 2023A: 22%, 2024E: 36%, 2025E: 28%, 2026E: 22% [1][2] - Net profit (in million yuan): - 2023A: 161 - 2024E: 250 - 2025E: 351 - 2026E: 467 - Growth rate (yoy%): 2024E: 55.8%, 2025E: 40.0%, 2026E: 33.1% [1][2] - Earnings per share (in yuan): - 2023A: 0.67 - 2024E: 1.04 - 2025E: 1.46 - 2026E: 1.95 [1][2] - Cash flow per share: - 2023A: 0.72 - 2024E: 0.47 - 2025E: 2.10 - 2026E: 2.54 [1][2] - Return on equity (ROE): - 2023A: 8% - 2024E: 12% - 2025E: 14% - 2026E: 16% [1][2] - Price-to-earnings (P/E) ratio: - 2023A: 32.8 - 2024E: 21.0 - 2025E: 15.0 - 2026E: 11.3 [1][2] - Price-to-book (P/B) ratio: - 2023A: 2.7 - 2024E: 2.4 - 2025E: 2.1 - 2026E: 1.8 [1][2] Market Position and Strategy - The company has successfully launched various industry solutions, including smart power plants and smart chemicals, leveraging its EmpoworX platform [1] - The company aims to enhance its industrial internet capabilities and is expected to benefit from favorable policies in the domestic industrial automation sector [1]

Financial Performance - Revenue for the quarter increased by 15% compared to the same period last year [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8% due to increased marketing and R&D investments [3]. Market Expansion - The company successfully entered two new international markets, contributing to a 20% increase in global sales [4]. - A new distribution center was opened in Europe to support the growing demand in the region [5]. - Strategic partnerships were formed with local retailers to enhance market penetration [6]. Product Development - Launched three new products, which accounted for 25% of total sales this quarter [7]. - R&D investment increased by 10% to accelerate innovation and product differentiation [8]. - Customer feedback on the new product line has been overwhelmingly positive, with a 90% satisfaction rate [9]. Operational Efficiency - Implemented new supply chain management software, reducing delivery times by 15% [10]. - Production efficiency improved by 12% due to the adoption of advanced manufacturing technologies [11]. - Employee training programs were expanded, resulting in a 10% increase in productivity [12]. Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [13]. - Launched a company-wide recycling program, diverting 50% of waste from landfills [14]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [15]. Corporate Governance - Appointed two new independent directors to the board, enhancing governance and oversight [16]. - Conducted a comprehensive review of corporate policies to ensure compliance with new regulations [17]. - Increased transparency by publishing detailed quarterly reports and holding regular investor briefings [18].

证券代码：002380 证券简称：科远智慧 公告编号：2024-029 南京科远智慧科技集团股份有限公司 二、案件庭审及判决或裁决情况 2024 年 9 月 9 日，公司收到江苏省南通市崇川区人民法院(2023)苏 0602 民 初 10136 号及(2023)苏 0602 民初 9703 号两份《民事裁定书》，裁定书显示：江 苏省南通市中级人民法院已于 2023 年 9 月 6 日作出（2022）苏 06 刑初 33 号刑 事判决，被告人江某、杨某因犯金融凭证诈骗罪，均被判处无期徒刑。该案因被 告人提起上诉，江苏省高级人民法院正在审理中，尚未审结。本院经审查认为， 本案必须以上述刑事案件的审理结果为依据。因刑事案件尚未审结，本案不宜继 续审理。依照《中华人民共和国民事诉讼法》第一百五十三条第一款第（五）项、 第一百五十七条第一款第（六）项规定，裁定本案中止诉讼。 关于诉讼事项的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、诉讼的基本情况 南京科远智慧科技集团股份有限公司（以下简称"公司"）全资子公司南京 科远智慧能源投资有限公司（以下简称"智 ...

国浩律师（南京）事务所 关 于 南京科远智慧科技集团股份有限公司 2024 年第一次临时股东大会 之 法律意见书 中国江苏省南京市汉中门大街 309 号 B 座 5、7、8 层（210036） 5,7,8/F, Block B, 309 Hanzhongmen Dajie, Nanjing, China, 210036 电话/Tel: +86-25-89660900 传真/Fax: + 86-25-89660966 网址/Website:http://www.grandall.com.cn 2024 年 8 月 国浩律师（南京）事务所 法律意见书 国浩律师（南京）事务所 关于南京科远智慧科技集团股份有限公司 2024 年第一次临时股东大会之法律意见书 致：南京科远智慧科技集团股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》以及中国证券监 督管理委员会《上市公司股东大会规则》等法律法规规定，国浩律师（南京）事 务所（以下简称"本所"）接受南京科远智慧科技集团股份有限公司（以下简称"公 司"）的聘请，指派律师景忠、杨菲出席公司 2024 年第一次临时股东大会（以下 简称"本次股东大会"），并就公 ...

证券代码：002380 证券简称：科远智慧 公告编号：2024-028 南京科远智慧科技集团股份有限公司 2024年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 一、特别提示 1、本次股东大会无增加、否决或修改议案的情况； 2、本次股东大会未涉及变更前次股东大会决议的情况； 二、会议召开情况 1、召集人：公司董事会 网络投票时间为：2024年8月27日，其中通过深圳证券交易所交易系统进行 网络投票的具体时间为：2024年8月27日9:15-9:25，9:30-11:30和13：00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2024年8月27日9:15至 15:00期间的任意时间。 4、现场会议地点：南京市江宁区秣陵街道清水亭东路1266号 5、现场会议主持人：董事长刘国耀 6、会议的召集、召开程序符合法律、行政法规及公司章程的规定。 三、会议的出席情况 出席本次股东大会的股东及股东代表149名，代表有表决权股份125,670,942 股，占公司有表决权股份总数的52.3647%，其中：通过现场投票方式出席的 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has experienced rapid growth in H1 2024, with total revenue reaching 805 million yuan, a year-on-year increase of 16.24%, and a net profit attributable to shareholders of 110 million yuan, up 153.55% year-on-year. Excluding share-based payment expenses, the net profit increased by 169.75% [3][4] - The growth is driven by favorable policies in energy security, equipment upgrades, and the implementation of industrial artificial intelligence projects, which are gradually gaining traction [4] - The company is focusing on industrial automation, information technology, and smart solutions, with expected EPS for 2024-2026 projected at 1.03, 1.38, and 1.79 yuan, respectively, corresponding to P/E ratios of 15.12, 11.30, and 8.71 [5] Financial Performance Summary - For H1 2024, the company reported a total revenue of 805 million yuan and a net profit of 110 million yuan, with significant growth rates of 16.24% and 153.55% respectively [3] - The company’s revenue is projected to grow from 1.407 billion yuan in 2023 to 3.261 billion yuan in 2026, with annual growth rates of 21.90%, 32.00%, 32.00%, and 33.00% [6][8] - The net profit attributable to shareholders is expected to increase from 160.77 million yuan in 2023 to 429.81 million yuan in 2026, with growth rates of 137.07%, 54.04%, 33.73%, and 29.78% [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Insights - The company reported a revenue of 810 million yuan for the first half of 2024, representing a year-on-year growth of 16.2%. The net profit attributable to shareholders reached 110 million yuan, up 153.6% year-on-year, while the net profit after deducting non-recurring items was 120 million yuan, reflecting a growth of 169.8% [1]. - The company has shown significant improvement in profitability, with a gross margin of 40.1% in H1 2024, an increase of 4.15 percentage points year-on-year. The expense ratios for sales, management, and R&D have also improved, contributing to profit elasticity [1]. - The domestic DCS market is experiencing high demand, with the company successfully securing contracts for major projects, indicating a robust order growth trend [1]. - The company is expanding its industrial AI business and accelerating overseas expansion, which is expected to open up significant growth opportunities in the long term [1]. Financial Summary - For 2024, the company is projected to achieve a revenue of 1.9 billion yuan, with a growth rate of 35.03%. The net profit attributable to shareholders is expected to be 255.74 million yuan, reflecting a growth rate of 59.07% [3][5]. - The earnings per share (EPS) for 2024 is forecasted to be 1.07 yuan, with a price-to-earnings (PE) ratio of 15.02 [3][5]. - The company’s return on equity (ROE) is projected to increase to 12.22% in 2024, up from 8.60% in 2023 [3][5].

[ T able_StockInfo] 2024 年 08 月 09 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：16.01 元 科远智慧（002380）计算机 目标价：——元（6 个月） 41543 行业景气度无忧，业绩加速释放 [Table_Summary 事件：公司发布] 2024年半年度报告，实现营业收入 8.1亿元，同比增长 16.2%； 实现归母净利润 1.1亿元，同比增长 153.6%；实现扣非后归母净利润 1.2亿元， 同比增长 169.8%。单季度看，2024 年 Q2 公司实现收入 4.4 亿元，同比增长 6.7%；实现归母净利润6753.3 万元，同比增长 102.3%。 轻装上阵成效显著，盈利重回上行通道。公司在 2021年进行大幅团队扩充后员 工人数保持相对稳定，人才梯队建设逐步完善，人效提升明显。2024 年 H1， 公司综合毛利率达到 40.1%，同比提升 4.15pp；销售、管理、研发费用率分别 为 11.3%（同比-2.18pp）、5.0%（同比-1.12pp）、9.8%（同比+0.97pp），助力 公司利润弹性释放。 火电 DCS国产替代高景气，订单加 ...

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company has significantly improved its profitability in the first half of 2024, achieving total revenue of 805 million yuan, a week-on-week growth of 16.24%, and a net profit attributable to shareholders of 110 million yuan, a week-on-week increase of 153.55% [2][3] - The company benefits from a high demand in downstream industries, with a strong performance in industrial automation, industrial internet, and industrial software sectors [4][5] - The company is positioned as a leading player in the domestic thermal power DCS market, expected to benefit from strong market demand and equipment replacement [5] Financial Performance - In the first half of 2024, the company achieved total revenue of 805 million yuan, a year-on-year increase of 16.24%, and a net profit of 110 million yuan, a year-on-year increase of 153.55% [3] - The overall gross margin for the first half of 2024 was 40.13%, an increase of 4.15 percentage points year-on-year [3] - The company’s revenue from industrial automation, industrial internet, and industrial software was 693 million yuan, 106 million yuan, and 0 million yuan respectively, with year-on-year growth of 28.97% and a decline of 23.35% [3] Business Outlook - The company is expected to continue benefiting from favorable industry conditions, including energy security and equipment upgrades in the industrial sector [4] - The company is actively implementing AI solutions in its operations, with projects like smart monitoring and unmanned power plants showing promising results [4] - The estimated market size for DCS system replacements and new constructions in the thermal power sector is approximately 190 billion yuan [5] Earnings Forecast and Valuation - The company is projected to achieve revenues of 1.93 billion yuan, 2.56 billion yuan, and 3.27 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 37.24%, 32.57%, and 27.83% [6] - The net profit attributable to shareholders is expected to reach 244 million yuan, 325 million yuan, and 417 million yuan for the same years, with growth rates of 51.98%, 33.13%, and 28.24% respectively [6] - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are 1.02 yuan, 1.36 yuan, and 1.74 yuan respectively [6]

证券研究报告 | 公司点评 | IT 服务Ⅱ 科远智慧(002380) | --- | --- | |--------------------------------------------------|--------------------------------| | | 报告日期： 2024 年 08 月 10 日 | | 受益下游行业高景气度，上半年盈利能力实现显著提升 | | 投资要点 2024 年 8 月 9 日，公司 2024 年半年报披露，上半年公司实现营业总收入 8.05 亿 元，同比增长 16.24%，实现归母净利润 1.10 亿元，同比增长 153.55%。公司受 益于下游行业高景气度及多重利好，经营规模稳步增长的同时盈利能力实现大 幅提升。 分析师：刘雯蜀 执业证书号：s1230523020002 liuwenshu03@stocke.com.cn 公司半年报披露，整体盈利能力实现大幅提升 2024 年上半年，公司实现营业总收入 8.05 亿元，同比增长 16.24%；实现归母净 利润 1.10 亿元，同比增长 153.55%，整体毛利率为 40.13%，同比提升了 4.15pct。 ...