Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][14] Core Views - The company is a leading provider of digital transformation and smart manufacturing solutions in China, expected to benefit from downstream recovery and overseas opportunities, with AI opening up growth potential [4][7] - The company hosted the 2025 Digital Future Summit, focusing on AI-driven business innovation and productivity enhancement [5] - AI commercialization has begun to show results, with a 135.07% year-on-year increase in AI business revenue in Taiwan in 2024, and the introduction of AI-integrated products enhancing customer value [7] Financial Summary - The company forecasts net profits for 2025-2027 to be 201 million, 240 million, and 289 million yuan respectively, with EPS projected at 0.74, 0.88, and 1.07 yuan per share [4][9] - Revenue is expected to grow from 2,228 million yuan in 2023 to 3,581 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.6% [9][11] - The company's gross margin is projected to stabilize around 60% from 2025 onwards, with net profit margin improving to 8.2% by 2027 [9][11] Product and Innovation - The company launched an AI infrastructure suite to assist enterprises in finding effective AI applications, showcasing its capabilities in integrating AI across various operational scenarios [6] - The introduction of AI-driven software solutions, including ERP and PLM systems, demonstrates the company's commitment to enhancing its product offerings through AI [6][7]

盈利预测与投资建议：在制造企业数智化转型大趋势下，公司布局领先，上半年合作进展积极，围 绕"一个模型、两种内核，三类智能体"持续深耕。公司2025-2027 年收入预计为26.69/ 30.67/ 34.65 亿 元，同增14.52%/ 14.90%/ 12.99%；归母净利润为2.02/ 2.69/ 3.36 亿元，同增29.95%/ 32.88%/ 25.05%。 鼎捷数智当前价格对应2025-2027 年PE 为42.96/ 32.33/ 25.86 倍，维持"推荐"评级。 风险提示：地缘政治风险，经济复苏不及预期，企业数智化转型需求不及预期，行业竞争加剧。 公司依托鼎捷多模态大模型及Agent 开发及运行平台，赋能企业及ISV 伙伴快速构建AI Agent 应用，并 基于鼎捷雅典娜底座的数智化能力，融合微软Azure GPT、通义千问、豆包、DeepSeek 等通用大模型能 力，发展AIAgent 应用。6 月19 日，鼎捷发起并携手武汉市江夏区、华中科技大学，正式启动"武汉数 字经济产业融合示范赋能计划"，依托政产学三位一体的协同合作。鼎捷创新研发AI 软基建（AI S- infra）套件，包含智能 ...

Market Overview - On June 23, the A-share market saw all three major indices rise, with a total trading volume of 1,146.922 billion yuan, an increase of over 55 billion yuan compared to the previous Friday [1] - A total of 84 stocks hit the daily limit up [1] Concept Sectors - The military equipment restructuring concept led the gains, with stocks like Hunan Tianyan and Changcheng Military Industry hitting the limit up [1] - Other notable sectors included electronic ID cards, digital currency, and cross-border payments, which also saw significant increases [1] Institutional Trading - According to statistics, institutional seats on the Dragon and Tiger list had a net buying of 54 million yuan on June 23, with 11 stocks being net bought and 8 stocks being net sold [1] - The stocks with the highest net buying included Microchip Biotech, Shenzhou Cell, and Haike New Source, with net buying amounts accounting for 12.34%, 11.15%, and 3.11% of the day's trading volume, respectively [1][2] - The stocks with the highest net selling included Rongzhi Rixin, Youyou Food, and Beifang Changlong, with net selling amounts accounting for 29.30%, 19.05%, and 2.52% of the day's trading volume, respectively [1][2] Northbound Capital - On June 23, nine stocks received net buying from northbound funds, with Jinlongyu leading at 85.9124 million yuan [3] - Other stocks with significant net buying included Rongfa Nuclear Power and Boshang Optoelectronics, both exceeding 40 million yuan [3] Institutional Ratings - A total of 15 stocks received buy ratings from institutions, with an average increase of 1.75% for these stocks, outperforming the Shanghai Composite Index [5] - The computer industry was the most favored, with three stocks making it to the institutional buy rating list, while the coal and electric equipment industries also saw two stocks each on the list [5] Corporate Announcements - Tianyi Ma plans to acquire 100% equity of a target company specializing in IoT smart hardware and SaaS cloud platform solutions through a combination of stock issuance and cash payment [8] - Zhongda An is planning a stock issuance to specific investors, which may lead to a change in the actual controller of the company [8] - Guotou Zhonglu is planning a major asset restructuring involving the acquisition of shares from China Electronics Engineering Design Institute [8] - Huasheng Co. is planning to acquire 100% of Shenzhen Yixin Technology Co., which operates multiple high-performance computing centers [9]

2025 年 06 月 23 日 鼎捷数智(300378.SZ) 举办数智未来峰会，多款 AI 套件发布 事件概述 6 月 19 日，鼎捷数智股份有限公司于武汉举办 2025（第四届）数智 未来峰会，以"AI 创变·破界生长"为主题，汇集政产学研多方专 家学者、生态伙伴、行业媒体、企业代表等近 1000 名嘉宾参会，共 同探索数智经济时代的前沿路径与未来机遇，解锁 AI 加速驱动业务 场景与生产力创新，重塑核心竞争力的成功范式。我们认为此次峰会 再次全景展现公司在 AI 和大数据领域的布局，主要亮点如下： 面向"AI+"时代，构建 1-2-3 的企业运行模式 鼎捷数智董事长兼总裁叶子祯在峰会中提出了用"一个模型、两种内 核、三类智能体"来构想未来世界运行模式的发展理念。"一个模型" 指的是由人跟智能装备组成的物理世界和由智能体组成的数字世界 共同构成的一个模型，万物皆可放在这个模型里；"两种内核"指的 是快思考的数据自决驱动（通过数据的变化能够实现走一步算一步的 快思考）和慢思考的智能生成驱动（通过人工智能以智能生成的方式 来完成周详的决策或规划）；"三类智能体"指的是数字世界里人的智 能体分身、知识专家智能 ...

鼎捷提出"一个模型、两种内核、三个智能体"，构思AI 时代世界运行模式。数据驱动企业决策一直是 鼎捷奉行的理念，其希望改变过去业务流程主要以人为主导、数据为辅助的模式，转变为数据真正驱动 业务流程变化与智能决策。本次大会上鼎捷进一步分享AI 发展思考，认为未来的世界运行模式为"一个 模型、两种内核、三个智能体"。即物理世界（人+智能装备）+数字世界（智能体）共同构成一个世界 大模型，快思考的数据自决驱动与慢思考的智能生成驱动共同构成人与智能体协作范式，人的生产力将 在人类智能体分身、知识专家智能体、数字指挥官的数字世界助手帮助下迎来跃升。 创新发布AI 软基建套件，业务全面融合AI 加速应用真实落地。本届峰会上鼎捷发布多款AI 软基建套 件，包括智能数据套件、企业智能体生成套件、四大工业软件AI 智能套件、AIoT 指挥中心&工业机理 AI 套件等，推动AI 全面融合各项业务。以PLM 产品线为例，公司PLM 已与DeepSeek 深度集成，帮助 客户提升数据检索效率与交互体验，AI 的实际功效包括：1）构建知识问答Agent 满足高精度查询需 求；2）基于大模型的语义相似性匹配能力与分析能力进行物料智能推荐 ...

丨证券研究报告丨 公司研究丨点评报告丨鼎捷数智（300378.SZ） [Table_Title] 数智未来峰会亮点频出，AI 全面赋能业务创新 报告要点 [Table_Summary] 6 月 19 日，公司以"AI 创变、破界生长"为主题，于武汉举办第四届数智未来峰会。会上创新 发布多款 AI 相关套件，并设立多个 AI 专题论坛共话 AI 落地现状与未来，标志公司 AI 赋能业 务融合与场景创新进展积极。公司坚定拥抱 AI 战略初显成效，商业化进展积极看好 2025 放 量。预计公司 2025-2027 年实现归母净利润 1.96 亿元、2.38 亿元、2.87 亿元，对应增速为 26%、22%、21%，对应 PE 为 44.4x、36.5x、30.2x，持续推荐。 分析师及联系人 [Table_Author] SAC：S0490520030004 SFC：BUX668 宗建树 宋浪 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 鼎捷数智（300378.SZ） cjzqdt11111 [Table_Title2] 数智未来峰会亮点频出，AI 全面赋能业务创 ...

2025 年 06 月 21 日 鼎捷数智 (300378) 上 市 公 司 公 司 研 究 / 公 司 点 评 ——发布 AI S-infra 套件，企业级 Agent 全栈式布局 报告原因：强调原有的投资评级 买入（维持） | 市场数据： | 2025 年 06 月 20 日 | | --- | --- | | 收盘价（元） | 32.02 | | 一年内最高/最低（元） | 48.56/14.47 | | 市净率 | 4.0 | | 股息率%（分红/股价） | 0.09 | | 流通 A 股市值（百万元） | 8,626 | | 上证指数/深证成指 | 3,359.90/10,005.03 | 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） | 8.06 | | 资产负债率% | 30.61 | | 总股本/流通 A 股（百万） | 271/269 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 06-20 07-20 08-20 09-20 10-20 11-20 12 ...

结合AIoT 优势，融合发布工业机理AI。通过工业机理AI，实现工厂里的动态数据应用，以孪生工厂的 形式，结合AIoT 设备数据，帮助企业推演指令执行状况，快速响应异常并给出处理方案，解放"车间主 任"的人工管理。从管理AI 拓展至工业AI，完整提供制造业AI 场景解决方案。 平台层：Indepth AI 2.0 发布，企业快速自建Agent。公司重磅发布新一代Agent 构建平台，针对部分用 户新增非标准化需求，可通过该平台以对话、拖拉拽等形式构建企业内部业务流程甚至是解决方案，补 齐Agent 在企业级应用中的重要一环。 上层应用：多领域"专家"Agent 已经上线。除了对已有ERP、PLM 等系统的AI 化改造（即四大工业软 件AI 智能套件），更大增量来自新的AI 原生的智能化系统，目前公司已经推出采购、销售、研发、生 产、财务等多领域AI 原生的"专家"Agent 协助企业全流程提升效率甚至是发掘新的增长引擎。 公司制造业Agent 具备多方面优势，优秀实践下有望快速放量。1）公司长期面向中小型制造业，单个 Agent 对于企业的效率提升更直观，客户付费意愿更高；2）客户资源丰富，每年众多活跃付费客 ...

Core Viewpoint - The company emphasizes that the value of AI lies not in replacing humans but in liberating and innovating human creativity and productivity [2] Group 1: AI Conceptual Framework - The company envisions a future operational model consisting of "one model, two cores, and three types of intelligent agents" [3] - "One model" refers to a physical world composed of humans and intelligent equipment, alongside a digital world made up of intelligent agents [3] - "Two cores" include fast-thinking data-driven decision-making and slow-thinking intelligent generation-driven planning [3] - "Three types of intelligent agents" consist of human digital avatars, knowledge expert agents, and digital commanders [3] Group 2: AI Implementation and Business Transformation - The company aims to assist enterprises in reconstructing growth paradigms and innovating productivity through practical enterprise-level AI solutions [4] - It highlights the necessity for companies to overcome AI anxiety by starting with AI foundational infrastructure [4] - The company has introduced various AI solutions, including intelligent data kits and industrial software AI suites, showcasing its commitment to exploring innovative digital productivity [4] - The company plans to continue deepening the integration of AI technology and application scenarios, collaborating with government, academia, and partners to build an open and empowering digital ecosystem [4]

证券研究报告 2025年06月11日 行业报告： 行业专题研究 Agent 有望定义万亿劳动力市场 作者： 分析师 缪欣君 SAC执业证书编号：S1110517080003 分析师 刘鉴 SAC执业证书编号：S1110525040001 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 计算机 摘要 技术拐点已至，2025~2026年有望成为Agent商业化启动时刻。2024年，大模型能力跃迁推动Agent规划、记忆、工具、行动四大核心要 素持续突破，以Manus为代表的通用Agent工具代表着技术端或已经到达临界点。2024年下半年，OpenAI、Anthropic、微软、谷歌等 科技巨头纷纷公布相关进展，将自家Agent实力当作牌桌上的重要筹码。24年以来，Agent四大关键要素均取得了进步，有望带来独属于 AI 2.0时代的交互⽅式、产品形态和商业模式，从订阅模式转向按量抽成的模式企业能够更直观的算出ROI，实现Agent更快在B端落地。 综上，我们认为，2025~2026年有望成为Agent商业化启动时刻。 总体看，Agent创造价值空间可等效于 ...