Investment Rating - Buy (Maintained Rating) [1] Core Views - The company's performance growth trend remains unchanged, with effective market strategies and technology promotion [2] - The company achieved revenue of 1.573 billion yuan in Q3 2024, a year-on-year increase of 11.21%, and net profit attributable to the parent company of 49.89 million yuan, a year-on-year increase of 2.15% [2] - The company's revenue from mainland China was 735 million yuan, a year-on-year increase of 11.33%, while revenue from non-mainland regions was 838 million yuan, a year-on-year increase of 11.11% [3] - The company's diversified market strategies and flexible responses have helped it capture opportunities and avoid risks, with contract amounts growing both domestically and internationally [4] - The company's four major businesses (R&D design, digital management, production control, and AIoT) are growing, with R&D design and AIoT businesses showing particularly strong growth [6] - The company's technology has gained market recognition, with leading market shares in several industries [6] Financial Performance - Revenue for 2024 is expected to reach 2.497 billion yuan, with a year-on-year growth rate of 12.1%, and net profit attributable to the parent company is expected to be 174 million yuan, with a year-on-year growth rate of 15.9% [2] - The company's ROE is expected to increase from 7.1% in 2023 to 9.2% in 2026 [2] - EPS is expected to grow from 0.55 yuan in 2023 to 0.91 yuan in 2026 [2] - The company's P/E ratio is expected to decrease from 43.1x in 2023 to 26.1x in 2026 [2] Market Strategy - The company has adopted different strategies for mainland and non-mainland markets, focusing on industry operations and improving operational efficiency in mainland China, while leveraging AI advancements and industry recovery in non-mainland regions [4] - In Southeast Asia, the company has strengthened its market presence through partnerships with large domestic enterprises, with revenue from Chinese enterprises going overseas increasing by 58% year-on-year [4] Business Segments - The company's R&D design business achieved revenue of 84.39 million yuan, a year-on-year increase of 23.17%, while the AIoT business achieved revenue of 404 million yuan, a year-on-year increase of 41.83% [6] - The company has launched innovative solutions such as "AI+ process-oriented PLM" and Chat CAD, which have been well-received in the market [6] Future Outlook - The company is expected to achieve revenue of 2.497 billion yuan, 2.836 billion yuan, and 3.269 billion yuan in 2024, 2025, and 2026, respectively, with net profit attributable to the parent company expected to reach 1.74 billion yuan, 2.06 billion yuan, and 2.48 billion yuan in the same period [7] - The company's EPS is expected to grow to 0.64 yuan, 0.76 yuan, and 0.91 yuan in 2024, 2025, and 2026, respectively [7]

2024 年 11 月 03 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] Q3 大陆地区收入同比提速，出海+AI 构筑成长 动力 ——鼎捷数智（300378）2024 年三季报点评 最近一年走势 事件: 2024 年 10 月 30 日，公司发布 2024 年三季报 2024 年前三季度，公司营收 15.73 亿元，同比+11.21%；归母净利润 0.5 亿元，同比+2.15%；扣非后归母净利润 0.45 亿元，同比+59.1%。 2024Q3，公司营收 5.69 亿元，同比+11.63%；归母净利润 0.07 亿元， 同比-41.42%；扣非后归母净利润 0.05 亿元，同比+117.14%。 投资要点: 前三季度大陆地区收入同比提速，中国台湾地区订单同比+32% 相对沪深 300 表现 2024/11/01 大陆地区：2024Q3 营收 2.8 亿元，前三季度营收 7.35 亿元，同比 表现 1M 3M 12M 鼎捷数智 -1.8% 39.0% 14.6% +11.33%，增速较 2024H ...

Investment Rating - Maintains an "Overweight" rating with a target price of 29.07 CNY [3][5] Core Views - The company is transitioning to a data and intelligent solutions provider focusing on platform construction and application services, with significant growth in mainland China and Southeast Asia [2] - AI product effectiveness is becoming more prominent, which is expected to further enhance the company's brand strength [2] - The company's business model continues to optimize, with strong growth in overseas markets, maintaining EPS forecasts for 2024-2026 at 0.68/0.85/1.04 CNY, corresponding to a 2024 PE of 35.33x [3] - Revenue for the first three quarters reached 1.573 billion CNY, a year-on-year increase of 11.21%, with Q3 revenue at 569 million CNY, up 11.63% year-on-year [3] - Mainland China revenue for the first three quarters was 735 million CNY, up 11.33% year-on-year, while non-mainland revenue was 838 million CNY, up 11.11% year-on-year [3] - The company is expanding its presence in Thailand and Vietnam, with revenue from Chinese enterprises going overseas increasing by 58% year-on-year in the first three quarters [3] - The semiconductor industry is experiencing rapid growth due to AI-driven demand for new and expanded factories, while the automotive parts industry is seeing increased demand for AI in industrial scenarios [3] - The company is focusing on innovative AI applications, such as the "AI+ process-oriented PLM" solution and the Chat CAD application, which leverages large model technology for design management and document generation [3] Financial Summary - Revenue for 2022 was 1.995 billion CNY, increasing to 2.228 billion CNY in 2023, and is forecasted to reach 2.605 billion CNY in 2024, 3.062 billion CNY in 2025, and 3.566 billion CNY in 2026 [4] - Net profit attributable to the parent company was 134 million CNY in 2022, 150 million CNY in 2023, and is expected to be 184 million CNY in 2024, 230 million CNY in 2025, and 283 million CNY in 2026 [4] - EPS for 2022 was 0.49 CNY, 0.55 CNY in 2023, and is forecasted to be 0.68 CNY in 2024, 0.85 CNY in 2025, and 1.04 CNY in 2026 [4] - ROE (diluted) was 7.3% in 2022 and 2023, and is expected to increase to 8.1% in 2024, 9.2% in 2025, and 10.3% in 2026 [4] - The current P/E ratio is 48.42x for 2022, 43.13x for 2023, and is forecasted to be 35.25x in 2024, 28.15x in 2025, and 22.88x in 2026 [4] Market Data - The 52-week stock price range is 13.60-27.21 CNY [6] - The total market capitalization is 6.481 billion CNY [6] - The total shares outstanding are 271 million, with 270 million A-shares in circulation [6] Industry Trends - The semiconductor industry is benefiting from AI-driven demand for new and expanded factories [3] - The automotive parts industry is seeing increased demand for AI in industrial scenarios [3] - The equipment manufacturing industry is rapidly upgrading to intelligent equipment and eliminating outdated production capacity [3]

证券代码：300378 证券简称：鼎捷数智 鼎捷数智股份有限公司投资者关系活动记录表 编号：2024-004 | --- | --- | --- | --- | |-------------------------|-------------------------------------|----------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | 特定对象调研 | 分析师会议 | 媒体采访 | | 投资者关系活 动类别 | 业绩说明会 | 新闻发布会 | 路演活动 | | | 现场参观 | 其他 | 上市公司投资者交流活动 | | 参与单位名称 及人员姓名 | 资者 | | 中金公 ...

Financial Performance - Revenue for the third quarter reached 569.11 million yuan, an increase of 11.63% year-over-year[1] - Net profit attributable to shareholders was 7.45 million yuan, a decrease of 41.42% compared to the same period last year[1] - Revenue for the first three quarters reached RMB 1.573 billion, a year-on-year increase of 11.21%, with Q3 revenue at RMB 569 million, up 11.63% year-on-year[18] - Total revenue for the current period reached 1,573,058,137.28 yuan, an increase from 1,414,445,953.87 yuan in the previous period[29] - Operating costs for the current period were 1,478,524,123.16 yuan, compared to 1,364,104,463.38 yuan in the previous period[29] - Net profit attributable to the parent company's owners increased to 873,621,226.27 yuan from 854,521,738.70 yuan in the previous period[28] - Net profit attributable to parent company shareholders was RMB 49.89 million, a slight increase from RMB 48.84 million in the same period last year[30] - Total comprehensive income was RMB 28.79 million, down from RMB 39.54 million in the previous year[30] - Basic earnings per share remained stable at RMB 0.19, consistent with the same period last year[31] Cash Flow and Liquidity - Operating cash flow for the year-to-date was -199 million yuan, a decrease of 78.72% year-over-year[1] - Operating cash flow was negative RMB 199.00 million, compared to negative RMB 111.35 million in the same period last year[31] - Investment cash flow was negative RMB 86.63 million, an improvement from negative RMB 201.75 million in the previous year[31] - Financing cash flow was negative RMB 10.60 million, compared to positive RMB 110.54 million in the same period last year[31] - Cash and cash equivalents at the end of the period were RMB 567.35 million, down from RMB 880.90 million at the beginning of the period[32] - Total cash inflows from operating activities were RMB 1.66 billion, up from RMB 1.51 billion in the previous year[31] - Cash outflows from operating activities increased to RMB 1.86 billion, compared to RMB 1.62 billion in the same period last year[31] - The company received RMB 809.59 million from other investment-related activities, down from RMB 865.00 million in the previous year[31] - Cash and cash equivalents decreased to 570,647,608.42 yuan from 873,019,361.60 yuan in the previous period[26] Assets and Liabilities - Total assets decreased by 5.94% to 3.07 billion yuan compared to the end of the previous year[1] - Total assets decreased to 3,074,408,581.86 yuan from 3,268,458,398.25 yuan in the previous period[27] - Total liabilities decreased to 863,507,272.52 yuan from 1,070,311,883.34 yuan in the previous period[27] - Accounts receivable increased to 506,602,968.15 yuan from 446,878,472.66 yuan in the previous period[26] - Inventory increased to 97,443,724.76 yuan from 65,620,147.68 yuan in the previous period[26] - Development expenditure increased significantly to 247,353,965.70 yuan from 131,893,532.10 yuan in the previous period[27] R&D and Innovation - Development expenditure increased by 87.54% to 247.35 million yuan due to increased R&D project spending[4] - R&D expenses decreased to 144,184,732.94 yuan from 160,958,488.34 yuan in the previous period[29] - The company completed the development of 4 IoT-integrated intelligent collaborative applications for industrial control systems during the reporting period[23] - The company launched the "AI+Process PLM" solution and introduced the Chat CAD application, leveraging large model technology for design management[23] - AI business revenue increased by 102.08% year-on-year, driven by the development of the Athena platform and AI applications[24] Shareholders and Equity - The total number of ordinary shareholders at the end of the reporting period is 32,041[6] - Foxconn Industrial Internet Co., Ltd. holds 14.73% of the shares, with 39,971,265 shares[6] - TOP PARTNER HOLDING LIMITED holds 6.97% of the shares, with 18,912,242 shares[6] - STEP BEST HOLDING LIMITED holds 3.25% of the shares, with 8,820,951 shares[6] - The company's shareholder, Zhang Yonghui, holds 1,671,000 shares through a margin account[8] - The company's shareholder, Chen Shaomin, holds 1,575,452 shares, with 1,552,874 shares held through a margin account[8] Business Segments and Revenue - Mainland China revenue for the first three quarters was RMB 735.09 million, up 11.33% year-on-year, while non-mainland revenue was RMB 837.96 million, up 11.11% year-on-year[19] - R&D design business revenue grew 23.17% year-on-year to RMB 84.39 million, while AIoT business revenue surged 41.83% to RMB 403.69 million[22] - New customer contract value in Taiwan grew by 32% year-on-year, and revenue from Chinese enterprises expanding overseas increased by 58% year-on-year[21] - The company's PLM business ranked first among domestic manufacturers in the equipment manufacturing industry and top five in automotive parts and high-tech electronics[23] Tax and Expenses - Tax and surcharges increased by 78.11% to 16.44 million yuan due to self-inspection and tax payment[5] - Credit impairment losses increased by 143.86% to -43.50 million yuan due to increased bad debt provisions[5] - Non-operating expenses surged by 1297.32% to 5.20 million yuan due to penalty payments[5] - Income tax expenses increased by 36.41% to 27.05 million yuan due to higher operating income[5] Corporate Actions and Governance - The company has extended the validity period of the resolution for the issuance of convertible bonds to August 13, 2025[10] - The company has applied for a credit line of RMB 200 million from China Merchants Bank for its subsidiaries[11] - The company plans to reduce the capital of its subsidiary, Zhi Interconnection (Shenzhen) Technology Co., Ltd., by RMB 30.6 million[13] - After the capital reduction, the registered capital of Zhi Interconnection will be reduced from RMB 50.6 million to RMB 20 million[13] - The company changed its name from "Digiwin Software Co., Ltd." to "Digiwin Co., Ltd." to better reflect its strategic positioning in the digital intelligence sector[16] - The company appointed Shanghui Certified Public Accountants as its 2024 auditor, replacing Dahua Certified Public Accountants due to regulatory issues[15]

①"大鱼吃小鱼"式并购贯穿行业发展历史，这个细分板块公司上市之后亦有多次并购重组、2025年国 产化率有望达到60%，力争复制海外巨头并购成长之路；②2025年节假日安排即将发布，文旅消费作 为激发改善型消费的重要抓手有望迎来利好，分析师梳理受益旅游市场高景气的上市公司。 《风口研报》今日导读 1、工业软件并购（华大九天、鼎捷数智、广立微）：①申万宏源黄忠煌认为，在经历了海外技术封锁 之后，中国在工业软件领域的"信创替代"趋势愈发明显，参考海外工业软件巨头，工业软件行业并购整 合是未来重要方向之一；②"大鱼吃小鱼"式的并购贯穿海外EDA巨头发展历史的始终，根据南山工业书 院统计，EDA三巨头成立至今直接参与的并购已超过200次；③工信部提出到2027年，完成约200万套 工业软件和80万台套工业操作系统更新换代任务，中商产业研究院预计，到2025年国产化率将达到 60%，2030年达到70%；④本土EDA、CAD、CAE等工业软件公司上市之后亦有多次并购重组，通过 外延并购/自主研发，本土公司可以加速补齐产品线，有望复制海外巨头成长之路；⑤风险提示：政策 落地不及预期、科技转化不及预期等。 2、旅游（君亭酒店 ...

今天下午将由我给大家带来我们7月份刚发布的关于顶级软件的这样一个深度的一个报告聚焦智能制造做制造业数实在的这样一个AI机器先行者当然因为公司本身在上周末也是发了这样一个中报所以我们也是结合中报可能也是做一些小的一些更新我们首先讲一下我们的一个核心的一个观点我们认为就是在整个的这样一个工业软件板块里面 顶尖它是属于一家我们认为是业绩有韧性同时估值有弹性的这样一个公司因为一方面本身这个公司其实就是一个来自于中国台湾的一个公司最早也是做这样一个自主的ERP起家然后逐步切换到这样一个智能制造的这样一个赛道而天然其实就是有这样一个出牌的这样一个逻辑在的目前它有一半的这样一个业务主要的一个营收也是来自于这样一个台湾和东南亚的这样一个地区 而公司在台湾地区相对稳健的这样一个经营同时叠加在东南亚地区目前我们也可以看到就积极响应这样一个中海中企这种出海这种数字化需求所以在这一块就非中国大陆地区的整个的一个业务的一个发展的一个确定性我们认为是比较强的然后这也是我们认为就是公司在当前我们大陆地区相对来说价格的整个制造业相对沉压的这样一个背景下业绩上经营上能够保持这样一个认定发展的一个核心的一个因素 那另外一方面的话我们认为公司其实 ...

[Table_StockInfo] 2024 年 08 月 10 日 证券研究报告•2024 年半年报点评 买入 （首次） 当前价：15.01 元 鼎捷软件（300378）计算机 目标价：18.76 元（6 个月） 业绩稳健增长，AI 商业化进展领先 [Table_Summary 事件：公司发布] 2024年半年度报告，实现收入 10.0亿元，同比增长 11.0%；实 现归母净利润 4244.1 万元，同比增长 17.5%；实现扣非后归母净利润 4048.0 万元，同比增长 54.0%。 四大领域协同发展，研发设计类及 AIoT持续高增长。1）研发设计类：2024年 H1 实现收入 5134.2万元，同比增长 15.3%，公司发布的行业首款融入 AI技术 的 PLM 产品已入选工信部年度智能制造解决方案挂帅项目。2）数字化管理类： 实现收入 5.5 亿元，同比增长 0.2%，报告期内公司不断提高行业方案复用率， 扩展行业方案数量，加速产品落地和发展。3）生产控制类：实现收入 1.3亿元， 同比下滑 1.2%，报告期内公司针对底层软件架构进行改造升级和国产适配，持 续聚焦细分行业优化方案，交付效率进一步提升。4 ...

海外业务增长持续提速，AI 智驱化应用加速拓展 鼎捷软件（300378.SZ）/计 算机 证券研究报告/公司点评 2024 年 08 月 14 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------- ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 | --- | |-------| | | | | | | 公 司 更 新 报 告 证 券 研 究 报 告 ——鼎捷软件（300378）2024 年半年报点评 [table_Authors]李沐华(分析师) 010-83939797 limuhua@gtjas.com 登记编号S0880519080009 | --- | --- | |-----------------------|-------| | | | | | | | | | | 伍巍 ( 研究助理 ) | | | 021-38031029 | | | wuwei028683@gtjas.com | | | S0880123070157 | | 本报告导读： 公司半年报业绩增速提升显著，在创新商业模式以及 AIGC 的赋能下，业务盈利能 力持续攀升，叠加海外需求不断释放，未来公司业绩增速有望超预期。 投资要点： [Table_Summary] 维持增持评级，维持目标价 29.07 元。考虑公司商业模式持续优化 以及海外业务增 ...