证券研究报告 | 公司动态点评 2024 年 08 月 12 日 鼎捷软件（300378.SZ） 2024 H1 业绩点评：营收利润双升，顺应全球工业数智化转型趋势 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|--------------------------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（首次评级） | | | 营业收入（百万元） | 1,995 | 2,228 | 2,596 | 3,065 | 3,680 | 股票信息 | | | 增长率 yoy （ % ） | 11.6 | 11.7 | 16.6 | 18.0 | 20.1 | | | | 归母净利润（百万元） | 134 | 150 | 187 | 228 ...

上 司 市 公 证 券 研 究 报 告 计算机 2024 年 08 月 11 日 鼎捷软件 (300378) ——AI 应用新成长，随制造业出海提速 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 09 日 | | 收盘价（元） | 15.01 | | 一年内最高/最低（元） | 28.95/12.71 | | 市净率 | 2.0 | | 息率（分红 / 股价） | 0.77 | | 流通 A 股市值（百万元） | 4,019 | | 上证指数 / 深证成指 | 2,862.19/8,393.70 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|------------------------| | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 7.59 | | 资产负债率 % | 27.18 | | ...

财务摘要和估值指标 源证券 计算机/软件开发 可研究 鼎捷软件 (300378.SZ) 2024 年 08 月 12 日 业绩符合预期,AIGC+出海打开成长空间 公司信息更新报告 投资评级：买入（维持） 陈宝健（分析师） chenbaojian@kysec.cn 证书编号：S0790520080001 李海强（分析师） lihaiqiang(@kysec.cn 证书编号： S0790524070003 ● 智能制造领军厂商，维持"买入"评级 公司是国内领先的数智化转型与智能制造整合规划方案服务提供商,有望持续 受益下游景气复苏和出海机遇,AIGC 打开成长空间,我们维持原有盈利预测, 预计 2024-2026 年归母净利润为 1.81、2.26、2.85 亿元，EPS 为 0.67、0.84、1.06 元/股,当前股价对应 PE 为 22.4、17.9、14.2 倍,维持"买入"评级。 ● 事件: 公司发布 2024 年中报， 扣非利润高增长 2024 年上半年,公司实现营业收入 10.04 亿元,同比增长 10.98%;实现归母净 利润 4244.13 万元，同比增长 17.48%;实现扣非归母净利润 4 ...

公司点评 | 鼎捷软件 海外市场持续拓展，AI 智驱化应用不断丰富 鼎捷软件（300378.SZ）2024 年半年报点评 事件：鼎捷软件发布 2024 年半年度业绩报告，报告期内公司实现主营收入 10.04 亿元，同比增加 10.98%，实现归母公司净利润 0.42 亿元，同比增加 17.48%，扣非归母净利润 0.4 亿元，同比增加 54.03%。 响应中企出海数字化需求，持续拓展海外市场。报告期内，公司在中国大陆 及非中国大陆地区分别实现营收 4.55 亿元及 5.49 亿元，较上年同期分别增 长 7.37%及 14.16%。而驱动非大陆地区经营成长的一个重要因素即公司在 海外市场的持续拓展，而这背后是公司紧随中企出海趋势，致力于为中企提 供在地营运支持。当前，中企出海数字化需求占鼎捷海外市场需求 50%以上。 费用控制显成效，利润增速超营收增速。24H1 公司毛利率为 57.44%，同比 下滑 3.72pct。而在费用端，上半年公司的销售、管理及研发费率相较去年 同期分别下降 0.1pct、2.6pct、3.3pct。费用的管控也是公司在利润端尤其 扣非利润相较营收端取得更为显著增长的重要因素。 AI ...

证券代码：300378 证券简称：鼎捷软件 鼎捷软件股份有限公司投资者关系活动记录表 编号：2024-003 | --- | --- | --- | --- | |--------------------|--------------|------------|------------------------| | | 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 | 中金公司、海通证券、申万宏源、中泰证券、西部证券、西南证 参与单位名称 及人员姓名 券、国投证券、兴业证券、交银施罗德等80位机构投资者 时间 2024年8月10日 10:00-11:30 地点 上海市静安区江场路1377弄绿地中央广场1号楼22层 刘 波 董事、执行副总裁 潘泰龢 执行副总裁 上市公司出席 人员 林健伟 执行副总裁、董事会秘书 袁一超 IRD 会议开始，鼎捷软件股份有限公司管理层对公司基本情况、 2024半年度经营成果进行相关介绍，并与投资者进行交流互动， 具体情况如下： 一、公司业绩情况 202 ...

证券研究报告 鼎捷软件 (300378 CH) 利润稳步增长，AI 商业化加速 华泰研究 中报点评 买入 ): 19.11 2024年8月11日│中国内地 利润稳步增长，AI 商业化加速 鼎捷软件发布半年报，2024 年 H1 实现营收 10.04 亿元（yoy+10.98%）， 归母净利 4244.13 万 元 （ yoy+17.48% ）， 扣 非 净 利 4047.98 万 元 （yoy+54.03%）。其中 Q2 实现营收 5.98 亿元（yoy+9.47%，qoq+47.34%）， 归母净利 5213.50 万元（yoy+11.53%，qoq+637.82%）。公司积极提升经 营效率，AI 商业化加速推进。我们预计公司 2024-2026 年 EPS 分别为 0.64、 0.80、1.01 元。可比公司平均 24E 25.0xPE（Wind），考虑公司平台型产品 及行业 know-how 卡位有助于加速 AI 落地，给予 24E 30xPE，对应目标价 19.11 元，维持"买入"评级。 研发设计及 AIoT 快速增长，产品持续推广 分产品看，24H1 数字化管理业务收入 5.47 亿元，同增 0. ...

Financial Performance - Revenue for the reporting period reached 1,003,946,631.16 yuan, a year-on-year increase of 10.98%[13] - Net profit attributable to shareholders of the listed company was 42,441,334.97 yuan, up 17.48% year-on-year[13] - Net profit after deducting non-recurring gains and losses was 40,479,762.89 yuan, a significant increase of 54.03% year-on-year[13] - Operating cash flow was -202,978,290.54 yuan, a decrease of 121.98% compared to the same period last year[13] - Basic earnings per share were 0.16 yuan, up 14.29% year-on-year[13] - Total assets at the end of the reporting period were 2,985,428,219.16 yuan, a decrease of 8.66% compared to the end of the previous year[13] - Revenue for the reporting period reached 1,003.95 million yuan, a year-on-year increase of 10.98%[42] - Net profit attributable to shareholders of the listed company was 42.44 million yuan, up 17.48% year-on-year[42] - Non-mainland China regions achieved revenue of 549.05 million yuan, a 14.16% increase compared to the same period last year[43] - AIoT business revenue reached 265.12 million yuan, a significant year-on-year growth of 51.01%[46] - AI application revenue in Taiwan region surged by 179% compared to the same period last year[44] - Southeast Asia distribution market grew by over 100%, with SaaS product demand steadily increasing[44] - R&D design business revenue increased by 15.29% to 51.34 million yuan[47] - Digital management business revenue was 547.29 million yuan, a slight increase of 0.15% year-on-year[49] - Production control business revenue stood at 128.64 million yuan, with a focus on smart factory CIM solutions[50] - Revenue increased by 114% YoY, driven by the development of nearly 20 AI-powered applications in equipment manufacturing cloud, parts cloud, and finance cloud[53] - Revenue from operations grew by 10.98% YoY to RMB 10.04 billion, while operating costs increased by 21.63% to RMB 427.33 million[59] - R&D investment increased by 12.39% YoY to RMB 179.63 million[59] - Net cash flow from operating activities decreased by 121.98% YoY to RMB -202.98 million, mainly due to employee-related and other operating expenses[59] - Net cash flow from investing activities increased by 138.86% YoY to RMB 54.19 million, primarily due to the maturity of investment products[59] - Net cash flow from financing activities decreased by 126.29% to -51,147,085.28 yuan, mainly due to a reduction in net borrowing compared to the same period last year[60] - Net increase in cash and cash equivalents decreased by 477.09% to -211,951,175.13 yuan, primarily due to employee-related expenses and long-term asset construction[60] - Revenue from software services reached 1,003,946,631.16 yuan, with a gross margin of 57.44%, but decreased by 3.72% compared to the same period last year[60] - Revenue from self-developed software sales increased by 4.86% to 262,706,726.51 yuan, maintaining a 100% gross margin[60] - Revenue from external software and hardware sales increased by 33.56% to 258,571,219.20 yuan, but the gross margin decreased by 6.57% to 19.99%[60] - Revenue from technical services increased by 4.82% to 482,668,685.45 yuan, with a gross margin of 54.33%, slightly down by 0.25%[60] - Revenue from mainland China increased by 7.37% to 454,896,268.06 yuan, while revenue from outside mainland China increased by 14.16% to 549,050,363.10 yuan[60] - The cost of external software and hardware sales increased by 45.49% to 206,872,574.06 yuan, accounting for 48.41% of total operating costs[61] - The company's investment income was -1,533,877.66 yuan, accounting for -2.85% of total profit, mainly due to financial product income and long-term equity investment income[62] - The company's monetary funds decreased by 4.52% to 662,589,914.57 yuan, accounting for 22.19% of total assets[63] - Total investment in the reporting period was RMB 116,041,795, a 72.76% increase compared to the same period last year[68] - The cumulative actual investment in the "Intelligent Innovation Base" project reached RMB 51,800,027.13, with a project progress of 23.98%[68] - The cumulative actual investment in the "Digital Intelligence Ecosystem Empowerment Platform" project was RMB 5,346,744.35, with a project progress of 1.52%[68] - The company's financial assets measured at fair value totaled RMB 35,415,000 at the end of the reporting period[69] - The company's entrusted wealth management products had an outstanding balance of RMB 30.415 million, with no overdue amounts[71] - The subsidiary Dingxin Computer Co., Ltd. contributed a net profit of RMB 135,724,459.01, accounting for a significant portion of the company's overall profit[74] - Total operating revenue for the first half of 2024 reached 1,003,946,631.16 RMB, an increase of 10.97% compared to 904,635,580.46 RMB in the same period of 2023[134] - Net profit attributable to the parent company's shareholders in the first half of 2024 was 42,441,334.97 RMB, a 17.48% increase from 36,125,684.57 RMB in the same period of 2023[136] - Total liabilities as of the end of the first half of 2024 amounted to 500,065,713.58 RMB, an 11.22% increase from 449,630,873.29 RMB at the end of the first half of 2023[133] - Research and development expenses decreased by 17.44% to 95,751,597.10 RMB in the first half of 2024, compared to 115,993,657.12 RMB in the same period of 2023[135] - The company's total equity as of the end of the first half of 2024 was 1,458,125,512.87 RMB, a 6.10% decrease from 1,552,833,455.09 RMB at the end of the first half of 2023[133] - Basic earnings per share for the first half of 2024 was 0.16 RMB, a 14.29% increase from 0.14 RMB in the same period of 2023[136] - Total operating costs for the first half of 2024 were 935,581,157.22 RMB, an 8.22% increase from 864,519,645.75 RMB in the same period of 2023[135] - The company's total comprehensive income for the first half of 2024 was 18,124,665.37 RMB, a 64.74% decrease from 51,399,617.35 RMB in the same period of 2023[136] - Accounts payable increased by 53.45% to 125,536,322.79 RMB in the first half of 2024, compared to 81,803,910.40 RMB in the same period of 2023[133] - The company's operating profit for the first half of 2024 was 53,840,779.90 RMB, a 7.62% increase from 50,028,831.95 RMB in the same period of 2023[135] - Operating profit for the first half of 2024 was -63,384,175.36 RMB, a significant decrease compared to -13,251,162.10 RMB in the same period last year[138] - Net profit for the first half of 2024 was -48,210,757.37 RMB, compared to -10,211,480.38 RMB in the same period last year[138] - Revenue from sales of goods and services in the first half of 2024 was 1,007,640,441.29 RMB, an increase from 932,151,277.74 RMB in the same period last year[140] - Net cash flow from operating activities in the first half of 2024 was -202,978,290.54 RMB, compared to -91,441,394.34 RMB in the same period last year[140] - Net cash flow from investing activities in the first half of 2024 was 54,193,979.73 RMB, a significant improvement from -139,469,552.68 RMB in the same period last year[141] - Net cash flow from financing activities in the first half of 2024 was -51,147,085.28 RMB, compared to 194,530,699.01 RMB in the same period last year[141] - Cash and cash equivalents at the end of the first half of 2024 were 661,068,186.47 RMB, a decrease from 873,019,361.60 RMB at the beginning of the period[141] - R&D expenses in the first half of 2024 were 62,777,235.07 RMB, a decrease from 71,740,755.94 RMB in the same period last year[138] - Sales expenses in the first half of 2024 were 108,961,952.05 RMB, an increase from 84,713,252.39 RMB in the same period last year[138] - Total comprehensive income for the first half of 2024 was -48,210,757.37 RMB, compared to -10,211,480.38 RMB in the same period last year[139] - Operating cash flow from sales of goods and services decreased to 269,250,430.50 yuan in H1 2024 from 291,091,571.42 yuan in H1 2023, a decline of 7.5%[142] - Net cash flow from operating activities worsened to -114,739,439.80 yuan in H1 2024 compared to -39,253,068.21 yuan in H1 2023[142] - Cash received from other operating activities surged to 373,214,224.26 yuan in H1 2024 from 50,030,264.06 yuan in H1 2023, a 646% increase[142] - Net cash flow from investing activities improved to 35,544,163.20 yuan in H1 2024 from -91,078,512.99 yuan in H1 2023[143] - Cash received from other investing activities dropped to 179,585,000.00 yuan in H1 2024 from 430,000,000.00 yuan in H1 2023, a 58.2% decrease[143] - Net cash flow from financing activities turned negative at -14,900,198.19 yuan in H1 2024 compared to positive 19,748,738.98 yuan in H1 2023[143] - Total owner's equity decreased by 24,089,175.42 yuan in H1 2024, with a significant drop in minority interests of 1,486,280.09 yuan[144] - Comprehensive income for H1 2024 showed a loss of 21,268,949.36 yuan, contributing to the overall equity decline[145] - Cash and cash equivalents at the end of H1 2024 stood at 163,443,234.35 yuan, down from 257,534,690.99 yuan at the beginning of the period[143] - The company's total owner's equity at the end of the period was RMB 2,067,997,836.05, reflecting an increase from the beginning of the period[149] - Comprehensive income for the period amounted to RMB 50,106,225.61, with a significant portion attributed to net profit[148] - Owner's equity increased by RMB 136,956,166.02 during the period, driven by capital injections and retained earnings[148] - The company's capital reserve increased by RMB 72,061,048.98, primarily due to capital injections and other equity transactions[148] - Retained earnings grew by RMB 9,422,261.57, reflecting the company's profitability during the period[148] - Minority shareholders' equity increased by RMB 39,238,114.43, indicating growth in subsidiary performance[148] - The company's total assets at the end of the period were RMB 2,174,057,339.49, showing a steady increase from the previous period[146] - The company's undistributed profit at the end of the period was RMB 754,227,167.03, reflecting strong financial performance[149] - The company's capital surplus increased by RMB 25,435,818.71, driven by internal equity adjustments[149] - The company's total liabilities and owner's equity at the end of the period were RMB 2,174,057,339.49, indicating a balanced financial structure[146] - The company's total owner's equity at the beginning of the period was RMB 1,552,833,455.09[151] - The company's total owner's equity at the end of the period decreased to RMB 1,458,125,512.87, a decrease of RMB 94,707,942.22[151] - Comprehensive income for the period was a loss of RMB 48,210,757.37[151] - Owner's capital contribution during the period was RMB 198,000.00[151] - Profit distribution to owners (or shareholders) amounted to RMB 30,789,881.50[151] - The company's total owner's equity at the beginning of the previous period was RMB 1,386,351,709.86[153] - The company's total owner's equity at the end of the previous period increased to RMB 1,390,323,931.23, an increase of RMB 3,514,352.45[155] - Comprehensive income for the previous period was a loss of RMB 10,211,480.38[154] - Owner's capital contribution during the previous period was RMB 2,254,200.00[154] - Profit distribution to owners (or shareholders) in the previous period amounted to RMB 26,703,423.00[154] Business Operations and Strategy - The company's main operating cost is labor cost, accounting for more than 50% of the total operating cost[4] - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital[4] - The company's subsidiary, Taiwan Digiwin, is the primary source of revenue and profit in the consolidated financial statements[2] - The company's customer base is mainly concentrated in the manufacturing and distribution industries, making it susceptible to macroeconomic fluctuations[3] - The company's equity structure is relatively dispersed, with no single shareholder holding more than 30% of the shares, posing a risk of potential acquisition[2] - The company has developed a new industrial internet platform, Digiwin Athena, based on AI, big data, IoT, and cloud computing technologies[7] - The company offers tailored solutions for different enterprise sizes, including T100 for large groups, E10 for medium-sized enterprises, and EasyFly for small and medium-sized enterprises[7] - The company's AIoT solutions focus on automation and intelligent manufacturing, integrating AI and IoT technologies[7] - The company's ERP system integrates various functional modules such as inventory, procurement, marketing, and human resources[7] - The company's MES system is designed for manufacturing execution management in production processes[7] - The company's core business covers four major categories of industrial software: R&D design, digital management, production control, and AIoT[17] - The company has developed a new-generation Product Lifecycle Management (PLM) platform integrated with AI technology, enhancing enterprise efficiency and compatibility with domestic systems[19] - The company's digital management products, including T100, E10, and YiFei, cater to enterprises of different sizes and have been validated in large and medium-sized enterprises[21] - The company's manufacturing operation management (MOM) solutions focus on industries such as semiconductors, electronics, and automotive, providing advanced scheduling and quality management systems[22] - The company focuses on AIoT business, integrating AI with OT equipment to achieve device networking, digitization, and intelligence, and develops solutions like remote monitoring, maintenance, and energy management[23] - The Digiwin Athena industrial internet platform is built on five core platforms (intelligence, business, data, knowledge, and connectivity) to support enterprise digital transformation[24] - Digiwin Athena combines data-driven and generative AI capabilities, integrating Microsoft Azure GPT and domestic open-source models to develop manufacturing-specific AI applications like IndepthAI and intelligent Q&A[25] - The platform supports industry-specific AI applications such as equipment manufacturing cloud, parts cloud, and financial cloud, addressing pain points in sectors like automotive, new energy, and chemicals[26][27] - Digiwin Athena's financial cloud offers a next-gen consolidated reporting solution, addressing challenges in data collection, internal reconciliation, and cost allocation[27] - The company has developed general-purpose AI applications like ChatFile and executive AI assistants, leveraging knowledge and data platforms for enterprise knowledge management and decision support[29] - The Chinese government has implemented policies like the "Data Elements ×" three-year action plan (2024-2026) and the Manufacturing Digital Transformation Action Plan to promote digital economy and industrial internet[30] - AI industry is rapidly evolving, with over 80% of enterprises expected to adopt generative AI by 2026, driving digital transformation across industries[31] - The company is leveraging its deep understanding of enterprise operations to integrate AI capabilities into enterprise software, focusing on intelligent decision-making, automation, and predictive analytics[32] - China's outbound direct investment reached 606.07 billion yuan in the first half of 2024, a year-on-year increase of 16.1%[33] - The company has participated in the digital transformation of over 50,000 enterprises, accumulating extensive industry knowledge and experience[35] - The company's R&D personnel accounted for 35.64% of total employees as of June 30, 2024, an increase of 1.27 percentage points from the end of 2023[38] - The company's service product model accounts for over

感谢大家在周五下午四点还来听我们电话会那么我们这几天的电话会一直是我们的中期策略会的线上的分场那么我们这一场也非常荣幸的邀请到顶尖软件的IR领导来给我们分享最近航运公司的情况那线上跟我一起主持的还有我们同事杨萌 那等会先请公司领导来分析这个讲一下公司的最近情况大家后面有问题可以按照提示音的方式进行提问那公司领导先有请好的那我就先来给各位领导介绍一下就是我们公司今年的一个整体情况就我们公司现在就业务其实就主要分布在像大陆台湾中南亚这三个市场 那从营收占比来看呢大陆的收入就占到一半左右然后台湾和东南亚两个地区加起来的业务占比也在一半左右的水平然后我们今年经营的重点呢其实就是出海嘛就是东南亚地区那我们去年的话营收增速在东南亚大概是30个点左右今年的话我们也是希望能够继续保持高增长就是营收成长争取突破50个点那我们公司在东南亚 扩展的原因呢其实也主要有两点吧一方面就是东南亚其实现在用人成本也有所上升那加上现在全球产业链它逐步向东南亚迁移呢就当地的数字化需求其实是有上升然后所以市场空间呢还是比较大的那站在我们顶级的角度来讲呢我们过往其实一直经营的是台湾出海到东南亚的一个企业就这一转大概覆盖了八成左右 就是说台湾出海到东 ...

上面播放以后主持人可开始发言谢谢各位参会人员本次会议观点和信息仅限于此次受邀的海东证券客户中的专业投资者参考所有参与者均负有合规参会义务和保密义务严禁私自录音录像严禁传播会议纪要或泄露会议 请不吝点赞 订阅 转发 打赏支持明镜与点点栏目 各位线上的这个朋友大家下午好我是海东太岸计算机行业分析师杨林那么非常感谢大家在周五这个下午四点还来听我们调会那么我们这几天调会呢一直是我们的中期策略会的这个啊线上线上的分场那么我们这场呢也非常荣幸的邀请到顶尖软件的阿亚领导来给我们分享最近航运公司的情况那线上东西主持的还有我们同事啊杨萌 那等会先请公司领导来讲一下公司的最近情况大家后面有问题可以按照提示音的方式进行提问那公司领导先有请好的 那我就先来给各位领导介绍一下就是我们公司今年的一个整体情况嘛我们公司现在的业务其实就主要分布在像大陆台湾东南亚这三个市场那从营收占比来看呢大陆的收入就占到一半左右然后台湾和东南亚两个地区打起来的业务占比也在一半左右的水平然后我们今年经营的重点呢其实就是出海嘛就是东南亚地区 那我们去年的话营收增速在东南亚大概是30个点左右今年的话我们也是希望能够继续保持高增长就是营收成长中去突破50个点那我们 ...

非印度证券的研究报告：本报告由海通国际证券集团有限公司（"HTISGL"）的全资附属公司海通国际研究有限公司（"HTIRL"）发行，该公司是根据香港证券及期货条例（第 571 章）持 有第 4 类受规管活动（就证券提供意见）的持牌法团。该研究报告在 HTISGL 的全资附属公司 Haitong International (Japan) K.K.（"HTIJKK"）的协助下发行，HTIJKK 是由日本关东财务局监 管为投资顾问。 3 IMPORTANT DISCLAIMER in, and buy or sell, the securities or derivatives, if any, referred to in this research report. Sales, traders, and other professionals of HTISG may provide oral or written market commentary or trading strategies to the relevant clients and the companies within HTISG tha ...