Investment Rating - The investment rating for the company is "Buy - A" with a target price of 43 CNY for the next six months [5][10]. Core Views - The report highlights that the company's revenue for the first half of 2024 was 2.401 billion CNY, a year-on-year decrease of 3.39%, and the net profit attributable to shareholders was 104 million CNY, down 73.10% year-on-year [2][3]. - The decline in gross profit margin is a significant factor affecting performance, with a gross margin of 36.80%, down 4.49 percentage points from the previous year [3]. - The company is focusing on opportunities in edge AI and robotics, which are expected to drive future growth [4][10]. Revenue Analysis - The smart automotive segment generated 1.102 billion CNY in revenue, growing by 4.34% year-on-year, although growth has slowed due to longer acceptance cycles from downstream manufacturers [3]. - The smart IoT business achieved 538 million CNY in revenue, up 6.59% year-on-year, driven by enhanced competitiveness in edge intelligent scenarios and industrial automation [3]. - The smart software segment saw a revenue decline of 17.67% year-on-year, totaling 761 million CNY, primarily due to slow recovery in the downstream mobile phone industry and intense competition in the mid-to-low-end market [3]. Profitability Analysis - The company's gross profit margin decreased due to a higher proportion of lower-margin IoT business and increased competition [3]. - R&D expenses rose by 11.94% year-on-year to 52.898 million CNY, reflecting ongoing investments in robotics and global business expansion [3]. - Operating expenses increased by 31.52% year-on-year, amounting to 23.025 million CNY, further impacting profitability [3]. Future Outlook - The company is well-positioned to benefit from the AI wave, with advantages in large models, customer resources, and engineering experience [4]. - The launch of Qualcomm's Snapdragon 8 Gen 3 mobile chip, designed for generative AI, is expected to create significant demand for edge AI applications [4]. - The establishment of the robotics team, focusing on industrial mobile robots, is part of the company's strategic planning for future growth [4]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 5.365 billion CNY, 6.189 billion CNY, and 7.625 billion CNY, respectively [10]. - Net profit forecasts for the same years are 397 million CNY, 539 million CNY, and 694 million CNY, respectively [10].

证券研究报告 非金融公司|公司点评|中科创达（300496） 毛利率下降致利润承压，海外营收较快 增长 glzqdatemark1 证券研究报告 |报告要点 中科创达发布 2024 年半年度报告，2024 年上半年公司实现营收 24.01 亿元，同比下降 3.39%； 归母净利润 1.04 亿元，同比下降 73.10%；扣非归母净利润 0.88 亿元，同比下降 75.23%；毛 利率为 36.80%，同比下降 4.49pct。2024 年第二季度公司实现营收 12.23 亿元，同比下降 7.27%；归母净利润 0.14 亿元，同比下降 93.80%；扣非归母净利润 0.03 亿元，同比下降 98.56%； 毛利率为 33.89%，同比下降 7.82pct。 |分析师及联系人 黄楷 SAC：S0590522090001 请务必阅读报告末页的重要声明 1 / 5 行 业： 计算机/IT 服务Ⅱ 投资评级： 当前价格： 32.83 元 基本数据 总股本/流通股本(百万股) 459.20/366.28 流通 A 股市值(百万元) 12,025.04 每股净资产(元) 20.73 资产负债率(%) 13.75 一年内最 ...

| --- | --- | |-----------------------------------------|----------------------------------------------------------------------| | 证券研究报告 | 毛利率下行业绩承压，强化研发投入发力端侧智能 | | 公司研究 | 2024 年 8 月 28 日 | | 点评报告 | 事件：中科创达发布 2024 年半年度报告，公司实现营业收入 24.01 亿元， | | 中科创达(300496.SZ) | 同比减少 3.39%；归母净利润 1.04 亿元，同比减少 73.10%；扣非归母净利 | | 投资评级：买入 | 润 0.88 亿元，同比减少 75.23%，去年同期为 3.56 亿元；毛利率较上年同 | | | 期下降 4.49pct。单 2024Q2 来看，公司实现营业收入 12.23 亿元，同比减 | | 上次评级：买入 | 少 7.27%；归母净利润 0.14 亿元，同比减少 93.80%；扣非归母净利润 0.03 | | | 亿元，同比减少 98.56%。 | | 庞倩倩 计算机 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][8] Core Views - The company is experiencing profit pressure due to global expansion, with a revenue of 2.401 billion (down 3.39%) and a net profit of 104 million (down 73.10%) in the first half of 2024. The non-recurring net profit is 88 million (down 75.23%) [5][8] - The company is increasing its R&D investment in edge AI, with a focus on operating systems and edge intelligence, achieving breakthroughs in areas such as vehicle operating systems and mobile robot platforms [5][8] - The company has established extensive chip ecosystem collaborations, including partnerships with Qualcomm and Luxshare Precision, to enhance its growth trajectory [5][8] Financial Performance Summary - In H1 2024, the company's revenue from intelligent software was 761 million (down 17.67%), intelligent automotive was 1.102 billion (up 4.34%), and IoT was 538 million (up 6.59%). Overseas revenue reached 859 million (up 14.20%) [5][8] - The gross margin for H1 2024 was 36.80%, a decrease of 4.49 percentage points. The expense ratios for sales, management, and R&D were 4.34%, 9.63%, and 20.66%, respectively, showing year-on-year increases [5][8] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 470 million, 668 million, and 1.117 billion, respectively, with corresponding PE ratios of 50, 35, and 21 [8][9]

证券代码：300496 证券简称：中科创达 公告编号：2024-068 中科创达软件股份有限公司 关于控股股东部分股份补充质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 中科创达软件股份有限公司（以下称"公司"）近日接到控股股东赵鸿飞先生告知，获悉 赵鸿飞先生已将其所持有的公司部分股份办理了补充质押。截至本公告披露日，赵鸿飞先生 累计质押股份 1,094 万股,占其所持公司股份 8.94%。具体事项如下： 一、股东股份质押的基本情况 1、本次股东股份补充质押基本情况 | 是 否 | 为 控 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股股 | 东 或 | 占其 | 是否 | 占公 | | | | | | | | | | 本次质 | 股东 | 第 一 | 所持 | 是否为 | 为补 | 质押起始 | 质押到期 | 质押 | 司总 | 押数量 | 质权人 | | | 名称 | 大 股 | ...

证 券 研 究 报 告 中科创达（300496）2024 年半年报告点评 强推（维持） 业绩短期承压，加大研发布局 AI 前沿科技 目标价：46.35 元 当前价：32.30 元 事项： ❖ 8 月 26 日，公司发布 2024 年半年报，公司实现营业收入 24.01 亿元，同比下 降 3.39%；归母净利润 1.04 亿元，同比下降 73.10%；扣非归母净利润 0.88 亿 元，同比下降 75.23%。2024Q2 实现收入 12.23 亿元，同比-7.27%；归母净利 润 0.14 亿元，同比-93.80%。 评论： ❖ 软件、汽车业务承压，物联网实现稳增。2024 年上半年分业务看，1）智能软 件：实现收入 7.61 亿元，同比-17.67%，生成式 AI 等新技术所带来的智能手 机产业需求在逐步复苏中, 但仍需要一定的时间，智能手机中低端价位产品竞 争激烈，公司对于部分承接项目的选择也造成收入下滑；2）智能汽车：实现 收入 11.02 亿元，同比+4.34%，受汽车厂商验收周期加长、部分厂商车型出货 不及预期影响，公司智能汽车业务增速暂时有所放缓。3）智能物联网：实现 收入 5.38 亿元，同比+6 ...

强烈推荐( 维持) 事项： 平安观点： 行情走势图 主要数据 | --- | --- | |-------------------|---------------------| | 行业 | 计算机 | | 公司网址 | www.thundersoft.com | | 大股东/持股 | 赵鸿飞/26.64% | | 实际控制人 | 赵鸿飞 | | 总股本(百万股) | 459 | | 流通A股(百万股) | 366 | | 流通B/H股(百万股) | | | 总市值(亿元) | 148 | | 流通A股市值(亿元) | 118 | | 每股净资产(元) | 20.73 | | 资产负债率(%) | 13.7 | | --- | |------------------------------| | 投资咨询资格编号 | | S1060517070006 | | YANLEI511@pingan.com.cn | | 投资咨询资格编号 | | S1060523070003 | | HUANGWEIHAN235@pingan.com.cn | 研究助理 | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Viewpoints - The company experienced a short-term profit pressure due to increased R&D and sales expenses, with a revenue of 2.4 billion yuan (down 3.39% year-on-year) and a net profit attributable to shareholders of 104 million yuan (down 73.10% year-on-year) in the first half of 2024 [2]. - The company is focusing on its "Operating System + Edge Intelligence" strategy, leveraging its strong foundation in operating systems and integrating cutting-edge AI technology to drive the development of edge intelligence [2]. - Significant achievements have been made in various key areas under the "Operating System + Edge Intelligence" strategy, including advancements in smart automotive platforms and mobile robotics [2]. - The company is expected to see a recovery in net profit from 197 million yuan in 2024 to 787 million yuan in 2026, with corresponding price-to-earnings ratios of 75X, 28X, and 19X for the respective years [2][3]. Financial Forecasts - Revenue is projected to decline from 5.24 billion yuan in 2023 to 4.98 billion yuan in 2024, before increasing to 6.28 billion yuan in 2025 and 7.97 billion yuan in 2026, reflecting a growth rate of -3.7%, -5.0%, 26.0%, and 27.0% respectively [3][7]. - The net profit attributable to shareholders is forecasted to decrease significantly to 197 million yuan in 2024, followed by a substantial increase to 534 million yuan in 2025 and 787 million yuan in 2026, with growth rates of -57.7%, 170.6%, and 47.4% respectively [3][7]. - The company's gross margin is expected to remain stable, with a projected gross margin of 37.09% in 2024 and 37.46% in 2025 [7].

证券研究报告 | 半年报点评 gszqdatemark 2024 08 27 年 月 日 中科创达（300496.SZ） 半年报收入维持稳定，毛利率下降带来公司阶段性利润承压 事件：2024/8/26 晚，公司发布 2024 半年报，2024H1 公司实现营业收入 24.01 亿元，较上年同期减少 3.39%，维持相对稳定；实现归属于上市公 司股东的净利润 1.04 亿元，较上年同期减少 73.10%。 智能软件、智能汽车板块承压，物联网业务有所恢复。1）智能软件业务 线实现营业收入 76,071.27 万元，较上年同期下降 17.67%。智能手机行 业竞争环境依然面临挑战，中低端价位段竞争激烈。对于一些承接项目的 选择或调整，也造成智能软件收入的业务下滑。2）智能汽车业务线实现营 业收入 110,217.62 万元，较上年同期增长 4.34%。智能汽车业务在 2023 年经历了 30%以上的高速增长，2024 年上半年，受汽车厂商验收周期加 长、部分厂商车型出货不及预期影响，公司智能汽车业务增速暂时有所放 缓。3）智能物联网业务线实现营业收入 53,782.03 万元，较上年同期增 长 6.59%。随着端侧 ...

中科创达软件股份有限公司 证券代码：300496 证券简称：中科创达 公告编号：2024-066 关于开展以套期保值为目的的金融衍生品交易业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 1. 投资金额及品种：为降低汇率、利率波动带来的影响，公司及子公司拟开展以 套期保值为目的的金融衍生品交易业务。用于金融衍生品交易业务的资金额度不得超过 人民币 1 亿元或等值外币（含前述投资的收益进行再投资的相关金额）。交易品种包括 但不限于远期结售汇、期权、远期外汇买卖、掉期（包括货币掉期和利率掉期）、货币 互换业务及上述产品的组合等。授权期限自本次董事会审议通过之日起十二个月内有效。 在授权期限内，资金可以循环滚动使用。 2. 审议程序：2024 年 8 月 26 日，公司召开第五届董事会第二次会议、第五届监 事会第二次会议，审议通过《关于开展以套期保值为目的的金融衍生品交易业务的议案》， 根据《深圳证券交易所创业板股票上市规则》及公司《金融衍生品交易业务管理制度》 等相关规定，本事项无需提交公司股东大会审议。 3. 风险提示：公司拟开展的金融 ...