证券研究报告 公 2024年04月03日 司 报 告 中科创达(300496) │ 行业： 计算机/IT服务Ⅱ 公 投资评级： 买入（首次） 司 当前价格： 51.94元 深 全球领先智能操作系统提供商迎终端 AI 机遇 目标价格： 61.85元 度 研 投资要点： 究 基本数据 ➢ 全球领先的智能操作系统提供商 总股本/流通股本(百万股) 460.01/366.81 中科创达作为全球领先的智能操作系统产品和技术提供商，坚定扮演"技术 流通A股市值(百万元) 19,052.16 基座提供商"角色。通过"收购+自研"的发展策略，公司背靠高通，已在行 每股净资产(元) 20.79 业中建立了难以复制的生态卡位优势。凭借全栈操作系统技术，中科创达 专注于智能软件业务，积极推动智能汽车和智能互联网的发展，以迎接智 资产负债率(%) 14.87 能化浪潮。此外，公司成立晓悟智能，提升机器人业务战略地位，加速在 一年内最高/最低(元) 125.15/43.55 机器人业务领域的布局，有望为未来增长创造新的空间。 股价相对走势 ➢ 端侧智能化空间广阔 汽车行业迎“新四化”变革，“软件定义汽车”成发展趋势。亿欧智库预测， 中 ...

问题描述：公司于2024年3月19日披露《2023年年度报告》，报告中2021年加权平均 净资产收益率、2023年第四季度归属于上市公司股东的净利润、报告期内以权益结算的 股份支付确认的费用总额等数据披露不准确。上述事项违反了《上市公司信息披露管理 办法》（证监会令第182号）第三条的规定。王焕欣作为公司财务总监，未能勤勉尽责， 对公司相关违规行为负有主要责任，违反了《上市公司信息披露管理办法》（证监会令 第182号）第四条的规定。 二．整改措施 证券代码：300496 证券简称：中科创达 公告编号：2024-034 中科创达软件股份有限公司 关于《中国证券监督管理委员会北京监管局警示函》所涉问题整改报告的公告 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（以下简称"公司"）于2024年3月27日收到中国证券监 督管理委员会北京监管局出具的《关于对中科创达软件股份有限公司、王焕欣采取出具 警示函行政监管措施的决定》（以下简称"警示函"），具体内容详见公司披露于巨潮资 讯网的《关于收到中国证券监督管理委员会北京监管局警示函的公告》。 ...

公司研 究 证 券研究 报 告 行业应用软件 2024年4月1日 中 科创达（300496）2023年报点评 强 推 （维持） 战略转型利润承压，AI 端侧多场景布局打开 目标价：65.5元 新成长空间 当前价：51.27元 事项： 华创证券研究所  3月20日，公司发布2023年年报，2023年实现营业收入52.42亿元，同比下 证券分析师：吴鸣远 降3.73%；归母净利润4.66亿元，同比下降39.36%；扣非净利润3.40亿元， 同比下降49.62%。2023年四季度实现营业收入13.66亿元，同比下降14.16%； 邮箱：wumingyuan@hcyjs.com 归母净利润-1.40亿元，同比下降207.78%。 执业编 号：S0360523040001 评论： 公司基本数据  智能汽车业务保持高增，研发投入再创新高。2023年分业务看，1）汽车业务 总股本(万股) 46,000.83 在汽车智能化的趋势下保持高速增长，实现营业收入 23.37 亿元，同比增长 已上市流通股(万股) 36,681.10 30.34%，其中智能驾驶软件业务发展迅猛, 实现营业收入1.82亿元。2）智能 总市值(亿元) ...

证券代码：300496 证券简称：中科创达 公告编号：2024-032 中科创达软件股份有限公司 关于控股股东无偿捐赠部分公司股份完成过户的公告 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。 一．捐赠情况概述 中科创达软件股份有限公司（以下简称"公司"）控股股东、董事长赵鸿飞 先生将其通过达孜县创达汇咨询有限公司（公司员工持股平台，以下简称"创达 汇"）间接持有的公司169,044股股份无偿捐赠给北京理工大学教育基金会，用 于其母校北京理工大学的建设与发展，助力北京理工大学"双一流"建设。具体 内容详见公司于2024年3月13日在巨潮资讯网披露的《关于控股股东无偿捐赠部 分公司股份的公告》。 二．本次股份捐赠的进展情况 创达汇与北京理工大学教育基金会通过非交易过户的方式完成了169,044股 股份的过户登记手续，并于2024年3月29日收到中国证券登记结算有限责任公司 出具的《证券过户登记确认书》。 本次捐赠前，赵鸿飞先生直接持有公司股份122,351,063股,占总股本（剔除 公司回购专用账户中的股份数量）的26.64%；通过创达汇间接持有公司股份 169 ...

中科创达软件股份有限公司（以下简称"公司"）于2024年3月27日收到中国证券监 督管理委员会北京监管局出具的《关于对中科创达软件股份有限公司、王焕欣采取出具 警示函行政监管措施的决定》。 一．警示函主要内容 中科创达软件股份有限公司、王焕欣： 证券代码：300496 证券简称：中科创达 公告编号：2024-031 中科创达软件股份有限公司 关于收到中国证券监督管理委员会北京监管局警示函的公告 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。 公司收到上述警示函后高度重视，将认真吸取教训，加强对《上市公司信息披 1 露管理办法》等相关法律法规、规范性文件的学习，不断提高公司信息披露质量， 维护公司及全体股东利益。 本次监管措施不会影响公司正常的生产经营管理活动，公司将严格按照有关法 律法规的规定和要求，认真履行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 中科创达软件股份有限公司董事会 经查，你公司于2024年3月19日披露《2023年年度报告》，报告中2021年加权平 均净资产收益率、2023年第四季度归属于上市公司股东的净利润、报告期内以权益 结算 ...

深 圳 证 券 交 易 所 关于对中科创达软件股份有限公司及相关 责任人的监管函 创业板监管函〔2024〕第 40 号 中科创达软件股份有限公司董事会及相关责任人： 2024 年 3 月 27 日，你公司披露《关于 2023 年年度报告 的补充更正公告》。公告显示，由于工作人员失误，导致《2023 年年度报告》中分季度主要财务指标等部分信息披露有误， 你公司对相关内容予以补充更正。本次补充更正的信息，不 改变本报告期你公司利润等各项财务数据。 1 我部提醒你公司：上市公司必须按照国家法律、法规和 本所《创业板股票上市规则》，认真和及时地履行信息披露 义务。上市公司的董事会全体成员必须保证信息披露内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏， 并就其保证承担个别和连带的责任。 特此函告。 深圳证券交易所 创业板公司管理部 2024 年 3 月 27 日 2 你公司的上述行为违反了本所《创业板股票上市规则 （2023 年 8 月修订）》第 1.4 条、第 5.1.1 条的规定。你公司 财务总监兼董事会秘书王焕欣未能勤勉尽责，违反了本所 《创业板股票上市规则（2023 年 8 月修订）》第 4.2.2 ...

Financial Performance - The company's operating revenue for 2023 was ¥5,242,234,178.40, a decrease of 3.73% compared to ¥5,445,453,628.50 in 2022[12]. - The net profit attributable to shareholders for 2023 was ¥466,186,194.83, down 39.36% from ¥768,772,011.21 in 2022[12]. - The net profit after deducting non-recurring gains and losses was ¥340,218,174.66, a decline of 49.62% from ¥675,279,796.39 in 2022[12]. - The basic earnings per share for 2023 was ¥1.0171, a decrease of 42.68% compared to ¥1.7745 in 2022[12]. - Total revenue for 2023 was ¥5,242,234,178.40, a decrease of 3.73% compared to ¥5,445,453,628.50 in 2022[38]. - The intelligent automotive business generated revenue of 2.337 billion yuan, a year-on-year increase of 30.34%, with intelligent driving software revenue reaching 182 million yuan, marking a historic breakthrough[28]. - The company's intelligent IoT business reported revenue of 1.489 billion yuan, a decrease of 15.45% year-on-year, but showed signs of recovery in the second half of 2023[30]. - The company's intelligent software business generated revenue of 1.416 billion yuan, a decline of 25.12% year-over-year[32]. - The total cash inflow from operating activities for 2023 was ¥6,209,711,236.26, representing a year-on-year increase of 7.93% compared to ¥5,753,305,323.16 in 2022[57]. - The net cash flow from operating activities increased by 51.89% to ¥754,721,852.45 in 2023, up from ¥496,899,894.05 in 2022, primarily due to increased sales receipts[57]. - The total cash outflow from investment activities in 2023 was ¥5,570,751,258.72, a 104.42% increase from ¥2,725,116,134.19 in 2022[57]. - The company reported a significant increase in financial expenses by 342.61% to -¥57,379,464.75, attributed to increased interest income[50]. - The total investment during the reporting period was CNY 5,570,751,258.72, a substantial increase of 104.42% compared to the previous year[63]. R&D and Technological Development - The company reported a significant focus on the development of new technologies, including advancements in AI and automotive software solutions[6]. - The company is actively developing its vehicle operating system and middleware for software-defined vehicles (SDV) to meet market demands[6]. - The company's R&D investment for 2023 was 1.458 billion yuan, focusing on key areas such as vehicle operating systems and industrial robots[26]. - The company is focusing on hybrid AI technologies that integrate cloud and edge computing, enhancing AI capabilities across various applications[20]. - The company is focusing on the development of software-defined robots and has made significant progress in product development for industrial robots[26]. - The company is currently developing a next-generation intelligent vehicle operating system, which aims to enhance competitiveness in the smart automotive market[51]. - The company is focusing on mixed AI solutions that combine cloud and edge computing to meet diverse demands and challenges[33]. - The company aims to leverage generative AI to enhance user experiences in XR applications, allowing non-experts to create complex 3D content easily[24]. - The company is committed to continuous innovation in operating systems and chip technologies, driving product iteration and development in the smartphone industry[32]. - The company has established a new robotics team, Xiaowu Intelligent, and launched intelligent mobile robots for warehouse logistics and manufacturing, enhancing automation capabilities[27]. Corporate Governance and Compliance - The company has reported a strong commitment to corporate governance and transparency in its financial reporting practices[2]. - The company emphasizes the importance of protecting minority shareholders' rights and preventing the abuse of power by major shareholders[84]. - The company has established a comprehensive internal control system to ensure compliance and effective governance, enhancing operational efficiency[90]. - The company has a board of directors consisting of 9 members, including 3 independent directors, ensuring compliance with regulatory requirements[88]. - The company has a supervisory board with 3 members, ensuring oversight of financial and managerial compliance[89]. - The company is committed to strict adherence to corporate governance standards and legal regulations to protect shareholder interests[85]. - The company has established a dedicated audit committee responsible for overseeing internal and external audits, ensuring compliance with financial regulations[95]. - The company has implemented measures to mitigate financial risks, including pre-collection of payments and phased procurement strategies, to manage potential bad debts from accounts receivable[82]. - The company has maintained a complete independent operational capability, including research and development, procurement, and sales systems[93]. - The company has established an independent financial department with a dedicated accounting system and management policies[95]. Market Strategy and Growth - Future growth strategies include market expansion and potential mergers and acquisitions to enhance competitive positioning[6]. - The company is actively pursuing international expansion and strategic partnerships, including collaborations with Qualcomm and establishing joint ventures with major automotive manufacturers[28]. - The company aims to deepen its involvement in the development of the Harmony operating system, achieving a business breakthrough from 0 to 1 in Harmony APPs[32]. - The company is committed to sustainable practices and has outlined its environmental and social responsibilities in the annual report[6]. - The company is focusing on expanding its user base and enhancing customer engagement through innovative product features[6]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[105]. - The company aims to enhance its core capabilities in operating systems and AI, focusing on technological innovation and global expansion[84]. - The company is positioned to capitalize on the rapid evolution of software technology in the IoT sector, addressing the growing demand for intelligent software solutions[31]. - The company is committed to becoming a global leader in edge intelligence, combining its existing operating system products with edge intelligence technologies to drive comprehensive intelligent transformation across products, technology, and organization[80]. Shareholder Engagement and Dividends - The company plans to distribute a cash dividend of 2.49 RMB per 10 shares (including tax) based on a total of 459,199,894 shares[3]. - The company repurchased a total of 808,400 shares, accounting for 0.18% of the total share capital, with a total expenditure of RMB 49.9851 million[84]. - The company approved a cash dividend of RMB 3.37 per 10 shares, totaling a distribution based on 457,478,344 shares[122]. - The cash dividend policy was implemented without any changes during the reporting period, ensuring shareholder interests were protected[123]. - The company conducted multiple investor communication activities, including phone calls and online platforms, to maintain transparency and engagement[83]. - The company held its first temporary shareholders' meeting of 2023 on January 11, with a participation rate of 40.05%[96]. - The annual shareholders' meeting for 2022 took place on March 20, 2023, with a participation rate of 39.19%[96]. - The second temporary shareholders' meeting of 2023 was held on September 28, with a participation rate of 35.98%[96]. - The third temporary shareholders' meeting of 2023 occurred on November 6, with a participation rate of 38.77%[96]. Employee and Talent Management - The total number of employees at the end of the reporting period is 13,119, with 233 in the parent company and 12,886 in major subsidiaries[118]. - The total employee compensation included in operating costs is CNY 1,434.20 million, accounting for 43.39% of the total operating costs[120]. - The core technical personnel account for approximately 6% of the total workforce, with their compensation representing about 12% of total employee compensation[120]. - The employee turnover rate for core personnel in 2023 is 19.5%[120]. - The company has implemented a growth-oriented salary system and offers various supplementary benefits to employees[119]. - The company has established a comprehensive human resource management strategy to support employee growth and career development[121]. - The company has implemented a leadership training system for employee development, focusing on various training formats[121]. Environmental and Social Responsibility - The company is committed to sustainable practices and has outlined its environmental and social responsibilities in the annual report[6]. - The company has established a comprehensive environmental protection management system and promotes energy conservation and emission reduction practices[138]. - The company has been actively involved in various charitable activities, focusing on helping vulnerable groups and promoting social responsibility[144]. - The company has not encountered any major environmental issues or received administrative penalties related to environmental problems during the reporting period[135]. Risk Management - The company emphasizes the importance of risk management and has outlined various risk factors and corresponding countermeasures in its annual report[2]. - The company is actively addressing the risks associated with the uncertain downstream market in the smart IoT sector by forming specialized market teams and enhancing communication with clients to better understand their needs[81]. - The company has established measures to compensate for any dilution of immediate returns resulting from stock issuance, ensuring compliance with regulatory requirements[149]. - The company has committed to preventing fund occupation by its controlling shareholder and related enterprises[152]. Leadership and Governance Changes - The company experienced a leadership change with the resignation of non-independent director and vice chairman Zou Pengcheng to focus on the development of the AI-native operating system, while he will continue as the chief scientist for this project[98]. - Independent director Huang Jie resigned due to work commitments, leaving no positions within the company[99]. - The company elected Xu Liang and Yang Lei as new directors on September 28, 2023[99]. - The current board includes professionals with backgrounds in technology, finance, and management, enhancing the company's strategic capabilities[100][101]. - The leadership changes are aimed at strengthening the company's focus on core business areas and improving operational efficiency[98][99].

Investment Rating - The report maintains a "Buy" rating for the company [3][8]. Core Insights - The company experienced short-term pressure on its performance, with total revenue of 5.242 billion yuan, a year-on-year decrease of 3.73%. The net profit attributable to shareholders was 466 million yuan, down 39.36% year-on-year [5]. - The smart automotive business achieved rapid growth, generating revenue of 2.337 billion yuan, an increase of 30.34% year-on-year. The smart driving software revenue reached 182 million yuan, marking a historic breakthrough [5]. - The Internet of Things (IoT) business generated revenue of 1.489 billion yuan, a decline of 15.45% year-on-year, but showed signs of recovery in the second half of 2023 [5]. - The smart software business reported revenue of 1.416 billion yuan, down 25.12% year-on-year, but is expected to benefit from the integration of artificial intelligence and smartphones [5]. Business Development - The company is focusing its core resources on key clients to maintain competitive advantages for long-term development [5]. - A strategic upgrade in edge intelligence has been initiated, showcasing the company's capabilities in various applications, including smart automotive solutions and AI-enabled PC products [6]. - The establishment of a robotics team in September 2023 marks a significant step in the company's strategic transformation, with products aimed at warehouse logistics and manufacturing automation [7]. Financial Forecast and Investment Suggestions - The company is projected to achieve revenues of 6.042 billion yuan, 6.827 billion yuan, and 7.592 billion yuan for 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 662 million yuan, 796 million yuan, and 922 million yuan for the same years [8]. - The earnings per share (EPS) is forecasted to be 1.44 yuan, 1.73 yuan, and 2.00 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 44.45, 36.98, and 31.93 [8].

[Table_StockInfo] 买入 2024年 03月 24日 （维持） 证券研究报告•2023年年报点评 当前价： 57.50元 中科创达（300496） 计算机 目标价： 71.50元（6个月） 核心卡位端侧 AI，坚定布局守云开 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年度报告，实现营业收入52.4亿元，同比下滑3.7%； [分Ta析bl师e_：Au王th湘or杰] 实现归母净利润4.7亿元，同比下滑39.4%；实现扣非后归母净利润3.4亿元， 执业证号：S1250521120002 同比下滑49.5%。 电话：0755-26671517 邮箱：wxj@swsc.com.cn  收入利润短期承压，现金流明显改善。分业务看，公司智能汽车业务保持迅猛 发展态势，实现收入23.4亿元，同比增长30.3%，其中软件收入超过1.8亿元， 分析师：邓文鑫 取得历史性突破；手机业务实现收入14.2亿元，同比下降25.1%；物联网业务 执业证号：S1250523070002 实现收入 14.9亿元，同比下降 15.5%，但下半年已恢复增长。公司于 2023年 ...

Financial Performance - In 2023, the net profit attributable to shareholders was 52.42 million CNY, showing a year-on-year decline [5] - The cash flow from operating activities was 7.55 million CNY, indicating a significant drop [5] - The gross profit margin experienced a decline due to bad debts and the impact of innovation platform investments [5] Strategic Focus - The company is undergoing a strategic transformation, focusing resources on core customers and future product development [5] - Investment in R&D for intelligent vehicles and edge intelligence has been prioritized, with significant progress made in these areas [5] - The company aims to become a leader in central computing and integrated software solutions for intelligent vehicles [6] Product Development - The revenue from intelligent driving software reached 1.82 million CNY, marking a historic breakthrough [6] - The launch of the "滴水 OS" vehicle operating system is a significant milestone, establishing a complete ecosystem from chip-level to cloud management [6] - The company is expanding its collaboration with partners like Huawei's HarmonyOS to enhance its technological position [6] Market Trends - The intelligent automotive sector is expected to see rapid growth, with a shift towards centralized computing architectures by 2025 [9] - The integration of AI and edge computing technologies is driving the demand for software development and product upgrades [6] - The company is addressing the fragmented IoT market by providing tailored solutions and services to various IoT enterprises [7] Future Outlook - The company anticipates substantial opportunities in the software and intelligent product sectors, driven by advancements in computing architecture and AI [6] - The development of humanoid robots and industrial mobile robots is part of the company's long-term strategy to leverage its software capabilities [7] - The upcoming launch of the VGUI product is expected to revolutionize the automotive HMI landscape [10]