Summary of the Conference Call Company Overview - The company discussed is **Chuangda**, which has made significant advancements in **3D naked-eye technology** and **high-performance chip platforms**. It has partnered with **Volcano Engine** to establish a joint laboratory, enhancing edge intelligence and expanding into the **automotive** and **IoT** sectors to improve user experience [2][3]. Key Points and Arguments Industry and Product Developments - **Automotive Sector**: Chuangda's core product is the **vehicle operating system (OS)**, which integrates cockpit driving and central computing. The company has established partnerships with dozens of global ecosystem partners, including sound joint ventures and HERE map solutions [4]. - **Robotics**: Chuangda has rapidly developed in the robotics field, establishing **Xiao Wu Intelligent** and a new company in Xi'an, launching multiple robot products and an **ATV autonomous software platform**. Collaborations with Qualcomm and Horizon in the autonomous driving sector provide integrated hardware and software products [5]. - **AI Integration**: The company has launched AI-driven products such as AI phones, IPCs, and AR/VR devices, focusing on chip ecosystem development and collaborating with various chip manufacturers to advance edge intelligence [6]. Global Strategy and Market Position - Chuangda aims to deepen its presence in the **Chinese market** while pursuing **globalization**. The company believes robotics is a global industry and plans to innovate in industrial, mobile, and software-defined robots, leveraging global partnerships for broader application scenarios [7]. Chip Ecosystem Collaborations - The company collaborates closely with major manufacturers like **Qualcomm, ARM, AMD,** and **Intel**. Recent developments include Qualcomm's latest Snapdragon flagship chip and the construction of the next-generation **3D intelligent cockpit platform** [8]. Operating System Ecosystem - Chuangda has built a strong foundation in the operating system ecosystem, participating in the development of Android, Windows, QNX, and Harmony systems. Its subsidiary, **Beijing Aosiwei Technology**, plays a significant role in the Harmony ecosystem [9][10]. Investment and Acquisition Strategy - The investment strategy focuses on core technologies and synergistic effects within the industry chain. Successful acquisitions like **RT-Thread** and **MS Composition** highlight the company's emphasis on targets with high market share and core technology [10]. Future Outlook - Despite a revenue decline in Q3 due to high R&D investments, the company remains optimistic about industry trends, particularly in AI development and new product deployments. The global opportunities from international expansion are seen as significant [11]. Robotics Sector Positioning - The newly established **Nongxie Consultation** and **Xiao Wu Intelligent** have overlapping yet complementary roles in the robotics sector, focusing on smart applications and related services [12]. Market Conditions and Prospects - The smartphone business is maturing, with AI integration expected to take time. However, positive signals are emerging in the automotive sector, with the vehicle OS solution indicating a central computing architecture forming, presenting future opportunities [13]. Impact of SSD on Autonomous Driving - The introduction of SSDs and advancements in autonomous driving technology are expected to have profound effects on the industry. The company emphasizes software value and collaboration with chip manufacturers, indicating a clear path forward in the autonomous driving landscape [14].

主角朋友上午好欢迎大家参加中科创达的线上交流我是今天的主持人中科科技的孙行真然后线上还有我们的同事王欣燕创达那是我们长期跟踪和推荐的非常优质的计算机的公司三季度的话公司的业绩环比改善也是非常显著所以我们今天非常高兴邀请到我们的老朋友创达的李总来跟我们做一个交流哎李总 李总 请问您能听到吗喂 孙总能听见我说话吗现在可以了刚才那个静音非常感谢孙总邀请参加这个会议非常感谢大家的时间 好的 谢谢李总的时间要不先请您帮我们简单更新一下三季度的情况还有对我们后面的订单和用户进展做一个展望 好的好的没问题非常感谢啊那这样我先那个啊简要的汇总一下当前的那个最新的一个整个的业务发展情况那么从我们三天后来看的话呢啊这个环比的话应该改善啊那些数字我就不赘述了但是围绕我们最新业务发展的有几点的最新的情况来跟各位那个汇总一下啊第一个呢就是我们在这个AI方面的话 还是在持续取得不断的突破的因为在我们整个的布局的在AI的这个端测领域的布局也是我们重点的战略方向那创达的整个的模型是围绕整个基础模型然后端测部署那么实际上我们分为这个语音然后那个视觉图像多模态这几个基础模型 然后结合我们产品的产品矩阵还有垂直利用方向来进行负能最新的话大家可以关 ...

那么最近的创达跟这个火山引擎相关达成战略合作,我们有相关的新闻发布,呃,简单来讲的话呢,火山引擎它是字节跳动下面的,呃,在跳动旗下的云服务平台吧,应该说,呃,这个这个发展非常迅速,然后这个整个的。 这个呃这个这个在推进整个企业的AI转型了这个整个的潜力方面啊这个也有很大的这个非常强大的一个平台那创达呢在结合我们在端测领域的部署所以这个尤其是我们在汽车领域啊这个就非常惊艳所以呢双方在密切合作所以正如这个双方在发布会上讲到的就我们看到了这个AI发展的一个巨大机会 那么在AI大模型相关的云计算领域我们可以在互相的融合发展来推进比如像智能汽车和智能硬件发展的持续的赋能持续的贡献力量况且创达实际上过去在软件定义汽车里边软件来赋能了很多这种客户也有很多合作伙伴那么现在AI时代里边就是AIDV 呃redefined work就是AI来定义汽车的时代带来所以这个这个合作呢我们应该说在推动这个端云AI在智能汽车领域的广泛应用呃打造更好的做到产品里边实际上会发挥双方的共同的这个力量来共同推进产的发展啊这是有关 这个AI方面以及在这个AIDV方面里边的一个这个个人互相引擎的合作的这么一个最新的情况然后另外呢就是啊AI讲完了之后呢再 ...

Investment Rating - The report suggests a "Buy" rating for the company, indicating a favorable outlook compared to the market index [11]. Core Insights - The company reported a revenue of 3.694 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.70%, and a net profit attributable to shareholders of 152 million yuan, down 74.92% year-on-year. However, the third quarter showed significant improvement compared to the second quarter [2][5]. - The company is recognized as a leading global provider of intelligent operating systems, capitalizing on opportunities in the AI sector and expanding its global business [2][6]. Financial Performance Summary - For the third quarter of 2024, the company achieved a revenue of 1.294 billion yuan, a year-on-year decline of 7.04%, but a quarter-on-quarter increase of 5.8%. The gross margin for this quarter was 35.82%, up approximately 2 percentage points from the previous quarter [5][6]. - The net profit for the third quarter was 48 million yuan, reflecting a year-on-year decrease of 78.17%, but a quarter-on-quarter increase of 249.72% [5][6]. Strategic Focus - The company is committed to its "Operating System + Edge Intelligence" strategy, focusing on the development of intelligent applications and expanding its ecosystem in smart vehicles and robotics [6][5]. - The company plans to increase its R&D investment to support the growth of its edge AI market, with projected revenues for 2024-2026 of 5.250 billion, 5.690 billion, and 6.426 billion yuan, respectively [6][8]. Financial Projections - The expected growth rates for revenue from 2024 to 2026 are 0.15%, 8.38%, and 12.94%, respectively. The net profit projections for the same period are 258 million, 435 million, and 625 million yuan, with corresponding growth rates of -44.75%, 68.74%, and 43.76% [6][8]. - The earnings per share (EPS) are projected to be 0.56, 0.94, and 1.36 yuan for 2024, 2025, and 2026, respectively, indicating a compound annual growth rate (CAGR) of 10.22% over three years [6][8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating a strong expectation of performance relative to market benchmarks [8][19]. Core Insights - The company has shown a sequential improvement in performance, with a focus on increasing R&D investments to capitalize on the trend towards intelligent systems [2][4]. - The automotive sector is emphasized as a core area, with the launch of the native integrated end-side intelligent vehicle operating system, "滴水 OS," which integrates various functionalities [3][4]. - The company is actively expanding its global business, establishing overseas sales and R&D centers, and forming strategic partnerships with key players in the industry [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 3.694 billion yuan, a year-on-year decrease of 4.70%, and a net profit attributable to shareholders of 152 million yuan, down 74.92% year-on-year [1]. - In Q3 2024, the company achieved revenues of 1.294 billion yuan, a year-on-year decline of 7.04% but a sequential increase of 5.80% [1][2]. - The gross margin improved by 1.93 percentage points to 35.82% in Q3 2024, indicating enhanced profitability [2]. R&D and Strategic Initiatives - The company is increasing its R&D expenditure, particularly in areas such as automotive operating systems, industrial robotics, and edge intelligence [2][4]. - Strategic collaborations with companies like Qualcomm and ARM are highlighted, focusing on integrating key technologies into chip platforms [4]. - The company is also involved in partnerships with domestic intelligent driving manufacturers to accelerate the commercialization of intelligent driving solutions [3][4]. Earnings Forecast - The company is projected to achieve net profits of 320 million yuan, 564 million yuan, and 790 million yuan for the years 2024, 2025, and 2026, respectively [8]. - The current stock price corresponds to a PE ratio of 84, 48, and 34 for the years 2024, 2025, and 2026, indicating a strong growth outlook despite current performance challenges [8].

Summary of Conference Call Company Overview - The conference call pertains to **China Chuangda**, a technology company involved in various sectors including automotive, AI, and robotics. Key Financial Metrics - For the first three quarters of 2023, the company reported: - **Revenue**: 3.694 billion CNY, a decrease of **4.7%** year-over-year [1] - **Net Profit**: 152 million CNY, a decrease of **74.9%** year-over-year [1] - In Q3 2023, the company achieved: - **Quarterly Revenue**: 1.294 billion CNY, an increase of **5.8%** quarter-over-quarter [2] - **Gross Margin**: 35.82%, up approximately **2 percentage points** from the previous quarter [2] - **Net Profit for Q3**: Approximately 50 million CNY, a growth of nearly **250%** quarter-over-quarter [2] Strategic Initiatives - The company is focusing on **global expansion**, establishing overseas sales and R&D centers, which have shown significant results [1][2]. - Investment in **key areas** such as vehicle operating systems, industrial robotics, and intelligent edge computing continues to grow [1]. Industry Trends and Innovations - The rapid development of **AI** is highlighted, with the company leveraging AI technologies in its products and services [4][5]. - The company is developing **AI agents** capable of autonomous actions, reasoning, and decision-making [6]. - The automotive sector is transitioning from software-defined vehicles to AI-defined vehicles, necessitating strong computational power and AI integration [8]. Product Development - The company launched **DishOS** in April 2023, integrating cockpit and driving systems into a unified intelligent system [8]. - Collaborations with major automotive manufacturers, including **Hyundai**, are ongoing to enhance smart vehicle technologies [10]. - The company is also focusing on **robotics**, with a new subsidiary established to enhance its capabilities in industrial robotics [12][22]. Market Dynamics - The overseas business is experiencing growth, particularly in the automotive sector, with significant opportunities in Europe, Japan, and North America [20]. - The company is actively pursuing partnerships with leading internet firms and chip manufacturers to enhance its product offerings [7][14]. Future Outlook - The company anticipates continued growth in the **smart automotive** and **robotics** sectors, with a focus on long-term development rather than short-term metrics [22][39]. - The integration of AI across all business lines is expected to drive future growth, with a commitment to innovation and market responsiveness [36]. Additional Insights - The company maintains a strong focus on **collaboration** with chip manufacturers, enhancing its software capabilities and product offerings [17][18]. - The establishment of a new **inspection robot company** aims to expand its footprint in the robotics market, leveraging local technological advancements [32]. This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, strategic initiatives, industry trends, product developments, market dynamics, and future outlook.

Investment Rating - The report maintains a "Buy-A" investment rating for the company [3][21] - The 6-month target price is set at 66.86 yuan, which corresponds to a dynamic price-to-sales ratio of 6 times for 2024 [21] Core Insights - The company reported a revenue of 3.694 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.70%, and a net profit attributable to shareholders of 152 million yuan, down 74.92% year-on-year [13] - In Q3 2024, the company achieved a revenue of 1.294 billion yuan, reflecting a quarter-on-quarter growth of 5.8% [14] - The gross margin for Q3 was 35.82%, showing a marginal recovery with an increase of approximately 2 percentage points [14] - The company is actively seizing opportunities in edge AI and robotics, with significant investments in these areas expected to drive future growth [15][16] Financial Performance - The company’s revenue projections for 2024, 2025, and 2026 are 5.125 billion, 6.025 billion, and 7.423 billion yuan respectively, with net profits expected to be 294.8 million, 414.6 million, and 683.8 million yuan [21] - The company’s R&D expenses for the first three quarters of 2024 were 784 million yuan, an increase of 11.33% year-on-year, indicating a rising trend in expense ratios [14] Market Position and Strategy - The company is positioned to benefit from the ongoing wave of smart technology, expanding its product lines focused on smart vehicles, mobile devices, and IoT [16] - The establishment of the robotics team and the launch of new subsidiaries indicate a strategic focus on industrial mobile robotics and AI applications [15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 3.694 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.7%, and a net profit attributable to shareholders of 152 million yuan, down 74.92% year-on-year. However, the third quarter showed significant improvement compared to the second quarter, with a revenue of 1.294 billion yuan, a quarter-on-quarter increase of 5.8%, and a net profit of approximately 47.6 million yuan, a quarter-on-quarter increase of 249.72% [3][4] - The company is focusing on its "OS + Edge Intelligence" strategy, enhancing its operational capabilities and expanding its ecosystem partnerships, including a strategic collaboration with Dirac for audio technology integration [3][4] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 422 million, 559 million, and 763 million yuan respectively, while maintaining a positive outlook on its ARM architecture prospects in the PC sector and its collaboration with Qualcomm [3][4] Summary by Sections Financial Performance - For 2022, the company reported a revenue of 5.445 billion yuan, with a growth rate of 32%. In 2023, the revenue is expected to decrease to 5.242 billion yuan, a decline of 4%. Projections for 2024, 2025, and 2026 are 5.369 billion, 5.935 billion, and 6.813 billion yuan respectively, with growth rates of 2%, 11%, and 15% [2][4] - The net profit for 2022 was 769 million yuan, with a growth rate of 19%. In 2023, it is projected to drop to 466 million yuan, a decrease of 39%. The expected net profits for 2024, 2025, and 2026 are 422 million, 559 million, and 763 million yuan, with growth rates of -9%, 32%, and 37% respectively [2][4] Strategic Initiatives - The company launched the "Drip OS," an AI-native vehicle operating system, which integrates multiple operating systems and supports various mainstream chips, catering to different vehicle architectures [3] - The establishment of Xi'an Longxing Zhixun Technology Co., a subsidiary focused on robotics, marks the company's expansion into intelligent application services [3] - The company is actively promoting the OpenHarmony unified interconnection technology standard across various sectors, including education and transportation, and has successfully launched the OpenHarmony cockpit [3][4]

Investment Rating - Strong Buy (Maintained) [2] Core Views - The company's single-quarter performance has improved significantly, with the Drip OS ecosystem continuing to mature [2][5] - The industrial robot business is rapidly expanding, with related orders already secured [5][6] - The Drip OS ecosystem is continuously improving, empowering the development of the intelligent automotive business [5] Financial Performance - Revenue for the first three quarters of 2024 was 3.694 billion yuan, a year-on-year decrease of 4.7% [4] - Net profit attributable to the parent company for the first three quarters of 2024 was 152 million yuan, a year-on-year decrease of 74.92% [4] - In the third quarter of 2024, revenue was 1.294 billion yuan, a quarter-on-quarter increase of 5.8%, with a gross profit margin of 35.82%, up by approximately 2 percentage points [5] - Net profit attributable to the parent company in the third quarter of 2024 was 47.5983 million yuan, a quarter-on-quarter increase of 249.72% [5] Business Development - The company is actively advancing in vehicle operating systems, industrial robots, and edge intelligence, while expanding its global business [5] - The Drip OS, an AI-native vehicle operating system, was globally launched in April 2024, integrating cockpit, intelligent driving, and cabin-driving fusion [5] - The company has established strategic partnerships with Dirac, integrating Dirac's patented audio digital technology into the Drip OS ecosystem [5] - The company's robot business is rapidly developing, with the establishment of Xi'an Longxing Zhixun Technology Co Ltd, focusing on the R&D and application of industrial robots [6] Financial Forecasts - Adjusted forecasts for 2024-2026: net profit attributable to the parent company is expected to be 334 million yuan, 457 million yuan, and 591 million yuan, respectively [7] - EPS for 2024-2026 is projected to be 0.73 yuan, 0.99 yuan, and 1.28 yuan, respectively [7] - PE ratios for 2024-2026 are estimated at 80.0x, 58.4x, and 45.2x, respectively [7] Industry and Market Position - The company operates in the computer industry, with a total market capitalization of 26.7 billion yuan [1] - The company's Drip OS is positioned as a core system for vehicle intelligence, with a growing global ecosystem [5] - The company's robot business is seen as a significant industrial track, with rapid development and order acquisition [5][6]

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company has shown improvement in net profit compared to the second quarter, despite facing pressure from sales and R&D investments [2][3]. - The company is actively advancing its three main business lines: vehicle operating systems, industrial robots, and edge intelligence [3]. - The strategic focus on "operating systems + edge intelligence" is expected to drive significant growth across various sectors, including automotive and robotics [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 36.94 billion yuan, a year-over-year decrease of 4.7%. The net profit attributable to shareholders was 1.52 billion yuan, reflecting a year-over-year increase of 74.92%, while the net profit after deducting non-recurring items was 1.27 billion yuan, down 75.98% [2][3]. - In Q3 2024, the company reported revenue of 12.94 billion yuan, a quarter-over-quarter increase of 5.8%, with a gross margin of 35.82%, up approximately 2 percentage points [3]. - The projected net profits for 2024-2026 are estimated at 2.12 billion yuan, 5.32 billion yuan, and 7.85 billion yuan, respectively, with corresponding P/E ratios of 126X, 50X, and 34X [3][4].