Investment Rating - The report maintains a "Buy" rating for Thundersoft (300496 SZ) [6] Core Views - Thundersoft's Q3 2024 results show a sequential improvement despite overall pressure in the first three quarters [6] - The company's revenue for the first three quarters of 2024 was RMB 3 694 billion, down 4 70% YoY, with net profit attributable to shareholders of RMB 152 million, down 74 92% YoY [6] - Thundersoft is a global leader in intelligent operating system products and technologies, with a strong focus on edge-side intelligence, which is expected to drive future growth [6] Business Performance - Q3 2024 revenue was RMB 1 294 billion, down 7 04% YoY but up 5 80% QoQ, with net profit attributable to shareholders of RMB 48 million, down 78 17% YoY but significantly higher than Q2's RMB 14 million [6] - Q3 2024 gross margin improved to 35 82%, up 1 93 percentage points QoQ [6] - The intelligent IoT business showed signs of recovery, while the intelligent automotive and software businesses remain under pressure due to downstream demand and technological upgrades [6] Strategic Focus - Thundersoft is firmly positioned in edge-side intelligence, with AI PCs and AI smartphones expected to bring new growth momentum [7] - The company has strong partnerships with core chip and brand manufacturers, facilitating product commercialization [7] - In the intelligent automotive sector, the company's Drip OS integrates global automotive and application ecosystems, with collaborations with Qualcomm, AMD, Intel, and Dirac [7] - In the IoT sector, the company established Xiaowu Intelligent in September 2023 and Longxing Zhixun in October 2024, expanding its robotics and intelligent application services [7] - Thundersoft has also launched MR and vehicle-road-cloud integrated product solutions, further solidifying its edge-side intelligence positioning [7] Financial Projections - The company is expected to achieve net profit attributable to shareholders of RMB 311 million, RMB 492 million, and RMB 725 million in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 85x, 54x, and 36x [8] - Revenue is projected to grow from RMB 5 462 billion in 2024 to RMB 7 414 billion in 2026, with gross margins remaining stable at around 36% [19] - Operating cash flow is expected to improve from RMB 592 million in 2024 to RMB 462 million in 2026 [19] Market Position - Thundersoft is a global leader in operating system services, well-positioned to benefit from the shift in industrial value growth from cloud to edge [8] - The company's software platform capabilities and edge-side intelligence positioning are expected to capture opportunities in terminal intelligence [8]

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 ...

证券研究报告 非金融公司 | 公司点评 | 中科创达 (300496) 第三季度业绩环比改善，坚定"操作系 统+端侧智能"战略 请务必阅读报告末页的重要声明 2024年11月05日 证券研究报告 |报告要点 中科创达发布 2024 年第三季度报告, 2024 年前三季度公司实现营收 36.94 亿元,同比下降 4.70%; 归母净利润 1.52 亿元, 同比下降 74.92%。2024年第三季度，公司经营结果较第二季 皮明显改善。签于公司是全球领先智能操作系统提供商，迎端倒AI 机遇，拓展全球业务，建 议保持关注。 | 分析师及联系人 黄榕 SAC: S0590522090001 请务必阅读报告末页的重要声明 1 / 5 非金融公司 | 公司点评 2024年11月05日 中科创达(300496) 第三季度业绩环比改善，坚定"操作系统+端 侧智能"战略 | --- | --- | |-------------------------|------------------| | | | | 行 业: | 计算机/IT服务 II | | 授资评级: | | | 当前价格: | 53.97 元 | | 基本数据 | ...

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 中科创达（300496.SZ）：业绩环比 改善，加大研发把握智能化趋势 事件： 中科创达披露 2024 年三季报，公司 24 年前三季度实现营收、归母净利润、扣 非净利润分别为 36.94（同比-4.70%）、1.52（同比-74.92%）、1.27（同比-75.98%） 亿元，其中单三季度实现营收、归母净利润、扣非净利润分别为 12.94（同比 -7.04%，环比+5.80%）、0.48（同比-78.17%，环比+249.72%）、0.39（同比-77.54%， 环比+1256.79%）亿元。 加大研发投入，业绩环比改善。中科创达在整车操作系统、工业机器人、端侧 智能等方面积极进取, 并且全力拓展全球业务，建立海外业务销售及研发中心。 公司业务整体边际向好，24Q3 收入相较 Q2 环比增长 5.80%，达 12.94 亿元； 盈利能力方面毛利率环比增加 1.93pct，达 35.82%；期间费用方面销售费用率、 管理费用率、研发费用率分别环比变动-0.66、-0.80、+2.31pct 达 3.71%、8.85%、 22.29 ...

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.

证券研究报告 行业应用软件 买入-A 投资评级 维持评级 6个月目标价 66. 86 元 股价 (2024-10-29) 58. 02 元 交易数据 12个月价格区间 32.3/88.31 元 2024 年 10月 30 日 中科创达 (300496. SZ) Q3 环比出现改善,整体仍处于战略调整期 目事件概述 10 月 28 日,中科创达发布 2024 年第三季度报告。2024 年前三季度 公司实现营业收入36.94亿元,同比下降4.70%;实现归母净利润1.52 亿元,同比下降74.92%,扣非归母净利润1.27亿元,同比下降75.98%。 目Q3 环比出现改善，整体仍处于战略调整期 收入端,公司在战略调整期基本维持了营收的稳定,单Q3实现营收 12.94亿元,环比增长5.8%。根据中报,公司的智能汽车业务与智能 物联网业务保持增长,智能软件业务受制于下游手机行业的需求恢复 较慢以及公司主动对承接的项目进行了筛选,对总营收形成了较大拖 。 BK: 利润端,Q3 环比出现改善,实现归母净利润 4759.83 万元,环比增 长 249.72%。1）单 Q3 毛利率为 35.82%,环比提升约 2pcts, ...

中科创达（300496.SZ） IT 服务Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 29 日 执业证书编号：S0740524030002 Email：sunxz@zts.com.cn | --- | --- | |-------------------|-----------| | | | | 基本状况 | | | 总股本 (百万股) | 460.01 | | 流通股本(百万股 ) | 367.04 | | 市价(元 ) | 58.02 | | 市值(百万元 ) | 26,689.90 | | 流通市值 (百万元) | 21,295.55 | 中科创达：24Q3 环比改善，坚定"端侧智能+OS"布局战略 | --- | --- | --- | --- | --- | --- | |---------------------------|-------------|------------------------------------------|-------|-------|-------| | 公司盈利预测及估值 \n指标 | 2022A | 2023A | 2024E | 2025E | ...

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].