Core Viewpoint - The company reported a solid revenue growth in Q1 2025, but profit growth was hindered by increased R&D and sales expenses, indicating a focus on long-term innovation and market expansion [1][3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.469 billion yuan, a year-over-year increase of 24.69% [1] - The net profit attributable to shareholders was 93 million yuan, reflecting a year-over-year growth of 2.00% [1] - The net profit after deducting non-recurring items was 88 million yuan, with a year-over-year increase of 2.48% [1] - Operating cash flow was 122 million yuan, showing a decline of 25.44% year-over-year [1] Product Development - The company launched three major products at the Thunder World 2025 conference, enhancing its smart ecosystem [2] - The products include Drip Water OS1.0 Evo, TurboX AI glasses, and new forklift models in the AMR sector, showcasing advancements in smart automotive, XR devices, and industrial automation [2] Strategic Partnerships - The company signed a strategic cooperation framework agreement with Hyundai to advance smart cockpit platform development [3] - Collaborations with ETAS, 面壁智能, and 瑞萨电子 aim to enhance safety and functionality in automotive solutions [3] - In the IoT sector, a partnership with Consult Red is set to expand global market reach [3] Investment Outlook - The company is viewed positively under its "Operating System + Edge Intelligence" strategy, with expectations for significant growth in smart automotive, robotics, and smart terminal sectors [3] - Projected net profits for 2025-2027 are 553 million, 803 million, and 967 million yuan, with corresponding P/E ratios of 45X, 31X, and 26X [3]

中科创达（300496.SZ）2025 年一季报点评 业绩持续改善，全面布局端侧智能生态 2025 年 04 月 29 日 ➢ 事件：2025 年 4 月 28 日晚公司发布 2025 年一季度报告，2025 年一季度 实现营收，归母净利润，扣非净利润分别为 14.69 亿元（yoy+24.69%），0.93 亿元（yoy+2.00%），0.88 亿元（yoy+2.48%）。经营现金流 1.22 亿元，同比 下降 25.44%。 ➢ 研发销售投入拖累利润增速，但营收保持稳健增长。中科创达 2025 年一季 度实现营业收入 14.69 亿元，同比增长 24.69%，显示主营业务持续扩张。归母 净利润 0.93 亿元，同比增长 2.0%，增速低于营业收入收增长，主要是由于公司 持续加大在智能汽车操作系统、物联网等核心技术的研发投入，从研发费用 2.82 亿元，同比增长 12.0%这一数据中也可以得到进一步证明。同时，公司积极拓展 全球市场业务，导致了销售费用有所增加。公司经营活动现金流净额 1.22 亿元， 虽同比下降 25.44%，但仍保持净流入状态。随着研发成果逐步转化和市场拓展 见效，公司盈利能力有望持续改 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 93.66 [8][9]. Core Views - The company has benefited significantly from the trend of edge AI, with a focus on deepening its layout in the edge intelligence sector [1]. - The launch of the AI-native vehicle operating system, Drip OS 1.0 Evo, positions the company well in the smart automotive space, leveraging AI large model technology for autonomous decision-making [2]. - The company is expanding its presence in various AI-related fields, including AI glasses, AIPC, robotics, and AI IoT smart hardware, which are expected to contribute to its growth [3]. - The company is implementing effective cost control measures, with a gross margin of 36.28% in Q1 2025, despite a year-on-year decline [4]. - Earnings per share (EPS) forecasts for 2025, 2026, and 2027 are RMB 1.40, RMB 1.91, and RMB 2.58 respectively, indicating a positive growth trajectory [5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of RMB 1.469 billion, a year-on-year increase of 24.69% but a quarter-on-quarter decrease of 13.10% [1]. - The net profit attributable to the parent company was RMB 92.57 million, reflecting a year-on-year increase of 2.00% but a quarter-on-quarter decrease of 63.77% [1]. - The company’s overall gross margin was 36.28%, down 3.54 percentage points year-on-year, attributed to fluctuations in downstream demand and longer acceptance cycles from automotive manufacturers [4]. Growth Opportunities - The company is well-positioned to capitalize on the growing demand for smart vehicles, with its new operating system expected to drive revenue growth in the automotive sector [2]. - The anticipated mass production of TurboX AI glasses by the end of 2025 is expected to enhance the company's product offerings in the AI hardware market [3]. - The company’s robotics division is seeing applications in various industries, including automotive, lithium battery, and food and beverage, which could further expand its market reach [3]. Valuation Metrics - The company’s target price is set at RMB 93.66, based on a price-to-earnings (PE) ratio of 66.9x for 2025, aligning with the average PE of comparable companies [5]. - The projected revenue growth rates for 2025, 2026, and 2027 are 12.61%, 15.10%, and 17.19% respectively, indicating a robust growth outlook [7].

中科创达 (300496 CH) 端侧 AI 布局持续深化 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 计算机应用 | 证券研究报告 中科创达公布 25 年一季报，25 年 Q1 实现营收 14.69 亿元（yoy+24.69%、 qoq-13.10%），归母净利 9257 万元（yoy+2.00%、qoq-63.77%），扣非净 利 8752 万元（yoy+2.48%、qoq+80.87%）。公司深度受益于端侧 AI 浪潮， 看好其在端侧智能领域的深度布局，维持"买入"。 把握整车操作系统智能化机遇 公司在智能汽车场景有着良好的业务基础，2025 年 4 月上海车展上，中科 创达正式发布面向中央计算的 AI 原生整车操作系统滴水 OS 1.0 Evo，通过 深度融合 AI 大模型技术，它赋予汽车自主交互决策能力，在中央计算层面， 系统采用舱驾融合+ZCU 虚拟化平台支持多域融合与算力高效调度，为整车 智能化奠定技术底座。随着中央计算架构普及与大模型上车成为行业共识， 公司智能汽车业务收入增速有望重回高增 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,468,849,945.58, representing a 24.69% increase compared to ¥1,178,033,342.21 in the same period last year[5] - The net profit attributable to shareholders was ¥92,572,818.22, a slight increase of 2.00% from ¥90,759,094.88 year-on-year[5] - The company reported a total revenue from sales of goods and services of CNY 2,501,442,542.56, up from CNY 1,381,663,119.79, reflecting an increase of about 81%[23] - Net profit for the current period was ¥79,656,796.66, slightly up from ¥79,648,619.52 in the previous period, indicating a stable performance[20] - Total comprehensive income for the period was CNY 81,901,333.07, compared to CNY 73,524,322.74 in the previous period, reflecting an increase of approximately 11.5%[21] Cash Flow and Investments - The net cash flow from operating activities decreased by 25.44% to ¥122,364,633.63, down from ¥164,119,054.50 in the previous year[5] - The company’s cash flow from financing activities decreased significantly by 74.85% to ¥4,463,159.85, compared to ¥17,747,222.98 in the previous year[8] - Cash inflow from investment activities totaled CNY 4,149,079,912.79, significantly higher than CNY 957,656,653.81 in the previous period, marking an increase of over 334%[24] - The company’s cash outflow for investment activities was CNY 4,444,574,208.60, compared to CNY 1,261,360,541.44 in the previous period, indicating a significant increase in investment spending[24] - Net cash flow from investment activities was negative at CNY -295,494,295.81, slightly improved from CNY -303,703,887.63 in the previous period[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,393,260,229.48, a decrease of 0.92% from ¥12,508,126,864.97 at the end of the previous year[5] - Total liabilities decreased to ¥2,181,512,040.89 from ¥2,409,544,162.25, a decline of 9.5%[17] - The equity attributable to the parent company increased to ¥9,883,771,038.76 from ¥9,773,332,362.83, representing a growth of 1.1%[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 94,622[10] - The top shareholder, Zhao Hongfei, holds 30,587,766 shares, representing a significant portion of the company's equity[12] - The company reported a total of 4,380,759 shares held by Yuechao Co., Ltd., accounting for 0.95% of the total shares[12] - The total number of restricted shares at the end of the period was 92,135,154, down from 93,011,468, after 876,314 shares were released from restriction[13] Operational Insights - The company reported a 32.02% increase in operating costs, amounting to ¥935,937,432.02, up from ¥708,945,158.07 year-on-year[8] - The company’s development expenditure increased by 64.11% to ¥314,761,565.35, up from ¥191,798,069.03 in the previous year, indicating increased investment in self-developed software[8] - Research and development expenses increased to ¥281,946,873.71, compared to ¥251,759,947.89 in the previous period, reflecting a focus on innovation[20] Future Outlook - The company has no plans for new product launches or major market expansions as indicated in the recent conference call[14] - There were no significant mergers or acquisitions discussed during the earnings call, focusing instead on internal growth strategies[14] - The company did not provide specific future guidance or performance outlook for the upcoming quarters[14] - The overall financial health appears stable, but the decrease in cash reserves and accounts receivable may warrant closer monitoring[15]

Financial Performance - The company achieved a revenue of 3.53 billion CNY in 2024, representing a growth of 2.72% compared to the previous year [3] - The smart software business line generated revenue of 1.42 billion CNY, an increase of 0.49% year-on-year [3] - The smart automotive business line reported revenue of 2.42 billion CNY, growing by 3.42% [3] - The smart IoT business line earned 1.55 billion CNY, reflecting a growth of 3.73% [3] - Net profit attributable to shareholders was 407 million CNY, a decrease of 12.60% year-on-year [3] Regional Performance - Revenue from China decreased by 2.73% to 3.43 billion CNY [3] - Revenue from overseas markets (Europe, Japan, etc.) increased by 13.87% to 1.96 billion CNY [3] R&D Investment - R&D expenses increased by 8.16% to 77.52 million CNY, focusing on core technologies in edge intelligence [4] Future Outlook - The company plans to enhance core business and focus on high-growth areas in 2025 [4] - Global market expansion is a priority, with R&D centers established in 16 countries [4] - Continued investment in cutting-edge technologies and innovative applications is planned [4] Operational Efficiency - Significant improvement in operational efficiency is expected in the second half of 2024, with a projected revenue growth of 24.29% compared to the first half [4] - Net profit is anticipated to increase by 190.4% in the same period [4] AI and Edge Intelligence - The company is leveraging AI advancements to enhance software development and operational efficiency [6] - Collaboration with major AI model vendors is deepening, aiming to innovate in edge intelligence applications [5] - The integration of AI capabilities into operating systems and applications is becoming more prevalent, driving new embedded application scenarios [5] Market Trends - The AI industry is rapidly evolving, presenting significant opportunities for the company [8] - The shift towards edge intelligence is accelerating, with a focus on integrating AI into various devices and applications [9] - The company is positioned to capitalize on the growing demand for AI-driven solutions across multiple sectors [9]

Core Viewpoint - The launch of the AI-native vehicle operating system, Drip OS 1.0 Evo, by the company marks a significant advancement in automotive intelligence, integrating AI large model technology to enhance vehicle interaction and decision-making capabilities [1][2]. Group 1: Product Launch and Features - Drip OS 1.0 Evo was publicly unveiled at the 2025 Shanghai Auto Show, representing a year of iterative upgrades and a breakthrough in the automotive intelligence sector [1]. - The operating system features three major breakthroughs: ultra-realistic immersive cockpit experience, ultra-intelligent rapid response and high intent recognition, and a super-integrated ecosystem that consolidates global resources for mass production development [2]. Group 2: Strategic Development and Market Position - The company is deepening its focus on AI and edge intelligence, promoting the integration of AI large models with the automotive industry, and expanding into mobile robotics and smart devices [3]. - Collaborations with partners like Volcano Engine and HERE are enhancing the ecosystem by integrating chips, operating systems, and AI technologies, while also ensuring compliance in technology development and data usage [3]. Group 3: Financial Projections - The company projects net profits for 2025, 2026, and 2027 to be 553 million, 804 million, and 968 million yuan respectively, with corresponding price-to-earnings ratios of 44X, 30X, and 25X [4].

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][10]. Core Views - The company has shown continuous improvement in performance, with a focus on edge intelligence as a new growth driver [1][4]. - The automotive sector has become a stable revenue source, despite facing increased competition and longer acceptance cycles from manufacturers [2][3]. - The company's software capabilities and open ecosystem are expected to help mitigate risks and create differentiated competitive advantages [10]. Financial Performance Summary - In 2024, the company achieved revenue of 5.385 billion yuan (up 2.72% YoY), net profit attributable to shareholders of 407 million yuan (down 12.60% YoY), and net profit after deducting non-recurring gains and losses of 175 million yuan (down 48.49% YoY) [1][11]. - The fourth quarter saw significant improvements, with revenue of 1.690 billion yuan (up 23.76% YoY, up 30.67% QoQ) and net profit attributable to shareholders of 255 million yuan (up 282.76% YoY, up 436.76% QoQ) [1][2]. - The automotive, mobile, and IoT business lines generated revenues of 2.416 billion yuan (up 3.42% YoY), 1.423 billion yuan (up 0.49% YoY), and 1.545 billion yuan (up 3.73% YoY) respectively [2]. Business Segment Analysis - The company is focusing on the development of its "Drip OS" for vehicles, which integrates central computing architecture and AI applications, enhancing collaboration with industry partners [3][4]. - The edge intelligence sector is expanding into robotics, AI glasses, mixed reality, AI PCs, and innovative AI hardware, with products gradually being implemented in various industries [4][10]. - The company has established partnerships with major players like Qualcomm and Microsoft to enhance its AI ecosystem [4][10]. Profitability Forecast - The company is projected to achieve net profits of 444 million yuan, 553 million yuan, and 668 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 55, 44, and 36 [10][11].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 52.97 yuan [6]. Core Viewpoints - The company has launched the AI-native vehicle operating system "滴水 OS 1.0 Evo," which integrates AI large model technology to enhance autonomous interaction and decision-making capabilities in vehicles [2][3]. - The operating system showcases three major breakthroughs in user experience: hyper-realism through advanced rendering and sound systems, hyper-intelligence via rapid response and high intent recognition, and a hyper-integrated ecosystem that consolidates global resources for automotive manufacturers [2]. - The company is deepening its layout in AI and edge intelligence, expanding into mobile robotics, AI glasses, and mixed reality applications, while increasing R&D investment to strengthen its technological advantages [3]. Financial Forecasts - The projected revenue for the company is expected to grow from 5,385 million yuan in 2024 to 7,134 million yuan in 2027, with growth rates of 2.7%, 9.5%, 9.8%, and 10.2% respectively [5][10]. - The net profit attributable to the parent company is forecasted to increase from 407 million yuan in 2024 to 968 million yuan in 2027, with growth rates of -12.6%, 35.6%, 45.5%, and 20.4% respectively [5][10]. - The earnings per share (EPS) is expected to rise from 0.89 yuan in 2024 to 2.10 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 60, 44, 30, and 25 [5][10].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company is experiencing a marginal recovery in the smartphone sector, a slowdown in the smart automotive segment, and new growth opportunities in the Internet of Things (IoT) [1] - The company's strategy focuses on "Operating System + Edge Intelligence," enhancing its technological barriers and building a differentiated ecological moat through a full-stack capability of "Chip-OS-Application" [2] - Cost control measures are showing initial results, with a significant improvement in Q4 net profit, indicating potential for long-term profit recovery [3] Financial Performance - In 2024, the company achieved a total revenue of 5.385 billion yuan, a year-on-year increase of 2.72%, while the net profit attributable to the parent company was 407 million yuan, a decrease of 12.6% [6] - Q4 2024 saw a revenue of 1.69 billion yuan, a year-on-year increase of 23.76%, and a net profit of 255 million yuan, reflecting a substantial year-on-year growth of 282.76% [6] - The smart automotive business generated 2.416 billion yuan in revenue, a growth of 3.42%, while the IoT segment reported 1.545 billion yuan, up 3.73% [6] Future Outlook - The company expects revenue growth to reach 6.455 billion yuan in 2025, with net profit projected at 455 million yuan, indicating a recovery trend [8] - Long-term benefits are anticipated from the edge intelligence industry trend, with expectations for rapid performance rebounds as edge AI penetrates various scenarios [8]