Core Insights - The launch of "滴水OS1.0Evo" by 中科创达 is a significant milestone in the automotive industry, marking a shift towards a "central computing + large model" era for global car manufacturers [1][13] - The operating system integrates generative AI capabilities into the vehicle's underlying systems, enabling cars to possess autonomous perception, decision-making, and learning abilities [2][4] Technological Advancements - The AI-native architecture of 滴水OS1.0Evo redefines the interaction logic of vehicles, transforming them from mere transportation tools into intelligent partners for users [2][4] - The system features a collaborative architecture that enhances the computational power of mainstream chip platforms, leading to a comprehensive reconstruction of smart cockpit systems [6][10] User Experience Innovations - 滴水OS1.0Evo achieves breakthroughs in three dimensions: - "超真实" (Ultra-Realistic) with over 6.5 million high-precision renderings and real-time lighting effects, creating an immersive smart cockpit experience [8] - "超智能" (Ultra-Smart) with a response time of under 500 milliseconds and over 95% intent recognition accuracy, covering more than 50 cockpit intent domains [10] - "超融合生态" (Ultra-Fusion Ecosystem) by integrating global resources to create a standardized, modular development platform for automakers [11] Industry Implications - 滴水OS1.0Evo is positioned as a key element in 中科创达's global strategy, facilitating seamless connections for Chinese automakers in overseas markets [13] - The company emphasizes a non-dominant approach, allowing automakers to retain customization options while joining the 滴水OS ecosystem, which is attracting more traditional car manufacturers [15] - The release of 滴水OS1.0Evo signifies a deeper industry transformation, with automotive operating systems moving to the forefront of value creation as software-defined vehicles become increasingly prevalent [15]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting the stock to outperform the market by over 20% within the next six months [13]. Core Insights - The company achieved a revenue of 5.385 billion yuan in 2024, reflecting a year-on-year growth of 2.72%. However, the net profit attributable to shareholders decreased by 12.60% to 407 million yuan, primarily due to a decline in gross margin and increased R&D expenses [3][8]. - The fourth quarter of 2024 showed significant improvement, with revenue reaching 1.690 billion yuan, a year-on-year increase of 23.76%, and a positive net profit from core operations of 48 million yuan [8][9]. - The company is focusing on the edge intelligence sector, particularly in robotics and smart wearable devices, which are expected to be new growth drivers [9]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 5.385 billion yuan, with a net profit of 407 million yuan, down from the previous year [3][8]. - The gross margin decreased by 2.66 percentage points compared to the previous year, leading to a reduction in gross profit by approximately 90.63 million yuan [8]. - The company plans to distribute a cash dividend of 0.58 yuan per share, totaling approximately 26.65 million yuan [3]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are estimated at 6.127 billion yuan, 7.202 billion yuan, and 8.579 billion yuan, respectively, with corresponding net profits of 449 million yuan, 540 million yuan, and 657 million yuan [7][10]. - The expected EPS for 2025, 2026, and 2027 are 0.98 yuan, 1.17 yuan, and 1.43 yuan, respectively [10][11]. Strategic Initiatives - The company is advancing its "滴水OS" platform and has established strategic partnerships with various global automotive manufacturers to enhance its smart vehicle offerings [9]. - New product launches in the AI glasses and mixed reality sectors are expected to set industry benchmarks and drive future growth [9]. - The company is expanding its industrial mobile robot business, with new products showcased at industry events [9]. Market Position and Valuation - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 54.5x, 45.3x, and 37.2x, respectively, indicating a favorable valuation trend [11]. - The company maintains a strong balance sheet with a debt-to-asset ratio of 19.3% and a current ratio of 3.1, reflecting solid financial health [11][12].

Investment Rating - The investment rating for the company is "Buy" with a target price of 93.52 RMB [8][9]. Core Views - The company's performance in Q4 showed significant improvement, benefiting from the AI trend, with Q4 revenue reaching 1.69 billion RMB, a year-on-year increase of 23.76% and a quarter-on-quarter increase of 30.67% [1][2]. - The company is expected to continue benefiting from the recovery in downstream demand and the penetration of edge AI, which may lead to further revenue growth [2][4]. - The company's global market expansion strategy is yielding positive results, with overseas revenue growing by 13.87% year-on-year, indicating a strong drive from international markets [3]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 5.385 billion RMB, a year-on-year increase of 2.72%, while the net profit attributable to the parent company was 407.46 million RMB, down 12.60% year-on-year [1][7]. - The company reported a significant improvement in Q4, with net profit reaching 255 million RMB, a year-on-year increase of 282.76% [1][2]. Business Segments - The smart software business generated 1.423 billion RMB in revenue, up 0.49% year-on-year, while the smart automotive business generated 2.416 billion RMB, up 3.42% year-on-year [2]. - The smart IoT business reported revenue of 1.545 billion RMB, reflecting a year-on-year increase of 3.73% [2]. Cost Structure and Investments - The company maintained a sales/management/R&D expense ratio of 3.71%/8.88%/19.09%, with R&D expenses increasing by 0.96 percentage points year-on-year [4]. - Strategic investments in AI and partnerships with chip manufacturers are expected to enhance the company's core value in software and robotics [4]. Earnings Forecast and Valuation - The earnings per share (EPS) for 2025 is projected to be 1.40 RMB, with a target price based on a price-to-earnings (PE) ratio of 66.8x [5][7]. - The company is expected to see a recovery in earnings growth, with net profit forecasted to increase significantly in the coming years [5][7].

Core Viewpoint - The company is focusing on its strategic direction of "operating system + edge intelligence," increasing investments in core technologies and innovation tracks related to edge intelligence, with expectations of improved performance in 2025 and maintaining a "strong buy" rating [1]. Financial Performance - In 2024, the company achieved revenue of 5.385 billion yuan, a year-on-year increase of 2.72%, while net profit attributable to shareholders was 407 million yuan, a decrease of 12.60%. The net profit after deducting non-recurring items was 175 million yuan, down 48.49%. Operating net cash flow remained stable at 753 million yuan compared to the same period last year [1]. - In Q4 2024, the company reported revenue of 1.690 billion yuan, a year-on-year increase of 23.76%, and net profit attributable to shareholders of 255 million yuan, a significant increase of 282.76%. The net profit after deducting non-recurring items was 48 million yuan, up 125.73% [1]. Business Segments - The smart automotive business experienced slower growth, with revenue of 2.416 billion yuan, a year-on-year increase of 3.42%, impacted by longer acceptance cycles and lower-than-expected vehicle shipments from some manufacturers. The smart software business generated revenue of 1.423 billion yuan, a slight increase of 0.49%, driven by the gradual penetration of generative AI features in brand smartphones. The smart IoT business revenue reached 1.545 billion yuan, up 3.73% [2]. - The company is actively expanding its global market presence, with revenue from overseas markets in Europe, America, and Japan reaching 1.958 billion yuan, a year-on-year increase of 13.87%. The company has established R&D centers in 16 countries or regions worldwide [2]. Profitability and Expenses - The gross margin slightly declined to 34.29%, down 2.66 percentage points year-on-year, primarily due to a significant drop in the gross margin of smart software. The net profit margin remained stable at 7.48%. The gross margins for smart automotive, smart software, and smart IoT businesses were 44.30%, 34.67%, and 18.27%, respectively, with year-on-year changes of -1.32, -8.42, and +0.76 percentage points [3]. - The company maintained stable operating expenses, with sales, management, and R&D expense ratios at 3.71%, 8.88%, and 19.09%, showing minor changes compared to the previous year [3]. Research and Development - The company is committed to investing in cutting-edge technologies and innovative applications, with R&D expense ratios increasing from 12.43% to 19.09% from 2021 to the present. The integration of AI and IoT is creating new opportunities in edge intelligence, with ongoing advancements in key technologies such as robotics, AIPC, MR, XR, and AR metaverse [3]. Future Outlook - The company maintains a "strong buy" rating, with adjusted revenue forecasts for 2025 to 2027 at 5.929 billion, 6.714 billion, and 7.862 billion yuan, and net profits of 413 million, 524 million, and 676 million yuan, corresponding to PE ratios of 59.3, 46.7, and 36.2 times [4].

Summary of Zhongke Chuangda's Conference Call Company Overview - Zhongke Chuangda reported a revenue of 5.384 billion yuan for 2024, representing a year-on-year increase of 3.42% [1] - The smart IoT business line generated revenue of 1.545 billion yuan, up 3.73% year-on-year [1] - Domestic revenue decreased by 2.73%, while overseas revenue increased by 13.87% [1][2] Financial Performance - Net profit attributable to shareholders was 407 million yuan, down 12.6% year-on-year, primarily due to declining gross margins and increased R&D investments [1][2] - Significant improvement in the second half of 2024, with revenue growth of 24.29% quarter-on-quarter and net profit growth of 190.4% quarter-on-quarter [1][2] - Operating cash flow net amount increased by 61.16% quarter-on-quarter [1][2] Industry Insights - The IoT business, particularly in the automotive sector, has shown significant recovery, presenting substantial industrial opportunities [3][10] - Collaboration with ByteDance and partnerships with Qualcomm and NVIDIA are aimed at defining smart automotive and hardware solutions [3][11] AI Integration - AI technology is widely applied in product development, design, and modeling processes, significantly enhancing programming efficiency [1][5] - The emergence of large models, such as OpenAI's GPT-4, has improved reasoning capabilities and problem-solving in programming [5] - On-device AI is a core focus, enabling AI integration into operating systems and enhancing product capabilities [5][9] Gross Margin and Market Strategy - The decline in smart software gross margin is attributed to increased competition in the smartphone market and new AI smartphone development demands [7] - Despite margin pressures, the company aims to expand market share and customer value, viewing gross margin as a data point rather than a barrier to growth [7] Talent Acquisition and Management - The company plans to proceed with talent recruitment and training in a structured manner, aligning with business scale and market demand [8] Future Outlook - The company is optimistic about the sustainability of improvements seen in the second half of 2024, driven by ongoing opportunities in the AI and IoT sectors [6][14] - The strategic focus includes high-growth areas such as automotive software and hardware products, IDH products, and robotics [14] - The integration of capabilities from Titumobile is expected to enhance Zhongke Chuangda's overall strength in the IoT space [13] Conclusion - Zhongke Chuangda is positioned to leverage AI advancements and IoT opportunities, with a clear strategy for growth and market expansion in the coming years [12][14]

Investment Rating - The report maintains a "Strong Buy" rating for the company [4]. Core Insights - The company continues to enhance its investment in core technologies and innovation in the field of edge intelligence, with expectations of improved operational performance in the second half of 2024 and further advantages in 2025 [1][7]. - The company reported a revenue of 5.385 billion yuan in 2024, a year-on-year increase of 2.72%, while the net profit attributable to shareholders decreased by 12.60% to 407 million yuan [7][14]. - The company is focusing on optimizing its product and service structure, increasing the proportion of high-value-added businesses, and securing major customer demands through strategic partnerships [7]. Financial Data and Valuation - The total market capitalization of the company is 24.5 billion yuan, with a circulating market value of 19.6 billion yuan [4]. - The company’s revenue projections for 2025 to 2027 are 5.929 billion yuan, 6.714 billion yuan, and 7.862 billion yuan, respectively, with corresponding net profits of 413 million yuan, 524 million yuan, and 676 million yuan [8][14]. - The company’s PE ratios for 2025 to 2027 are projected to be 59.3, 46.7, and 36.2, respectively [8][15]. Business Performance - The company’s revenue from the smart automotive sector was 2.416 billion yuan in 2024, a year-on-year increase of 3.42%, while the smart software and IoT sectors saw revenues of 1.423 billion yuan and 1.545 billion yuan, respectively [7]. - The gross margin for the company was 34.29%, a decrease of 2.66 percentage points from the previous year, primarily due to a significant decline in the gross margin of smart software [7][15]. - The company has established R&D centers in 16 countries or regions globally, with overseas revenue reaching 1.958 billion yuan, a year-on-year increase of 13.87% [7].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 53.21 yuan [6]. Core Viewpoints - The company achieved a revenue of 5.385 billion yuan in 2024, representing a year-over-year increase of 2.72%. The net profit attributable to shareholders was 407 million yuan, with a decrease of 12.6% compared to the previous year [1][5]. - The company is focusing on deepening its layout in the AI and edge intelligence sectors, with significant investments in core technologies and innovation tracks, particularly in smart automotive and global market growth [2][4]. - The second half of 2024 showed improvement in operational performance, with a 24.29% increase in revenue and a 190.4% increase in net profit compared to the first half [1]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 5.385 billion yuan, with a net profit of 407 million yuan and a cash flow from operations of 753 million yuan [1][5]. - The company anticipates net profits of 553 million yuan, 804 million yuan, and 968 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 44X, 30X, and 25X [4][5]. Strategic Initiatives - The company is advancing its "Operating System + Edge Intelligence" strategy, focusing on three major business segments: smart automotive, robotics, and smart terminals [4]. - The launch of the Drip OS, based on a "cloud-edge hybrid architecture," aims to enhance the integration of AI models with the smart automotive industry [2][3]. Market Expansion - The company has established R&D centers in 16 countries and regions globally, enhancing its competitive edge in the smart hardware, automotive, and robotics sectors [3][4]. - Collaborations with partners like Volcano Engine are accelerating the application of automotive AI models, integrating chips, operating systems, and AI technologies [3].

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Insights - The company reported total operating revenue of 5.385 billion yuan in 2024, a year-on-year increase of 2.72%, while the net profit attributable to shareholders decreased by 12.6% to 407 million yuan [1]. - The smartphone and smart IoT business lines remained stable, while the smart automotive business experienced a temporary slowdown due to longer acceptance cycles from automotive manufacturers and lower-than-expected model shipments [1]. - The company has increased its investment in core technologies and innovation in the "operating system + edge intelligence" strategy, with R&D expenses rising by 8.16% year-on-year [2]. - Cash flow has significantly improved, with operating income in the second half of 2024 increasing by 24.29% compared to the first half, and net profit attributable to shareholders rising by 190.4% [2]. Financial Performance Summary - In 2024, the smart software business line generated revenue of 1.422 billion yuan, a growth of 0.49% year-on-year, while the smart IoT business line achieved revenue of 1.545 billion yuan, growing by 3.73% [1]. - The smart automotive business line reported revenue of 2.416 billion yuan, a growth of 3.42% year-on-year, following a period of over 30% growth in 2023 [1]. - The company expects net profit attributable to shareholders to reach 456 million yuan in 2025, 511 million yuan in 2026, and 544 million yuan in 2027 [2][4].

Core Viewpoint - The company focuses on creating a rich and diverse intelligent world through its core technology in intelligent operating systems, emphasizing its commitment to empowering the intelligent industry with edge AI products and applications [2][4]. Company Overview - The company has transitioned its accounting firm from Asia Pacific (Group) CPA to Zhongshun Zhonghuan CPA for the current reporting period [1]. - The company aims to provide a comprehensive stack of software products and solutions, integrating IP, services, and customized solutions to meet client needs [3][4]. Business Model - The business model is based on a three-in-one approach of "IP + services + solutions," offering software licensing, customized software development, and integrated hardware-software products [3][4]. - The company is leveraging the latest trends in intelligent computing and aims to drive growth through existing and innovative edge AI businesses [4][5]. Product Development - The company has developed the "滴水OS" (Drip Water OS), an operating system designed for smart vehicles, which integrates AI models and supports various mainstream chips [6][10]. - The OS aims to enhance user experience by providing real-time responses and privacy protection, crucial for smart vehicle applications [5][6]. AI Integration - The company is actively collaborating with leading model vendors to accelerate the deployment of AI models in automotive scenarios, significantly reducing the complexity of practical applications [8][9]. - The integration of AI into the operating system is expected to enhance the capabilities of smart vehicles, enabling features like intelligent driving assistance and personalized services [10][22]. Robotics and Automation - The company has established a comprehensive platform for mobile robots, focusing on modular and scalable solutions that enhance communication between humans and robots [11][12]. - The industrial intelligent mobile robot business is expanding rapidly, with new products launched and partnerships formed to address various industry needs [12][13]. Edge Intelligence - The company is integrating IoT, AI, and edge computing technologies to optimize systems across different computing platforms, enhancing user interaction with devices [14][15]. - The development of AI glasses and mixed reality devices signifies the company's commitment to advancing wearable technology and user experience [15][16]. Financial Performance - The company has not restated or adjusted previous years' financial data, indicating stability in its financial reporting [23]. - The report includes key financial metrics and shareholder information, reflecting the company's ongoing growth and market position [24].

内部控制自我评价报告的核查意见 华泰联合证券有限责任公司 关于中科创达软件股份有限公司 2024 年度内部控制自我评价报告的核查意见 华泰联合证券有限责任公司(以下简称"华泰联合"或"保荐机构")作为中 科创达软件股份有限公司(以下简称"中科创达""公司"或"发行人") 2022 年 向特定对象发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等文 件的要求，对中科创达 2024 年度内部控制制度等相关事项进行核查，并发表独 立意见如下： 一、中科创达内部控制的基本情况 （一）内部控制环境 中科创达自成立以来，根据国家有关法律、法规的要求，本着规范法人治理 的原则，逐步建立健全公司内部组织机构和各项内部控制制度。 公司现设立了股东大会、董事会、监事会等相互约束的法人治理结构，并设 立了内部经营管理部门。公司已形成了与公司实际情况相适应的、有效的经营运 作模式，组织机构分工明确、职能健全清晰，与股东不存在隶属关系。 公司设立监事会，代表全体股东监督董事会对企业的管理。公司董事会下设 战略委员会、审计委员会、提名委员会和薪酬与考核委 ...