华鑫证券：给予能科科技买入评级

Core Viewpoint - The report highlights the strong performance of Nengke Technology's AI business, emphasizing its growth in the industrial AI sector and maintaining a "buy" rating for the company [1]. Financial Performance - In H1 2025, the company achieved revenue of 738 million yuan, a year-on-year increase of 4.91% - The net profit attributable to shareholders was 111 million yuan, up 18.75% year-on-year - The net profit after deducting non-recurring items was 101 million yuan, reflecting a 16.16% increase year-on-year - Contract liabilities reached 405 million yuan, a significant increase of 158.26% year-on-year - In Q2 2025, revenue was 401 million yuan, a year-on-year growth of 33.99% - The net profit attributable to shareholders in Q2 was 62 million yuan, up 64.64% year-on-year - The net profit after deducting non-recurring items in Q2 was 59 million yuan, a 76.91% increase year-on-year - AI products and services revenue in H1 2025 was 211 million yuan, a remarkable growth of 145.60% year-on-year - The gross margin for H1 2025 was 52.40%, an increase of 4.22 percentage points year-on-year, while the net profit margin was 21.48%, up 4.13 percentage points year-on-year [2]. Strategic Focus - The company is strategically optimizing its business structure, focusing on high-margin and high-growth areas - Resources are being reallocated from traditional software systems and services to AI product lines and high-margin industrial software segments - In H1 2025, the company increased R&D investment in AI products, enhancing capabilities in model development, agent development, data processing, and hardware-software adaptation [3]. - The company is expanding its product series around AI applications, including "AI + embodied product intelligence," "AI + industrial manufacturing intelligence," and "industrial software + AI intelligent assistant" [3]. Industrial AI Development - The company is concentrating on "AI + industrial" applications, emphasizing quantifiable, reusable, and high-value scenarios - It is actively promoting AI products and solutions to meet the needs of leading industry clients, creating benchmark cases, and achieving scale effects - Some AI products have shown good reuse across enterprises and industries, with significant progress in industrial applications - The company is accelerating the development and application of its "Le" series AI intelligent modules, enhancing the integration of AI with self-developed industrial software [4]. Earnings Forecast - The company forecasts revenues of 1.768 billion yuan, 2.084 billion yuan, and 2.439 billion yuan for 2025, 2026, and 2027 respectively - Earnings per share (EPS) are projected to be 1.06 yuan, 1.30 yuan, and 1.55 yuan for the same years - The current stock price corresponds to price-to-earnings (PE) ratios of 50.0, 40.8, and 34.2 times for 2025, 2026, and 2027 respectively, maintaining a "buy" investment rating [5].