鼎捷数智(300378)：经营节奏整体稳健 AI收入实现高增

Core Viewpoint - The company reported a stable performance in 1H25, with revenue and net profit showing modest growth, while AI-related income experienced significant increases, indicating a positive trend in self-developed software and international expansion opportunities [1][2][4]. Financial Performance - The company achieved revenue of 1.045 billion yuan in 1H25, a year-on-year increase of 4.08% - Net profit attributable to shareholders was 45 million yuan, up 6.10% year-on-year - Non-recurring net profit was 36 million yuan, down 9.88% year-on-year - In Q2 25, revenue reached 621 million yuan, a 3.84% increase year-on-year, with net profit of 53 million yuan, up 2.34% year-on-year - Operating cash flow net amount increased by 294% to 95.72 million yuan [1]. Development Trends - Revenue from self-developed intelligent software products reached 294 million yuan in 1H25, growing 11.8% year-on-year, outpacing other business segments - AI-related income surged by 126% year-on-year, becoming a key growth driver for the company - Revenue from the mainland China region was 476 million yuan, up 4.6% year-on-year, while non-mainland revenue was 569 million yuan, up 3.7% year-on-year - The company capitalized on the opportunities presented by Chinese enterprises going abroad, achieving a 61% revenue increase in Southeast Asia through local partnerships [2]. Operational Efficiency - The company maintained stable expense management in 1H25, with sales, management, and R&D expense ratios showing slight changes - The total number of employees decreased by 6% compared to the end of 2024, indicating a potential for improved income structure and efficiency [3]. Profit Forecast and Valuation - The company maintains its profit forecast for 2025, while raising the 2026 net profit forecast by 16% to 290 million yuan - The target price was increased by 38% to 54 yuan, reflecting a 3% upside from the current stock price, with P/E ratios of 67 and 49 for 2025 and 2026, respectively [4].