中科创达(300496)：业绩恢复高增 AI 端侧引领下一轮增长

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by strong performance across all business lines, particularly in the smart IoT sector [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.299 billion yuan, a year-on-year increase of 37.4%, and a net profit attributable to shareholders of 158 million yuan, up 51.8% [1]. - The second quarter alone saw revenue growth of 49.7%, net profit growth of 384.2%, and a staggering 1613.9% increase in non-recurring net profit [1]. - Revenue from the smart software business line was 841 million yuan (YoY +10.5%), smart automotive business line revenue was 1.189 billion yuan (YoY +7.85%), and the smart IoT business line revenue reached 1.27 billion yuan (YoY +136.1%) [1]. Business Segments - All three business lines showed growth rates higher than the full year of 2024, indicating improved downstream demand [1]. - The significant increase in the smart IoT product line's revenue was primarily due to the consolidation of T2Mobile at the end of 2024 [1]. - Domestic business revenue in H1 2025 was 1.74 billion yuan (YoY +13.0%), while overseas business revenue reached 1.56 billion yuan (YoY +81.4%), nearing the domestic revenue level [1]. Profitability and Cost Management - Gross margins for the smart automotive, smart software, and smart IoT business lines were 46.0%, 37.1%, and 18.5%, respectively, showing improvements compared to the full year of 2024 [2]. - The company managed to reduce its sales, management, and R&D expense ratios to 3.38%, 8.42%, and 17.23%, respectively, leading to a net profit margin increase to 4.8% (YoY +0.45%) [2]. Product Development - The company is enhancing its smart vehicle products, launching the AI-native operating system "滴水OS" and collaborating with Huoshan Engine on AI cockpit solutions [2]. - The product matrix in the edge AI sector is expanding, including new offerings like AI forklifts, TurboX AI glasses, and a new video conferencing all-in-one design [2]. Earnings Forecast and Investment Recommendation - Based on the latest financial report, the company adjusted its profit forecasts for 2025-2027, estimating net profits of 471 million yuan, 567 million yuan, and 665 million yuan, respectively [3]. - The reasonable valuation level is set at 73 times PE for 2026, corresponding to a target price of 89.79 yuan, maintaining a buy rating [3].