中科创达(300496)：端侧AI浪潮下的OS龙头 开启新一轮成长周期

Core Viewpoint - The company, Zhongke Chuangda, is positioned as a leading global provider of intelligent operating systems, benefiting significantly from AI-driven industrial transformation through its unique "operating system + edge intelligence" strategy [1] Group 1: Business Segments - Intelligent Software: The business revenue for the intelligent software segment reached 841 million yuan in H1 2025, reflecting a year-on-year growth of 10.52% [2] - Intelligent Automotive: The intelligent automotive segment achieved revenue of 1.189 billion yuan in H1 2025, with a year-on-year increase of 7.85% [3] - Intelligent IoT: The intelligent IoT segment experienced a remarkable revenue growth of 136% year-on-year in H1 2025, driven by the rapid expansion of edge AI applications [3] Group 2: Market Trends and Projections - The global smartphone market is expected to see a moderate recovery, with a projected year-on-year growth of 1% in shipments by 2025, driven by the increasing penetration of AI features [1] - The global automotive generative AI market is anticipated to grow at a CAGR of 23.8% from 2025 to 2034, indicating a strong growth trajectory for the intelligent automotive sector [2] - The global edge AI market is forecasted to grow from 321.9 billion yuan in 2025 to 1.2 trillion yuan by 2029, with a CAGR of 39.6% [3] Group 3: Globalization and Strategic Initiatives - The company reported overseas revenue of 1.558 billion yuan in H1 2025, marking an impressive year-on-year growth of 81.41%, showcasing the effectiveness of its "globalization + localization" strategy [3] - The company is set to launch its AI-native vehicle operating system, Drip OS, in 2025, which supports a full-chip platform and large model access, indicating a strategic move to capture the growing demand for integrated automotive solutions [2] Group 4: Financial Projections - The company is expected to achieve revenues of 7.314 billion yuan, 9.415 billion yuan, and 11.436 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 35.8%, 28.7%, and 21.5% [4] - The projected net profit attributable to the parent company is forecasted to be 578 million yuan, 746 million yuan, and 964 million yuan for the years 2025, 2026, and 2027, reflecting growth rates of 41.9%, 29.0%, and 29.3% [4]