中科创达：上半年业绩承压，端侧智能化有望带来新增量

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting the stock to outperform the market by more than 20% within the next six months [3][12]. Core Views - The company faced pressure in its performance during the first half of 2024, with a revenue of 2.401 billion yuan, a year-on-year decrease of 3.39%, and a net profit of 104 million yuan, down 73.10% year-on-year [4][5]. - Despite the current challenges, the company is optimistic about future growth opportunities in the smart automotive sector and edge intelligence, which are expected to drive new revenue streams [5][7]. Summary by Sections Company Overview - The company operates in the computer industry and has a total share capital of 459 million shares, with a major shareholder holding 26.64% [2]. Financial Performance - In the first half of 2024, the company reported a revenue of 2.401 billion yuan, with domestic revenue declining by 11.02% to 1.542 billion yuan, while overseas revenue increased by 14.20% to 859 million yuan [5]. - The gross profit margin decreased by 4.49 percentage points compared to the previous year, leading to a gross profit reduction of approximately 142.66 million yuan [5]. - The company’s net profit forecast for 2024-2026 has been adjusted to 513 million yuan, 658 million yuan, and 855 million yuan respectively, with corresponding EPS of 1.12 yuan, 1.43 yuan, and 1.86 yuan [7][8]. Business Segments - The smart automotive business generated 1.102 billion yuan in revenue, a year-on-year increase of 4.34%, despite a slowdown due to longer acceptance cycles from automotive manufacturers [5][6]. - The smart IoT business line achieved a revenue of 538 million yuan, reflecting a growth of 6.59% year-on-year, driven by advancements in edge intelligence and industrial automation [6]. - The smart software segment saw a decline in revenue to 761 million yuan, down 17.67% year-on-year, attributed to the competitive environment in the smartphone industry [6]. Future Outlook - The company is focusing on expanding its global business and enhancing its smart automotive and edge intelligence capabilities, which are expected to be significant growth drivers in the coming years [6][7].