中科创达：毛利率下降致利润承压，海外营收较快增长

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but it suggests a continuous focus on monitoring the company due to its position as a leading global intelligent operating system provider and the opportunities in the edge AI market [6][9]. Core Viewpoints - The company reported a revenue of 2.401 billion yuan in the first half of 2024, a year-on-year decrease of 3.39%, with a net profit attributable to shareholders of 104 million yuan, down 73.10% year-on-year [9]. - The gross profit margin decreased to 36.80%, down 4.49 percentage points year-on-year, indicating pressure on profitability [9]. - The company is focusing on its "operating system + edge intelligence" strategy and expanding its global business, with overseas revenue reaching 859 million yuan, a year-on-year increase of 14.20% [9]. Financial Performance Summary - In the first half of 2024, the company achieved a revenue of 2.401 billion yuan, with a net profit of 104 million yuan, and a gross margin of 36.80% [9]. - For the second quarter of 2024, revenue was 1.223 billion yuan, a decline of 7.27% year-on-year, with a net profit of 14 million yuan, down 93.80% year-on-year [9]. - The company’s revenue projections for 2024-2026 are adjusted to 5.342 billion yuan, 5.889 billion yuan, and 6.726 billion yuan, with corresponding year-on-year growth rates of 1.90%, 10.24%, and 14.22% [9][10]. Business Segment Analysis - The intelligent software segment reported revenue of 761 million yuan, down 17.67% year-on-year, while the intelligent automotive segment saw revenue of 1.102 billion yuan, up 4.34% year-on-year [9]. - The intelligent IoT segment generated revenue of 538 million yuan, reflecting a growth of 6.59% year-on-year, benefiting from the recovery in industry intelligence [9]. - The company is actively developing innovative products in robotics, vehicle operating systems, AI mobile phones, and AI PCs, which positions it well in the market [9].