中科创达：毛利下滑导致业绩承压，坚定端侧AI投入

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 43 CNY for the next six months [5][10]. Core Views - The report highlights that the company's revenue for the first half of 2024 was 2.401 billion CNY, a year-on-year decrease of 3.39%, and the net profit attributable to shareholders was 104 million CNY, down 73.10% year-on-year [2][3]. - The decline in gross profit margin is a significant factor affecting performance, with a gross margin of 36.80%, down 4.49 percentage points from the previous year [3]. - The company is focusing on opportunities in edge AI and robotics, which are expected to drive future growth [4][10]. Revenue Analysis - The smart automotive segment generated 1.102 billion CNY in revenue, growing by 4.34% year-on-year, although growth has slowed due to longer acceptance cycles from downstream manufacturers [3]. - The smart IoT business achieved 538 million CNY in revenue, up 6.59% year-on-year, driven by enhanced competitiveness in edge intelligent scenarios and industrial automation [3]. - The smart software segment saw a revenue decline of 17.67% year-on-year, totaling 761 million CNY, primarily due to slow recovery in the downstream mobile phone industry and intense competition in the mid-to-low-end market [3]. Profitability Analysis - The company's gross profit margin decreased due to a higher proportion of lower-margin IoT business and increased competition [3]. - R&D expenses rose by 11.94% year-on-year to 52.898 million CNY, reflecting ongoing investments in robotics and global business expansion [3]. - Operating expenses increased by 31.52% year-on-year, amounting to 23.025 million CNY, further impacting profitability [3]. Future Outlook - The company is well-positioned to benefit from the AI wave, with advantages in large models, customer resources, and engineering experience [4]. - The launch of Qualcomm's Snapdragon 8 Gen 3 mobile chip, designed for generative AI, is expected to create significant demand for edge AI applications [4]. - The establishment of the robotics team, focusing on industrial mobile robots, is part of the company's strategic planning for future growth [4]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 5.365 billion CNY, 6.189 billion CNY, and 7.625 billion CNY, respectively [10]. - Net profit forecasts for the same years are 397 million CNY, 539 million CNY, and 694 million CNY, respectively [10].