中科创达：24Q3环比改善，坚定“端侧智能+OS”布局战略

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 3.694 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.7%, and a net profit attributable to shareholders of 152 million yuan, down 74.92% year-on-year. However, the third quarter showed significant improvement compared to the second quarter, with a revenue of 1.294 billion yuan, a quarter-on-quarter increase of 5.8%, and a net profit of approximately 47.6 million yuan, a quarter-on-quarter increase of 249.72% [3][4] - The company is focusing on its "OS + Edge Intelligence" strategy, enhancing its operational capabilities and expanding its ecosystem partnerships, including a strategic collaboration with Dirac for audio technology integration [3][4] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 422 million, 559 million, and 763 million yuan respectively, while maintaining a positive outlook on its ARM architecture prospects in the PC sector and its collaboration with Qualcomm [3][4] Summary by Sections Financial Performance - For 2022, the company reported a revenue of 5.445 billion yuan, with a growth rate of 32%. In 2023, the revenue is expected to decrease to 5.242 billion yuan, a decline of 4%. Projections for 2024, 2025, and 2026 are 5.369 billion, 5.935 billion, and 6.813 billion yuan respectively, with growth rates of 2%, 11%, and 15% [2][4] - The net profit for 2022 was 769 million yuan, with a growth rate of 19%. In 2023, it is projected to drop to 466 million yuan, a decrease of 39%. The expected net profits for 2024, 2025, and 2026 are 422 million, 559 million, and 763 million yuan, with growth rates of -9%, 32%, and 37% respectively [2][4] Strategic Initiatives - The company launched the "Drip OS," an AI-native vehicle operating system, which integrates multiple operating systems and supports various mainstream chips, catering to different vehicle architectures [3] - The establishment of Xi'an Longxing Zhixun Technology Co., a subsidiary focused on robotics, marks the company's expansion into intelligent application services [3] - The company is actively promoting the OpenHarmony unified interconnection technology standard across various sectors, including education and transportation, and has successfully launched the OpenHarmony cockpit [3][4]