中科创达（300496）：Q4业绩显著改善，受益于AI趋势

Investment Rating - The investment rating for the company is "Buy" with a target price of 93.52 RMB [8][9]. Core Views - The company's performance in Q4 showed significant improvement, benefiting from the AI trend, with Q4 revenue reaching 1.69 billion RMB, a year-on-year increase of 23.76% and a quarter-on-quarter increase of 30.67% [1][2]. - The company is expected to continue benefiting from the recovery in downstream demand and the penetration of edge AI, which may lead to further revenue growth [2][4]. - The company's global market expansion strategy is yielding positive results, with overseas revenue growing by 13.87% year-on-year, indicating a strong drive from international markets [3]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 5.385 billion RMB, a year-on-year increase of 2.72%, while the net profit attributable to the parent company was 407.46 million RMB, down 12.60% year-on-year [1][7]. - The company reported a significant improvement in Q4, with net profit reaching 255 million RMB, a year-on-year increase of 282.76% [1][2]. Business Segments - The smart software business generated 1.423 billion RMB in revenue, up 0.49% year-on-year, while the smart automotive business generated 2.416 billion RMB, up 3.42% year-on-year [2]. - The smart IoT business reported revenue of 1.545 billion RMB, reflecting a year-on-year increase of 3.73% [2]. Cost Structure and Investments - The company maintained a sales/management/R&D expense ratio of 3.71%/8.88%/19.09%, with R&D expenses increasing by 0.96 percentage points year-on-year [4]. - Strategic investments in AI and partnerships with chip manufacturers are expected to enhance the company's core value in software and robotics [4]. Earnings Forecast and Valuation - The earnings per share (EPS) for 2025 is projected to be 1.40 RMB, with a target price based on a price-to-earnings (PE) ratio of 66.8x [5][7]. - The company is expected to see a recovery in earnings growth, with net profit forecasted to increase significantly in the coming years [5][7].