中科创达：端侧AI布局持续深化-20250429

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 93.66 [8][9]. Core Views - The company has benefited significantly from the trend of edge AI, with a focus on deepening its layout in the edge intelligence sector [1]. - The launch of the AI-native vehicle operating system, Drip OS 1.0 Evo, positions the company well in the smart automotive space, leveraging AI large model technology for autonomous decision-making [2]. - The company is expanding its presence in various AI-related fields, including AI glasses, AIPC, robotics, and AI IoT smart hardware, which are expected to contribute to its growth [3]. - The company is implementing effective cost control measures, with a gross margin of 36.28% in Q1 2025, despite a year-on-year decline [4]. - Earnings per share (EPS) forecasts for 2025, 2026, and 2027 are RMB 1.40, RMB 1.91, and RMB 2.58 respectively, indicating a positive growth trajectory [5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of RMB 1.469 billion, a year-on-year increase of 24.69% but a quarter-on-quarter decrease of 13.10% [1]. - The net profit attributable to the parent company was RMB 92.57 million, reflecting a year-on-year increase of 2.00% but a quarter-on-quarter decrease of 63.77% [1]. - The company’s overall gross margin was 36.28%, down 3.54 percentage points year-on-year, attributed to fluctuations in downstream demand and longer acceptance cycles from automotive manufacturers [4]. Growth Opportunities - The company is well-positioned to capitalize on the growing demand for smart vehicles, with its new operating system expected to drive revenue growth in the automotive sector [2]. - The anticipated mass production of TurboX AI glasses by the end of 2025 is expected to enhance the company's product offerings in the AI hardware market [3]. - The company’s robotics division is seeing applications in various industries, including automotive, lithium battery, and food and beverage, which could further expand its market reach [3]. Valuation Metrics - The company’s target price is set at RMB 93.66, based on a price-to-earnings (PE) ratio of 66.9x for 2025, aligning with the average PE of comparable companies [5]. - The projected revenue growth rates for 2025, 2026, and 2027 are 12.61%, 15.10%, and 17.19% respectively, indicating a robust growth outlook [7].