中科创达（300496）：端侧智能加速发展，经营情况逐步改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 5.385 billion yuan for 2024, an increase of 2.72% year-on-year. However, the net profit attributable to shareholders decreased by 12.60% to 407 million yuan, and the net profit after deducting non-recurring items fell by 48.49% to 175 million yuan. The operating cash flow net amount was 753 million yuan, a slight decrease of 0.22% [2][4] Summary by Sections Financial Performance - In the second half of 2024, the company saw a significant improvement in its operating performance, with revenue increasing by 24.29% compared to the first half. The net profit attributable to shareholders surged by 190.4%, and operating cash flow net amount rose by 61.16%. In Q4 2024, revenue grew by 23.76% year-on-year and 30.67% quarter-on-quarter, while net profit increased by 282.76% year-on-year and 436.76% quarter-on-quarter [10] Business Segments - The smart software business generated revenue of 1.423 billion yuan, a year-on-year increase of 0.49%. The smart automotive business achieved revenue of 2.416 billion yuan, up 3.42% year-on-year. The smart IoT business reported revenue of 1.545 billion yuan, a growth of 3.73% year-on-year, indicating a rebound from the previous year's decline [10] Profitability and Costs - The company's gross margin decreased to 34.29%, down 2.66 percentage points year-on-year. The gross margins for the smart software, smart automotive, and smart IoT businesses were 44.30%, 34.67%, and 18.27%, respectively. The increase in costs and expenses, particularly in R&D, impacted short-term profits [10] Strategic Positioning - The company is focused on its "Operating System + Edge Intelligence" strategy, aiming to leverage its ecosystem advantages and partnerships with leading chip manufacturers and cloud service providers. The company has made significant investments in edge intelligence areas such as industrial robots and AI applications, which are expected to drive future growth [10] Future Outlook - The company is projected to achieve net profits of 482 million yuan, 561 million yuan, and 804 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 52, 45, and 31 times [10]