道通科技（688208）：扣非净利润大增，业务全面转型AI

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown a significant increase in its performance, with a total revenue of 2.345 billion yuan in the first half of 2025, representing a year-on-year growth of 27.35%. The net profit attributable to shareholders reached 480 million yuan, up 24.29% year-on-year, while the non-recurring net profit surged by 64.12% to 475 million yuan [7] - The company is undergoing a comprehensive transformation towards AI+, focusing on creating a business model that integrates AI technology with its operations. This includes collaboration with ecosystem partners to develop smart inspection solutions [7] - The traditional business remains stable, and new ventures such as charging piles are expected to open a second growth curve for the company. Revenue projections for 2025-2027 are 4.962 billion, 6.158 billion, and 7.513 billion yuan, with net profits of 905 million, 1.177 billion, and 1.436 billion yuan respectively [7] Financial Performance - The company reported a revenue of 3.251 billion yuan for 2023, with a projected growth rate of 43.5%. By 2025, the revenue is expected to reach 4.962 billion yuan, with a growth rate of 26.2% [6][8] - The net profit for 2023 was 179 million yuan, with a projected increase to 905 million yuan by 2025, reflecting a growth rate of 41.2% [6][8] - The company's gross margin and net margin for the first half of 2025 were 54.42% and 19.38% respectively, indicating stable profitability [7] Business Model and Strategy - The company is leveraging AI technology as a core component of its business strategy, aiming to create a model that combines smart terminals and AI agents for continuous service revenue [7] - The AI+ inspection business is being developed in collaboration with partners, focusing on a comprehensive solution that integrates smart technology with industry-specific applications [7] Market Performance - The company's stock has shown a significant performance compared to the market, with a 12-month market performance of 143% against the CSI 300 index [4]