能科科技（603859）：看好公司AIAgent产品商业化提速

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 57.37 [1][5]. Core Views - The company is expected to accelerate the commercialization of its AI Agent products, which may lead to significant revenue growth [1][3]. - The strategic contraction of traditional business and effective cost control have improved the company's profitability, with a gross margin of 52.40% in H1 2025, up 4.22 percentage points year-on-year [2]. - The company's self-developed AI products are driving substantial growth in contract liabilities, with a 158.26% year-on-year increase in contract liabilities to RMB 4.05 billion in H1 2025 [3]. - Continuous investment in AI product development is leading to accelerated iterations of two major AI product lines, enhancing the company's offerings [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of RMB 738 million, a year-on-year increase of 4.91%, and a net profit attributable to the parent company of RMB 111 million, up 18.75% year-on-year [1]. - Q2 2025 revenue reached RMB 401 million, representing a year-on-year growth of 33.99% and a quarter-on-quarter increase of 19.19% [1]. Cost Management - The company has effectively reduced sales and management expenses, with the sales expense ratio decreasing by 4.37 percentage points to 5.43% in Q2 2025, and the management expense ratio down by 2.40 percentage points to 5.64% [2]. Product Development - The company is enhancing its AI capabilities through the "Ling Series" and "Le Series" products, focusing on intelligent upgrades in industrial applications [4]. - The integration of AI with self-developed industrial software is being accelerated, providing flexible and efficient digital solutions for clients [4]. Earnings Forecast - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are RMB 1.03, RMB 1.21, and RMB 1.33 respectively, reflecting confidence in the ongoing commercialization of AI products [5][11].