中科创达（300496）：业绩超预期，物联网业务高增

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [4][8]. Core Insights - The company reported better-than-expected performance in its mid-year report for 2025, with its IoT business line experiencing a year-on-year growth of 136.14%. The company's edge in global expansion and continuous optimization of operating expenses are highlighted, with a focus on AI investments in various sectors [1][8]. - The company has entered the mass production phase for its edge intelligent products, which are expected to be a core driver of revenue growth moving forward [1][8]. - The report adjusts revenue forecasts for 2025 to 69.34 billion, 81.08 billion for 2026, and 95.64 billion for 2027, with corresponding net profits of 5.12 billion, 6.35 billion, and 7.22 billion respectively [8]. Financial Data and Valuation - Total revenue for 2023 is projected at 5,242 million, with a year-on-year decline of 4%. The revenue is expected to grow by 29% in 2025, reaching 6,934 million [3][12]. - Operating profit is forecasted to be 428 million in 2023, with a significant drop of 45% year-on-year, but is expected to recover with a 22% increase in 2025 [3][12]. - The net profit attributable to the parent company is expected to be 466 million in 2023, reflecting a 39% decline, but is projected to grow by 26% in 2025 [3][12]. - The company’s price-to-earnings (PE) ratio is expected to be 67.7 in 2023, decreasing to 61.7 in 2025, indicating a more favorable valuation outlook [3][12]. Business Performance - In the first half of 2025, the company achieved a revenue of 3,299 million, marking a year-on-year increase of 37.44%. The net profit reached 158 million, up by 51.84% [8]. - The company’s intelligent software business generated revenue of 841 million, growing by 10.52%, while the intelligent automotive business saw a revenue of 1,189 million, up by 7.85% [8]. - The intelligent IoT business line generated 1,270 million in revenue, with a remarkable growth rate of 136.14%, although its gross margin decreased slightly [8].