中科创达（300496）：业绩高增，AI端侧显著拉动

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 87.61 CNY, compared to the current stock price of 74.38 CNY [6][11]. Core Views - The company has shown significant revenue growth, with total revenue reaching 3.299 billion CNY in H1 2025, a year-on-year increase of 37.44%. The net profit attributable to shareholders was 158 million CNY, up 51.84% year-on-year [1]. - The smart IoT business line has seen substantial growth, achieving revenue of 270 million CNY in H1 2025, a remarkable increase of 136.14% year-on-year. The company is integrating new IoT technologies with AI and edge computing, enhancing product capabilities [2]. - The company has effectively controlled costs, resulting in improved profit margins. The gross margin and net margin for H1 2025 were 33.16% and 5.29%, respectively, with a notable increase in net margin by 1.15 percentage points year-on-year [3]. - The company is expanding its global market presence, with overseas revenue growing by 81.41% year-on-year in H1 2025, indicating strong international demand for its products [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved total revenue of 3.299 billion CNY, a 37.44% increase year-on-year, and a net profit of 158 million CNY, up 51.84% year-on-year. In Q2 2025, revenue was 1.831 billion CNY, a 49.72% increase year-on-year, with net profit soaring by 384.21% to 66 million CNY [1]. Business Segments - The smart IoT segment generated 270 million CNY in revenue, a 136.14% increase year-on-year. The smart automotive segment reported revenue of 1.189 billion CNY, a 7.85% increase, while the smart software segment achieved 841 million CNY, up 10.52% year-on-year [2]. Cost Management - The company maintained a good cost control rhythm, with sales, management, and R&D expense ratios decreasing by 0.33, 0.46, and 3.43 percentage points, respectively, compared to the same period last year [3]. Global Expansion - The company has established R&D centers in 16 countries, leading to a 12.96% increase in domestic revenue and an 81.41% increase in overseas revenue in H1 2025 [4].