苏州科达分析师会议-20250915

Report Summary 1. Reported Industry Investment Rating - No information provided 2. Core View of the Report - The company has confidence in the improvement of the macro - environment and business conditions. In H1 2025, the company's revenue and net profit improved compared to the previous year, and domestic government - end accounts receivable are steadily decreasing. The company is actively exploring markets along the Belt and Road and non - government industries, seizing opportunities in new infrastructure and AI development, maintaining its competitive edge in audio - video core technologies, and increasing efforts in overseas markets and new business development [27][28] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Suzhou Keda, belonging to the computer equipment industry. The reception time was September 15, 2025, and the listed company's reception staff is not specified [17] 3.2 Detailed Research Institutions - The relevant personnel of the institutions are investors and others, and the reception object type includes investors and other types [20] 3.3 Research Institution Proportion - No information provided 3.4 Main Content Data - Revenue in H1 2025: The company achieved an operating revenue of 474.9151 million yuan from January to June 2025, a year - on - year increase of 13.24%. Overseas revenue accounted for 31.23%, with a year - on - year increase of over 100% [24] - Manpower Situation: At the end of 2024, the company had 3601 employees, with R & D personnel accounting for 39.85%. In H1 2025, the total number of employees was about 3400, and the number has been decreasing in recent years [24] - New Business (Edge Computing Service): As an important provider of audio - video basic software and hardware products, industry digital solutions, and comprehensive services, the company believes there will be more AI application scenarios and related needs at the edge. It is closely following industry trends and expanding product applications but did not disclose specific business progress [24] - Overseas Order Delivery: A 320 million US - dollar overseas order won in 2024 is being advanced as planned. Some city projects have been completed with partners. The whole project will take about three years to complete delivery under all conditions [26] - Joint - Venture Company Progress: The progress of the joint - venture company established with Saudi N&B Company has been delayed compared to the original plan. The company and its partners are actively promoting the registration of the joint - venture company and the construction of the overseas smart factory [26] - Cooperation with Huawei: The company and Huawei have a good cooperative relationship, with common ground in technological innovation and market expansion. Specific cooperation projects involve confidentiality clauses and cannot be disclosed [26]