中科创达（300496）：AIOT高增驱动Q3业绩亮眼

Investment Rating - The report maintains an investment rating of "Buy" for the company [1] Core Views - The company has shown strong performance in Q3 2025, with revenue reaching 5.148 billion RMB, a year-over-year increase of 39.34%, and a net profit of 0.229 billion RMB, up 50.72% year-over-year [1] - The company's AIoT business has returned to a growth trajectory, significantly contributing to overall revenue growth, with a 136.14% year-over-year increase in H1 2025 [3] - The company is benefiting from the AI wave, particularly through its "Operating System + Edge Intelligence" strategy, which is expected to drive future growth [1][3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a comprehensive gross margin of 31.72%, a decrease of 4.74 percentage points year-over-year, primarily due to the increased revenue share from lower-margin smart IoT business [2] - The operating cash flow was 4.01 billion RMB, down 13.70% year-over-year, mainly due to increased inventory [2] - As of Q3 2025, the company's contract liabilities reached 0.890 billion RMB, a growth of 52.92% from the beginning of the year, indicating a solid foundation for future revenue growth [2] Business Strategy - The company is implementing a dual-engine strategy with "AIOS + AI Box" to lead the new era of "AI-defined vehicles" [4] - The launch of the AI native vehicle operating system and the AI Box product at the IAA exhibition in Germany highlights the company's commitment to automotive intelligence [4] Profit Forecast and Valuation - The report maintains profit forecasts for 2025-2027, expecting net profits of 0.536 billion RMB, 0.647 billion RMB, and 0.838 billion RMB respectively, with corresponding EPS of 1.17, 1.40, and 1.82 RMB [5] - The target price is set at 88.55 RMB, based on a 2025 PE ratio of 76 times, reflecting confidence in the company's future growth prospects [5]