中科创达（300496）：业绩持续高增，海外市场彰显潜力

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 89.79 CNY based on a 73x PE for 2026 [3][6]. Core Insights - The company has shown continuous high growth in performance, with a significant potential in overseas markets. The revenue for the first three quarters reached 5.148 billion CNY, a year-on-year increase of 39.34%, and the net profit attributable to the parent company was 229 million CNY, up 50.72% [2][9]. - The company is focusing on building an intelligent platform that integrates AI technologies across various terminal scenarios, which positions it well for future growth in smart devices [9]. - The global expansion strategy is yielding results, with revenue from overseas markets growing by 81.4% year-on-year in the first half of 2025, indicating successful international collaboration and market penetration [9]. Financial Performance Summary - Revenue Forecast: The company expects revenues of 5.242 billion CNY in 2023, increasing to 8.518 billion CNY by 2027, with a compound annual growth rate (CAGR) of 11.8% [5][10]. - Net Profit: The net profit attributable to the parent company is projected to grow from 466 million CNY in 2023 to 665 million CNY in 2027, reflecting a steady increase [5][10]. - Profit Margins: The gross margin is expected to decline slightly from 36.9% in 2023 to 32.9% in 2027, while the net margin is projected to stabilize around 7.0% to 7.8% during the same period [5][10]. - Earnings Per Share (EPS): EPS is forecasted to rise from 1.01 CNY in 2023 to 1.44 CNY in 2027, indicating positive growth in shareholder value [5][10].