中科创达：充分参与高通生态，冲击AIPC市场

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The collaboration between the company and Qualcomm spans over a decade, with extensive cooperation in various fields including AI, IoT, and smart connected vehicles [5][8] - The company is positioned to benefit from the launch of Qualcomm's Snapdragon development kit aimed at Windows, which supports the development of applications for the next generation of AI PCs [5][13] - The company has multiple key products based on Qualcomm chips and is expected to participate in the software and hardware development of the new Snapdragon-based PC [5][11] Summary by Relevant Sections Market Data - Closing price as of June 11, 2024, is CNY 53.93, with a one-year high of CNY 115.48 and a low of CNY 43.55 [2] - The company's market capitalization is CNY 19,797 million [2] Financial Performance - The company expects revenues of CNY 58.99 billion, CNY 66.66 billion, and CNY 77.87 billion for 2024, 2025, and 2026 respectively [6][15] - Net profit projections are CNY 6.05 billion, CNY 8.01 billion, and CNY 9.55 billion for the same years [6][15] - The company reported a revenue of CNY 5,242 million in 2023, with a projected growth rate of 12.5% for 2024 [7][16] Product Development and Innovation - The company has launched the "滴水 OS" operating system for smart vehicles, enhancing its position in the AI sector [6][15] - The new Copilot+ PC features over 40 TOPS AI computing power and is designed for seamless integration with mainstream AI models, providing a significant user experience improvement [13][14] Strategic Partnerships - The long-term partnership with Qualcomm includes joint laboratories, R&D centers, and co-development of technology products [5][10] - The company is a core software service provider in the Qualcomm Windows on ARM ecosystem, which positions it well for future growth opportunities [5][11]