中科创达：端侧AI如火如荼，与高通合作共建生态

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 71.30 CNY based on a 46x P/E ratio for 2025 [2][4]. Core Insights - The company is a global leader in intelligent operating systems and technology, focusing on Linux, Android, RTOS, and HarmonyOS since its establishment in 2008. It has adopted a "technology + ecosystem" platform development strategy and has expanded its business into three main areas: intelligent software, intelligent connected vehicles, and intelligent IoT [1][11]. - The rapid development of edge AI has led global manufacturers to embrace AI PCs, with significant advancements in AI model sizes and inference costs. Major companies like Microsoft and Qualcomm are at the forefront of this transition, with predictions of over 100 billion Arm devices being AI-capable by the end of 2025 [1][34]. - The company has a long-term strategy for edge intelligence, leveraging its strong operating system technology and localized service capabilities to create a comprehensive solution that integrates edge, cloud, and distributed OS [1][11]. - A deep partnership with Qualcomm has positioned the company advantageously within the ecosystem, providing end-to-end services for the Snapdragon X Elite development kit and establishing a first-mover advantage in the Windows on Arm ecosystem [1][34]. Summary by Sections Business Overview - The company has established a solid foundation in intelligent operating systems and has developed a comprehensive product matrix through both organic growth and acquisitions, covering various application scenarios including intelligent terminals, vehicles, and IoT [11][12]. - The company’s revenue from intelligent software, intelligent connected vehicles, and intelligent IoT has shown significant growth, with the intelligent connected vehicle segment becoming a major growth driver [21][26]. Financial Performance - The company’s revenue for 2023 was 5,242 million CNY, a decrease of 3.73% year-on-year, while the net profit attributable to the parent company was 466 million CNY, down 39.36% [6][21]. - The earnings per share for 2024 is projected to be 1.21 CNY, with subsequent years showing growth to 1.55 CNY in 2025 and 1.86 CNY in 2026 [2][6]. Market Trends - The AI PC market is rapidly evolving, with significant interest from major players like Microsoft and AMD, indicating a shift towards Arm architecture for enhanced energy efficiency and performance in AI applications [34][40]. - The ComputeX 2024 event highlighted the focus on AI, with various manufacturers showcasing their advancements in AI PC technology, further solidifying the trend towards edge AI solutions [40].