2025 年 08 月 27 日 AI 业务表现亮眼，持续深耕工业 AI 领域 —能科科技（603859.SH）公司事件点评报告 买入(维持) 事件 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn | 基本数据 | 2025-08-27 | | --- | --- | | 当前股价（元） | 53.02 | | 总市值（亿元） | 130 | | 总股本（百万股） | 245 | | 流通股本（百万股） | 245 | | 52 周价格范围（元） | 13.64-53.02 | | 日均成交额（百万元） | 408.44 | 市场表现 -50 0 50 100 150 200 250 300 (%) 能科科技 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《能科科技（603859）：全面深 耕工业 AI，"AllinAI"战略彰显公 司决心》2025-08-08 2025 年 8 月 26 日，能科科技发布 2025 年中报。 投资要点 ▌ 25 年 H1 业绩良好，AI 业务增速亮眼 2025 年 H1 公司实现营收 7.38 亿元，同比+4.91%；归母净利 ...

华鑫证券有限责任公司近期对能科科技（603859）进行研究并发布了研究报告《公司事件点评报告：AI业务 表现亮眼，持续深耕工业AI领域》，给予能科科技买入评级。 25年H1业绩良好，AI业务增速亮眼 2025年H1公司实现营收7.38亿元，同比+4.91%；归母净利润1.11亿元，同比+18.75%；扣非净利润1.01亿元， 同比+16.16%。合同负债4.05亿元，同比增长158.26%。2025年Q2公司实现营收4.01亿元，同比+33.99%；归母 净利润0.62亿元，同比+64.64%；扣非净利润0.59亿元，同比+76.91%。公司整体营收实现增长，主要因为其 AI产品与服务的收入增加。公司2025年H1AI产品与服务收入为2.11亿元，同比增长145.60%。盈利能力方 面，公司2025年H1毛利率为52.40%，同比+4.22pct；销售净利率为21.48%，同比+4.13pct。 战略性优化业务结构，持续投入AI产品研发 公司积极推进业务与产品结构的战略性调整，聚焦高毛利、高增长赛道。公司对传统的软件系统与服务业务 进行资源优化配置，将资源向AI产品线、工业软件细分高毛利产品线等领域倾斜，收缩 ...

能科科技发布半年报，2025 年H1 实现营收7.38 亿元（yoy+4.91%），归母净利1.11 亿元 （yoy+18.75%），扣非净利1.01 亿元（yoy+16.16%）。 其中Q2 实现营收4.01 亿元（yoy+33.99%，qoq+19.19%），归母净利6160.81 万元（yoy+64.64%， qoq+25.75%）。看好公司AI Agent 产品进入商业化加速阶段，或带动业绩加速放量，维持"买入"。 我们基本维持25-27 年EPS 分别为1.03/1.21/1.33 元的预测，我们看好25年AI Agent 商业化持续深入，带 动公司商业模式向产品化/云化继续转型，25 年营收有望加速增长。可比公司平均25E 55.7x PE，给予 公司25E 55.7xPE，上调目标价为57.37 元（前值46.77 元，对应24E 45.0x PE）。 风险提示：下游景气度不及预期；市场竞争加剧。 自研AI 产品业务快速增长驱动合同负债高增 公司依托"乐系列"工业软件和"灵系列"AI Agent 产品，在研发生产等环节实现智能化升级，推动AI 产 品收入成为主要增长引擎。公司围绕工业领域核心应用 ...

证券研究报告 能科科技 (603859 CH) 看好公司 AI Agent 产品商业化提速 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 27 日│中国内地 | 计算机应用 | 目标价(人民币): | 57.37 | 公司依托"乐系列"工业软件和"灵系列"AI Agent 产品，在研发生产等环 节实现智能化升级，推动 AI 产品收入成为主要增长引擎。公司围绕工业领 域核心应用场景，以可量化、高复用性、高价值场景为重点，加强市场的推 广力度。重点挖掘行业头部客户需求，引导和推动 AI 产品和解决方案的落 地，打造标杆案例，形成规模效应。目前公司部分 AI 产品在企业内、企业 间、行业间得到了很好的复用，在工业领域的落地取得显著进展，驱动公司 报告期内合同负债大幅增长，25 年 H1 公司合同负债 4.05 亿元，同比 +158.26%。作为工业 AI 领域龙头，看好公司 AI Agent 产品在工业领域的 落地，驱动公司业务加速增长。 持续加大 AI 产品研发投入，两大 AI ...

智通财经APP获悉，中金发布研报称，创新奇智(02121)业绩稳步复苏，上调2025E/2026E收入预期 12.2%/19.6%至14.7/17.3亿元，上调2025E/2026E调整后归母净利润，维持公司跑赢行业评级，考虑到公 司经营杠杆效应显现叠加行业估值中枢上行，上调目标价88.9%至8.5港元，对应2.99x/2.54x 2025e/2026e P/S，较当前股价有25.7%的上行空间，当前股价交易于2.38x/2.01x 2025e/2026e P/S。 中金主要观点如下： 收入强劲反转，持续聚焦制造业 2024年报业绩会中，管理层提到公司2025年战略上"转守为攻"，有望实现收入重新增长，1H25收入增 速+22.3%(1H24增速-38.11%)，公司聚焦AI+制造核心战略实现大幅翻转。1H25公司来自于制造业的收 入同比+27.0%亿至5.56亿元，占总营收比例达到79.5%，同比+3.0ppt。按行业拆分，制造业子行业复 苏，能源电力/汽车装备/食品饮料/3C高科技收入分别为1.08/1.00/0.76/0.73亿元，同比 +48.5%/+12.1%/+14.8%/+34.6%。 毛利率持 ...

Core Viewpoint - In the first half of 2025, Inovance Technology reported significant growth in revenue and net profit, driven by strong performance in the new energy vehicle and industrial automation sectors, indicating a robust operational capacity and market position. Financial Performance - The company achieved a revenue of 20.51 billion yuan, representing a year-on-year increase of 26.73% [1] - Net profit attributable to shareholders reached 2.968 billion yuan, with a year-on-year growth of 40.15% [1] - The net profit after excluding non-recurring gains was 2.671 billion yuan, up 29.15% year-on-year [1] - Operating cash flow improved significantly, with a net cash flow from operating activities of 3.020 billion yuan, a 65.24% increase compared to the previous year [1] Business Segments - The smart manufacturing segment generated revenue of 11.244 billion yuan, a 12.96% increase year-on-year, with a gross margin of 40.75% [1] - The new energy and rail transportation segment saw revenue of 9.266 billion yuan, marking a 48.74% year-on-year growth, becoming a key driver of performance [1] New Energy Vehicle Sector - The new energy vehicle business achieved revenue of 9 billion yuan, reflecting a 50% year-on-year increase, benefiting from a domestic penetration rate of 44.3% and a 75.2% growth in overseas exports [2] - The company secured over 30 domestic passenger car projects and five overseas projects, covering a full range of products including power sources and control systems [2] - New product platforms, including the fourth-generation product platform and fifth-generation powertrain platform, are in development, with customer testing expected to start in the second half of 2025 [2] Industrial Automation Market - The general automation business generated revenue of 8.8 billion yuan, a 17% increase year-on-year, with leading market shares in core products: 32% in general servo systems, 22% in low-voltage inverters, and 20.4% in SCARA robots [3] - The smart elevator business faced a slight decline in revenue to 2.3 billion yuan, down 1% year-on-year, but mitigated risks through overseas market expansion and service upgrades [3] - The rail transportation business remained stable with revenue of 220 million yuan, supported by new orders in urban rail projects [3] Research and Development - R&D investment reached 1.966 billion yuan, a 33.47% increase, with an R&D expense ratio of 9.58% [4] - The company employed 6,118 R&D personnel, accounting for 40% of the total workforce, and filed 121 new patent applications, bringing the total to 3,128 [4] Global Expansion - Overseas revenue amounted to 1.32 billion yuan, a 39% increase, representing 6.4% of total revenue [4] - Rapid growth was observed in emerging markets such as Vietnam, the Middle East, and Thailand, with significant breakthroughs in lithium battery and mobile phone sectors in Korea and Vietnam [4]

Financial Performance - Company achieved operating revenue of 20.509 billion yuan in the first half of the year, a year-on-year increase of 26.73% [1] - Net profit attributable to shareholders reached 2.968 billion yuan, with a year-on-year growth of 40.15%, significantly outperforming the industry average [1] - Net profit after deducting non-recurring gains and losses was 2.671 billion yuan, up 29.15% year-on-year [1] - Operating cash flow net amount reached 3.020 billion yuan, a substantial increase of 65.24% compared to the previous year [1] Business Segments - Intelligent manufacturing segment (including general automation and smart elevators) generated revenue of 11.244 billion yuan, a year-on-year increase of 12.96%, with a gross margin of 40.75%, up 0.94 percentage points [1] - New energy and rail transit segment revenue was 9.266 billion yuan, a year-on-year increase of 48.74, becoming the core driver of performance growth [1][2] New Energy Vehicle Business - Revenue from the new energy vehicle business reached 9 billion yuan, a year-on-year increase of 50%, benefiting from a domestic penetration rate of 44.3% and a 75.2% increase in overseas exports [2] - The company has secured over 30 domestic passenger car projects and five new overseas customer projects, covering all product categories [2] - New generation products, including the fourth-generation product platform and fifth-generation powertrain platform, are in development, with customer testing expected to start in the second half of 2025 [2] Industrial Automation Market - General automation business achieved revenue of 8.8 billion yuan, a year-on-year increase of 17%, with leading market shares in core products [3] - Smart elevator business revenue was 2.3 billion yuan, a slight decrease of 1% year-on-year, but the company is expanding overseas and focusing on the old elevator upgrade market [3] - Rail transit business revenue was 220 million yuan, remaining stable year-on-year, with new orders for magnetic traction systems [3] Research and Development - R&D investment reached 1.966 billion yuan, a year-on-year increase of 33.47%, with an R&D expense ratio of 9.58% [4] - The company has 6,118 R&D personnel, accounting for 40% of total employees, and has filed 121 new patent applications [4] - Global revenue reached 1.32 billion yuan, a year-on-year increase of 39%, with significant growth in emerging markets [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In the first half of 2025, the company achieved revenue of 683 million yuan, a year-on-year increase of 31%, and a net profit attributable to shareholders of 146 million yuan, up 29% year-on-year. The net profit excluding non-recurring items was 132 million yuan, reflecting a 36% increase year-on-year [2][4]. - For Q2 2025, the company reported revenue of 415 million yuan, a 40% year-on-year increase, with a net profit of 88 million yuan, up 57% year-on-year, and a net profit excluding non-recurring items of 78 million yuan, marking a 61% increase year-on-year [2][4]. - The company's performance was bolstered by significant growth in the 3C and lithium battery sectors, with the 3C industry generating revenue of 439 million yuan, a 23.82% increase, and the lithium battery sector achieving revenue of 167 million yuan, a 49.35% increase [8]. - The company's AI-related projects generated revenue of 87.33 million yuan in the first half of 2025, a remarkable growth of 363% compared to the same period last year, indicating a strong market position in industrial AI [8]. - The company aims to become a core supplier of perception solutions for robots, having established a robotics division and focusing on key visual components necessary for robot vision perception [8]. Summary by Sections Financial Performance - The company reported a gross margin of 67.26% in Q2 2025, an increase of 1.88 percentage points year-on-year, and a net profit margin of 21.84%, up 2.88 percentage points year-on-year [8]. - The projected net profits for 2025, 2026, and 2027 are 203 million yuan, 265 million yuan, and 335 million yuan, respectively, with corresponding price-to-earnings ratios of 74, 56, and 45 [8]. Business Strategy - The company has developed a comprehensive product matrix integrating vision, sensing, motion, and AI, enhancing its competitive edge and customer loyalty [8]. - The strategic focus on AI and robotics is expected to drive future growth, with the company leveraging its advanced visual technology in various robotic applications [8].

3)奥普特(长盛基金参与公司现场参观&线上会议&券商策略会) 证券之星消息，根据市场公开信息及8月22日披露的机构调研信息，长盛基金近期对4家上市公司进行了 调研，相关名单如下： 1)冰轮环境（000811）(长盛基金管理有限公司参与公司业绩说明会) 调研纪要：公司致力于在能源和动力领域提供先进的系统解决方案和全生命周期服务，主要产品形式为 压缩机和换热装置，覆盖-271℃-200℃温度区间。公司打造了全系列磁悬浮压缩机产品矩阵，具有显著 的技术优势和市场表现。产品广泛应用于食品冷冻冷藏、冷链物流、冰雪运动场馆、工业冷冻系统等领 域。上半年低温制冷板块营收17.3亿元占比55%，暖通空调板块营收12亿元占比39%。公司为数据中心 提供一次侧冷源装备和热交换装置等冷却装备，顿汉布什公司的"变频离心式冷水机组"和"集成自然冷 却功能的风冷螺杆冷水机组"入选工信部《国家绿色数据中心先进适用技术产品目录》。冰轮换热技术 公司提供多种冷却设备，如蒸发式冷凝器、闭式冷却塔等。 2)莱特光电(长盛基金参与公司特定对象调研&现场参观&电话会议) 调研纪要：2025年上半年，莱特光电实现营业收入2.92亿元，同比增长18.84 ...

证券之星消息，根据市场公开信息及8月22日披露的机构调研信息，鑫元基金近期对2家上市公司进行了 调研，相关名单如下： 调研纪要：2025年上半年，奥普特实现营收68,255.79万元，同比增长30.68%，净利润14,599.73万元， 同比增长28.80%。公司智能机器人领域布局取得进展，成立机器人事业部，构建完整视觉解决方案体 系。视觉软件产品DeepVision3、SmartWorks和SciVision进行了多项技术升级。工业AI产品相关项目收 入达8,733万元，同比增长363.00%。公司积极开拓海外市场，与当地企业建立合作关系，举办系列生态 活动。2025年计划在国内及国际市场深化合作伙伴关系。机器视觉行业2025年市场规模有望突破210亿 元，2024-2028年复合增长率约20%。公司2025年度营业收入增长率不低于20%，净利润增长率不低于营 业收入增长率。 调研纪要：2025年上半年，中矿资源实现营业收入326,672.53万元，同比增长34.89%，但净利润 8,912.89万元，同比下降81.16%。稀有轻金属(铯、铷)板块表现亮眼，营收7.08亿元，同比增长 50.43%，毛利5. ...