证券研究报告 计算机 报告日期：2025 年 08 月 28 日 AI 驱动收入增长，Agent 产品有望加速落地 ——能科科技（603859.SH）2025 年中报业绩点评报告 华龙证券研究所 最近一年走势 | 当前价格（元） | 53.02 | | --- | --- | | 52 周价格区间（元） | 13.28-53.02 | | 总市值（百万元） | 12,973.87 | | 流通市值（百万元） | 12,973.87 | | 总股本（万股） | 24,469.77 | | 流通股（万股） | 24,469.77 | | 近一月换手（%） | 142.53 | 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 联系人：朱凌萱 执业证书编号：S0230124010005 邮箱：zhulx@hlzq.com 事件： 投资评级：增持（首次覆盖） 能科科技于 2025 年 8 月 26 日公布 2025 年中报。报告期内，公 司实现总营业收入 7.38 亿元，同比增长 4.91%；实现归母净利润 1.11 亿元，同比增长 18.75%。 观点： 请认真阅读文后 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of its stock [11]. Core Insights - The company is committed to an "All in AI" strategy, focusing on industrial AI and software to support digital transformation in industrial enterprises [4][6]. - The company aims for significant growth in AI revenue, targeting a growth rate of no less than 30% in 2025, 70% in 2026, and 120% in 2027, based on a 2024 revenue of 273 million yuan from AI products and services [4][11]. - The company has established a strong foundation in AI product and service offerings, with a focus on three main categories: AI+ embodied product intelligence, AI+ industrial manufacturing scenario intelligence, and industrial software + AI assistants [6][8]. Financial Performance - In Q1 2025, the company reported revenue of 337 million yuan, a year-on-year decrease of 16.65%, with a net profit of 49 million yuan, down 12.07% [5]. - The gross margin was 55.10%, an increase of 7.24% year-on-year, while the net margin was 23.12%, up 2.68 percentage points year-on-year [5]. - The company forecasts revenues of 1.768 billion yuan in 2025, 2.083 billion yuan in 2026, and 2.388 billion yuan in 2027, with corresponding EPS of 1.01, 1.23, and 1.46 yuan [11][14]. Strategic Partnerships - The company has a close collaboration with Huawei, leveraging its products to enhance digital transformation for manufacturing enterprises [10]. - The partnership has led to the development of applications that integrate design, process, and manufacturing, providing comprehensive digital management solutions for various industries [10]. Market Position - The company has a deep understanding of the manufacturing industry, built over 20 years, which enhances its ability to meet customer needs [8]. - It has a robust ecosystem of partnerships with leading computing and model manufacturers, facilitating product and market integration [8].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next six months [6]. Core Insights - The company is experiencing short-term performance pressure but is expected to benefit from the improvement in gross margins due to the updates in its self-developed products [2][3]. - The company has established a comprehensive self-developed digital product line, which includes the "Le Series" and "Ling Series" product systems, contributing to a gross margin increase of 0.81 percentage points in 2024 and a 3.72 percentage points increase in Q1 2025 [2]. - The company is deepening collaborations with major firms like Huawei and Siemens to enhance its AI and robotics capabilities, focusing on developing multi-scenario solutions for key industry areas [3]. Financial Summary - In 2024, the company achieved a total revenue of 1.51 billion yuan, a year-on-year increase of 7.47%, with a gross margin of 49.46% [2][5]. - The net profit attributable to shareholders for 2024 was 192 million yuan, a decrease of 15.17% compared to the previous year [5]. - Revenue projections for 2025 to 2027 are 1.73 billion yuan, 2.03 billion yuan, and 2.41 billion yuan respectively, with net profits expected to be 230 million yuan, 292 million yuan, and 359 million yuan [3][5].

➢ 事件：近日，能科科技发布 2024 年年度报告及 2025 年一季度报告。2024 年，公司实现营业收入 15.10 亿元，同比增长 7.47%；归母净利润 1.92 亿元， 同比下降 15.17%；经营活动现金流净额 5.19 亿元，同比增长 64.87%。2025 年一季度，公司实现营业收入 3.37 亿元，归母净利润 0.49 亿元。 ➢ AI 产品与服务收入突破性增长，"灵系列"产品推动 AI Agent 落地应用。 2024 年，公司 AI 产品与服务实现营收 2.73 亿元，同比增长 1255.99%；毛利 率 39.32%，同比增加 14.43pct。公司加大布局 AI 和数据的应用开发，通过整 合和管理相关资源，打造了"灵系列"AI agent 产品体系，实现了在机器人训推、 汽车产品设计优化和高端装备 AI 质检等场景下 AI agent 的研发和应用。公司 2024 年签署了"AI 大模型、软件工具链及私有云建设项目"和"大模型场景化 应用合同"两个亿元级项目，AI 技术能力实现落地应用、AI 业务实现重大突破。 ➢ 工业软件产品矩阵持续扩展，主营业务稳步发展。1）云产品与服务：202 ...