股票研究 /[Table_Date] 2025.07.17 2025-07-17 利润端开花结果，构筑全链路研发体系 科远智慧(002380) [Table_Industry] 资本货物/工业 [Table_Report] | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,407 | 1,682 | 2,214 | 2,770 | 3,230 | | (+/-)% | 21.9% | 19.6% | 31.6% | 25.1% | 16.6% | | 净利润(归母) | 161 | 252 | 304 | 416 | 495 | | (+/-)% | 137.1% | 56.6% | 20.7% | 37.0% | 18.9% | | 每股净收益(元) | 0.67 | 1.05 | 1.27 | 1.73 | 2.06 | | 净资产收益率(%) | 8.2% | 11.3% | 12.1% | 14.3% | 14.6 ...

Core Viewpoint - The company, Koyuan Smart, is expected to maintain strong performance and long-term growth potential driven by its multi-national certifications, comprehensive technology R&D system, platform-based products, and decentralized channels [1]. Investment Highlights - The investment recommendation is to maintain a "Buy" rating, with the target price raised to 31.66 yuan (+0.98). The projected EPS for 2025-2027 is 1.27 (-0.21), 1.73 (-0.22), and 2.06 yuan respectively. The average PE for comparable companies in 2025 is estimated at 26.79X. Given the company's focus on control systems and continuous expansion in the industrial internet product matrix, it is expected to sustain high growth, justifying a 25x PE for 2025, leading to the target price of 31.66 yuan [2]. - In 2024, Koyuan Smart achieved total revenue of 1.682 billion yuan, a year-on-year increase of 19.55%, with a net profit attributable to shareholders of 252 million yuan, marking a significant growth of 56.64% compared to 2023. In Q1 2025, the company reported revenue of 420 million yuan, a year-on-year increase of 14.60%, and a net profit of 61 million yuan, reflecting a 42.30% increase, showcasing its technological breakthroughs and ability to leverage policy benefits for enhanced profitability [2]. Technological and Market Positioning - The company has established a technological ecological barrier through multiple national certifications and a comprehensive technology R&D system. As a national-level manufacturing champion and a key high-tech enterprise, it holds certifications such as ISO 9001/45001/14001 and CMMI Level 5, demonstrating its credibility in the industrial intelligence sector. The company integrates cutting-edge technologies like AI, large models, and real-time databases, with R&D investment accounting for 10.44% in 2024, adding 16 new patents and holding a total of 236 effective patents [3]. - Koyuan Smart focuses on platform-based products and decentralized channels to efficiently convert technological advantages into market penetration. The company has built an IT/OT integrated platform that deeply merges industrial automation systems with industrial software, providing full lifecycle services from planning to operation for traditional industries. Its marketing network, covering 17 divisions nationwide, enhances customer loyalty and market share, accelerating the large-scale implementation of smart manufacturing solutions [3].