中科创达 20250829.docx AceCamp AI 2025-08-30 摘要 中科创达坚持软硬一体化方案，深耕物联网领域，已形成基于不同芯片 计算架构、端边云结合 AI 能力、多场景赋能的平台化解决方案，覆盖手 持终端设备、边缘计算、AI 会议视频系统等多个产品类别，推动物联网 业务快速发展。 中科创达发布首个中央计算的 AI 原生系统滴水 OS，整合大模型能力与 汽车交互，涵盖座舱和驾驶版本，强调仓架融合趋势，并与字节跳动合 作，实现 50 毫秒级别语音反馈及多模态识别能力，推动汽车产业向端 云结合、AI 驱动发展。 端侧物联网业务上半年营收 12.7 亿元，主要包括手持终端设备、边缘 计算和 AI 等品类，通过整合边缘计算等技术提供打包方案，满足工业、 物流等行业需求，有效拓展客户和产业。 创通联达作为中科创达与高通合作公司，是中科创达整体平台能力的一 部分，通过整合供应链、技术和客户资源，加强中科创达整体的物联网 平台能力，提供端到端的交付，促进量产出货。 Q&A 中科创达在 2025 年上半年业绩表现如何，特别是物联网业务方面？ 2025 年上半年，中科创达的整体业务表现非常出色，尤其是在物 ...

Financial Performance - The company achieved a revenue of 3.299 billion yuan, representing a growth of 37.44% compared to the previous year [4] - The net profit attributable to shareholders was 158 million yuan, an increase of 51.84% year-on-year [4] - Revenue from the intelligent software business line was 841 million yuan, up 10.52% [4] - Revenue from the intelligent automotive business line reached 1.189 billion yuan, growing by 7.85% [4] - The intelligent IoT business line saw a significant increase in revenue to 1.270 billion yuan, marking a growth of 136.14% [4] Regional Revenue Breakdown - Revenue from China was 1.742 billion yuan, a growth of 12.96% [4] - Revenue from overseas markets (Europe, America, Japan, etc.) was 1.558 billion yuan, with a substantial increase of 81.41% [4] Strategic Focus - The company will continue to strengthen its core strategy in edge intelligence and explore opportunities in the AI-defined automotive sector [4] - Plans to expand global market outreach and enhance product innovation in edge intelligence [4] AI and IoT Integration - The company is integrating AI technologies with IoT, focusing on natural language interaction and personalized device interactions [6] - The AIoT platform combines core computing infrastructure with edge intelligence, targeting various vertical industries [6] Automotive Industry Trends - The automotive industry is transitioning towards AI-driven ecosystems, with AI applications expanding beyond driving systems to design, production, and operation [7] - The company is developing the "滴水 OS" (Drip OS), a central computing AI-native vehicle operating system, to enhance vehicle intelligence [7] Product Innovations - The company launched the TurboX AI glasses, featuring millisecond-level response times and various AI capabilities [8] - New AMR robots have been developed for logistics and manufacturing, with successful implementations in several Fortune 500 companies [13] Global Market Strategy - The company is committed to a global strategy, leveraging China's market advantages while expanding into Europe, North America, and Southeast Asia [13] - The company aims to provide a comprehensive IoT platform for overseas clients, addressing the challenges of fragmentation in the market [13]

Financial Performance - In 2024, the company's net profit attributable to shareholders was 407 million yuan, a decrease of 12.60% year-on-year, primarily due to a decline in gross margin and increased R&D investment [3][5] - The gross margin decreased by 2.66 percentage points, resulting in a reduction of gross profit by 90.63 million yuan compared to the previous year [5] - R&D expenses increased by 77.52 million yuan, a year-on-year growth of 8.16% [5] - In the second half of 2024, net profit increased by 190.4% compared to the first half, with Q4 net profit showing a year-on-year growth of 282.76% and a quarter-on-quarter growth of 436.76% [3][5] Revenue Breakdown - The smart automotive business generated revenue of 2.416 billion yuan, a growth of 3.42% year-on-year [2][6] - The smart IoT business achieved revenue of 1.545 billion yuan, with a growth of 3.73% year-on-year [2] - The smart software business reported revenue of 1.422 billion yuan, reflecting a modest growth of 0.49% year-on-year [2] Market Expansion and Strategy - The company plans to continue expanding its global market presence, with R&D centers established in 16 countries [5][6] - Future growth strategies include enhancing the smart cockpit and intelligent driving platforms while promoting the core operating system "Drip OS" [6][7] - The company aims to leverage the opportunities presented by the AI industry and edge intelligence to drive innovation in its product offerings [4][6] Product Development and Innovation - The latest version of the "Drip OS" was launched at the Beijing Auto Show, marking a significant technological leap into a fully AI-driven era [3][6] - The company is focusing on integrating AI technologies into its product lines, including mobile robots and smart automotive systems [4][7] - Continuous investment in R&D is planned to meet the evolving demands of the market and to solidify the company's competitive edge [5][6] Dividend Policy - The company plans to distribute a cash dividend of 0.58 yuan per 10 shares to all shareholders in 2024, maintaining a consistent cash dividend policy since its listing [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][10]. Core Views - The company has shown continuous improvement in performance, with a focus on edge intelligence as a new growth driver [1][4]. - The automotive sector has become a stable revenue source, despite facing increased competition and longer acceptance cycles from manufacturers [2][3]. - The company's software capabilities and open ecosystem are expected to help mitigate risks and create differentiated competitive advantages [10]. Financial Performance Summary - In 2024, the company achieved revenue of 5.385 billion yuan (up 2.72% YoY), net profit attributable to shareholders of 407 million yuan (down 12.60% YoY), and net profit after deducting non-recurring gains and losses of 175 million yuan (down 48.49% YoY) [1][11]. - The fourth quarter saw significant improvements, with revenue of 1.690 billion yuan (up 23.76% YoY, up 30.67% QoQ) and net profit attributable to shareholders of 255 million yuan (up 282.76% YoY, up 436.76% QoQ) [1][2]. - The automotive, mobile, and IoT business lines generated revenues of 2.416 billion yuan (up 3.42% YoY), 1.423 billion yuan (up 0.49% YoY), and 1.545 billion yuan (up 3.73% YoY) respectively [2]. Business Segment Analysis - The company is focusing on the development of its "Drip OS" for vehicles, which integrates central computing architecture and AI applications, enhancing collaboration with industry partners [3][4]. - The edge intelligence sector is expanding into robotics, AI glasses, mixed reality, AI PCs, and innovative AI hardware, with products gradually being implemented in various industries [4][10]. - The company has established partnerships with major players like Qualcomm and Microsoft to enhance its AI ecosystem [4][10]. Profitability Forecast - The company is projected to achieve net profits of 444 million yuan, 553 million yuan, and 668 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 55, 44, and 36 [10][11].