中科创达 (300496 CH) 端侧 AI 布局持续深化 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 计算机应用 | 证券研究报告 中科创达公布 25 年一季报，25 年 Q1 实现营收 14.69 亿元（yoy+24.69%、 qoq-13.10%），归母净利 9257 万元（yoy+2.00%、qoq-63.77%），扣非净 利 8752 万元（yoy+2.48%、qoq+80.87%）。公司深度受益于端侧 AI 浪潮， 看好其在端侧智能领域的深度布局，维持"买入"。 把握整车操作系统智能化机遇 公司在智能汽车场景有着良好的业务基础，2025 年 4 月上海车展上，中科 创达正式发布面向中央计算的 AI 原生整车操作系统滴水 OS 1.0 Evo，通过 深度融合 AI 大模型技术，它赋予汽车自主交互决策能力，在中央计算层面， 系统采用舱驾融合+ZCU 虚拟化平台支持多域融合与算力高效调度，为整车 智能化奠定技术底座。随着中央计算架构普及与大模型上车成为行业共识， 公司智能汽车业务收入增速有望重回高增 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 52.97 yuan [6]. Core Viewpoints - The company has launched the AI-native vehicle operating system "滴水 OS 1.0 Evo," which integrates AI large model technology to enhance autonomous interaction and decision-making capabilities in vehicles [2][3]. - The operating system showcases three major breakthroughs in user experience: hyper-realism through advanced rendering and sound systems, hyper-intelligence via rapid response and high intent recognition, and a hyper-integrated ecosystem that consolidates global resources for automotive manufacturers [2]. - The company is deepening its layout in AI and edge intelligence, expanding into mobile robotics, AI glasses, and mixed reality applications, while increasing R&D investment to strengthen its technological advantages [3]. Financial Forecasts - The projected revenue for the company is expected to grow from 5,385 million yuan in 2024 to 7,134 million yuan in 2027, with growth rates of 2.7%, 9.5%, 9.8%, and 10.2% respectively [5][10]. - The net profit attributable to the parent company is forecasted to increase from 407 million yuan in 2024 to 968 million yuan in 2027, with growth rates of -12.6%, 35.6%, 45.5%, and 20.4% respectively [5][10]. - The earnings per share (EPS) is expected to rise from 0.89 yuan in 2024 to 2.10 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 60, 44, 30, and 25 [5][10].