Group 1: Company Overview and Strategy - The company has been focusing on the smart automotive sector since 2013, acquiring Rightware in 2017 to enhance its UI development tools for smart cockpits [3] - In 2025, AI is expected to redefine the automotive industry, transitioning from hardware-driven to AI-driven ecosystems [3] - The company aims to provide an integrated solution with "AIOS + AIBOX," creating a closed loop from software architecture to hardware support [3] Group 2: Product Innovations - The "滴水 AIOS" redefines the smart cockpit operating system, utilizing an AI-native architecture for dynamic resource management and seamless cloud integration [3] - The AIBOX, equipped with NVIDIA Drive AGX chips, offers up to 200 TOPS of AI computing power and 205 GB/s bandwidth, enabling smooth operation of large models [3][6] - The AI cockpit, built on Snapdragon Ride platform, features a 14B parameter model with a response time under 500ms, enhancing human-machine interaction [4] Group 3: Global Expansion and Market Strategy - The company has established a global R&D team across 16 countries, enhancing its ability to respond to local market needs [4] - The AIOS supports both domestic and international application ecosystems, aiding Chinese automotive manufacturers in their global strategies [4] Group 4: IoT and AI Applications - The IoT business has rapidly expanded, covering handheld devices, smart vision, edge computing, and AI glasses, among others [4][5] - The TurboXAI glasses utilize Qualcomm's Wear5100+MCU, providing millisecond-level response times and various functionalities [5] Group 5: Collaborations and Partnerships - The company has partnered with Volcano Engine since 2024, developing a comprehensive solution for the smart automotive sector [5] - The collaboration has led to the creation of an AI cockpit solution that integrates real-time cloud and vehicle communication, achieving a 500ms voice feedback response [5] Group 6: Robotics and Future Trends - The company is advancing its mobile robotics products, focusing on logistics and manufacturing sectors, with successful implementations in major global enterprises [6] - By mid-2025, the robotics products have been deployed in various industries, including automotive parts and logistics, with a growing presence in international markets [6]

Group 1: Financial Performance - In H1 2025, the company reported revenue of 3.299 billion yuan, a year-on-year increase of 37.4%, and a net profit attributable to shareholders of 158 million yuan, up 51.8% year-on-year [1] - In Q2 2025, revenue reached 1.831 billion yuan, reflecting a year-on-year growth of 49.7%, while net profit attributable to shareholders surged to 66 million yuan, a remarkable increase of 384.2% year-on-year [1] Group 2: Business Segments - The smart IoT business experienced significant growth, with revenue of 1.270 billion yuan in H1 2025, representing a year-on-year increase of 136.1%. This growth was driven by enhanced delivery capabilities in diverse handheld terminals and deep integration of AI technology [1] - The smart automotive segment generated revenue of 1.189 billion yuan in H1 2025, marking a year-on-year increase of 7.9%. The company introduced the AI-native vehicle operating system, Drip OS, aimed at becoming the intelligent core of vehicles in the AI era [2] - The smart software segment saw revenue of 841 million yuan in H1 2025, reflecting a year-on-year growth of 10.5%, continuing the recovery trend since Q4 2024 [2] Group 3: International Expansion - The company's overseas revenue reached 1.558 billion yuan in H1 2025, a year-on-year increase of 81.4%, with revenue from Europe and America alone surging by 151.1% to 1.105 billion yuan [3] - The demand for automotive intelligence and IoT solutions in overseas markets is robust, and the company supports enterprises in their global expansion through a "globalization + localization" strategy [3] Group 4: Future Outlook - The overall gross margin is under pressure, with revised forecasts predicting a gross margin of 35.0% for 2025 and 35.1% for 2026, down from previous estimates of 37.4% and 37.8% respectively [3] - Revenue forecasts for 2025 and 2026 have been adjusted to 6.402 billion yuan and 7.047 billion yuan, respectively, with net profit forecasts of 510 million yuan and 618 million yuan [3] - The company is expected to enter an operational upcycle, maintaining an "overweight" rating [3]

Core Viewpoint - The company, Zhongke Chuangda Software Co., Ltd., has demonstrated significant growth in revenue and net profit in the first half of 2025, driven by advancements in artificial intelligence and its strategic focus on edge intelligence [2]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 3.299 billion yuan, representing a year-on-year increase of 37.44% [2]. - The net profit attributable to shareholders was 158 million yuan, marking a year-on-year growth of 51.84% [2]. - Revenue from the intelligent software business line was 841 million yuan, up 10.52% [2]. - The intelligent automotive business line generated 1.189 billion yuan, an increase of 7.85% [2]. - The intelligent IoT business line saw a remarkable revenue of 1.270 billion yuan, growing by 136.14% [2]. - Revenue from the China region was 1.742 billion yuan, up 12.96%, while overseas revenue reached 1.558 billion yuan, growing by 81.41% [2]. Group 2: Strategic Focus and Business Development - The company is transitioning to become a provider of operating systems and edge intelligence products, leveraging advancements in AI and AIGC technologies [3]. - The AI mobile phone integrates AI functionalities, enhancing edge computing capabilities [3]. - The intelligent automotive sector features the Drip OS, which incorporates AI models for autonomous decision-making and improved user interaction [3]. - The IoT business has developed various vertical categories, including handheld devices and smart vision, and is building an AIoT platform [3]. - The company is committed to deepening its core strategy in edge intelligence and expanding its global market presence in the second half of 2025 [2]. Group 3: Business Model and Innovation - The IoT business model focuses on software-centric integrated product sales, including software and hardware integration, design services, and software licensing [4]. - The company aims to enhance the value of software in IoT hardware as edge intelligence applications grow [4]. - Collaborations with partners like Huoshan Engine and Mianbi Intelligent are aimed at improving AI cockpit interaction experiences [4]. - The acquisition of T2M is expected to enhance service offerings in the Android operating system development and client resources [4]. - The company is actively developing AMR robots for logistics and manufacturing, with projects already implemented in several Fortune 500 companies [4].

证券研究报告 | 2025年05月08日 中科创达（300496.SZ） 优于大市 业绩维持健康稳定，深化端侧 AI 战略布局 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,242 | 5,385 | 6,286 | 7,530 | 9,036 | | (+/-%) | -3.7% | 2.7% | 16.7% | 19.8% | 20.0% | | 归母净利润(百万元) | 466 | 407 | 505 | 641 | 896 | 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 公司研究·财报点评 计算机·软件开发 24 年业绩总体稳定，25Q1 实现改善。根据公司年报，2024 年公司主营收入 53.85 亿元，同比上升 2.72%；归母净利润 4.07 亿元，同比下降 12.6%；扣 非净利润 1.75 亿元，同比下降 48.49%。2025 年 Q1 公司主营收入 14.69 亿 元，同比增长 24.69%；归母净利润 0.93 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][11]. Core Views - The company's performance remains stable with a focus on deepening its edge AI strategy. In 2024, the main revenue is projected to be 5.385 billion yuan, a year-on-year increase of 2.72%, while the net profit attributable to shareholders is expected to be 407 million yuan, a decrease of 12.6% [1][9]. - The company is enhancing cost control and maintaining high R&D investment to lay the groundwork for future growth. In 2024, the R&D expense ratio is 19.10%, reflecting an increase of 8.16% year-on-year [1][9]. - The smart IoT business is recovering, while the smart automotive business is experiencing a slowdown due to industry adjustments. The smart IoT business achieved revenue of 1.545 billion yuan, a year-on-year increase of 3.73% [2][9]. Summary by Sections Financial Performance - In 2024, the company expects main revenue of 5.385 billion yuan, a 2.72% increase year-on-year, and a net profit of 407 million yuan, down 12.6% [1][9]. - For Q1 2025, the main revenue is 1.469 billion yuan, a 24.69% increase year-on-year, with a net profit of 93 million yuan, up 2.48% [1][9]. Business Segments - The smart phone segment generated revenue of 1.423 billion yuan, a 0.49% increase year-on-year. The smart automotive segment saw revenue of 2.416 billion yuan, a 3.42% increase, while the smart IoT segment achieved 1.545 billion yuan, a 3.73% increase [2][9]. Strategic Initiatives - The company is focusing on building a differentiated competitive advantage through technology integration and ecosystem collaboration. In the smart automotive sector, the self-developed Drip OS is positioned as a core technology for central computing evolution [3][4]. - The company is also developing innovative terminals in the consumer electronics field and creating an edge AI development platform in collaboration with Qualcomm and Microsoft [3][4].