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 ...

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 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 亿元，同比增长 2.48%；扣非净利 润 0.88 亿元，同比增长 2.48%。 费用管控持续深化，高研发投入布局未来。24 年公司销售/管理/研发费用率 为 3.71%/8.88%/19.10%，同比+0.4%/-2.86%/+8.16%。销售、管理费用得到 有效控制，研发费用维持较高水平主要是由于公司持续加大在智能汽车操作 系统、物联网等核心技术的研发投入，但其增速较 23 年也有所放缓。25Q1 费用控制进一步优化，销售/管理/研发费用率为 3.54%/9.37%/19.20%，同比 -0.76%/-0.25%/-2.17%。 智能物联网业务回暖，智能汽车业 ...

Core Insights - The 2025 Shanghai Auto Show highlights the transformation of the automotive industry, showcasing innovations in the parts sector driven by electrification, intelligence, and globalization [2][3] - The event reflects the automotive supply chain's cross-domain collaboration and the industry's diverse and global landscape [2][3] - The shift from hardware-dominated to software-defined vehicles marks a fundamental change in industry logic, with software becoming a key factor in defining automotive product capabilities [3][4] Industry Trends - The dual drive of electrification and intelligence is the core theme of the 2025 Shanghai Auto Show, with a significant increase in the number of exhibitors showcasing new technologies and products [3][5] - The automotive software market is projected to reach $55 billion by 2025, with over-the-air upgrades, smart cockpit interactions, and autonomous driving algorithms as the main growth areas [6] - AI technology is increasingly integrated into vehicles, enhancing their capabilities and transforming them into mobile smart terminals [4][6] Company Strategies - Foreign parts manufacturers are shifting from unilateral technology output to deep ecological integration, focusing on localizing technology implementation [9][12] - Bosch aims to leverage software and technological innovations to empower smart mobility, with a projected 4% sales growth in China for 2024, reaching 116.6 billion yuan [9] - Continental Group plans to list its automotive subgroup AUMOVIO, emphasizing its commitment to the Chinese market and local innovation [10][11] Emerging Technologies - The integration of AI and automotive technology is reshaping the collaboration model among people, vehicles, roads, and clouds, positioning smart vehicles as essential components of a smart lifestyle [4][5] - New products such as the R-UniAD technology from SenseTime and the advanced chip platforms from Black Sesame are pushing the boundaries of autonomous driving capabilities [7][6] - The introduction of immersive smart cockpit solutions and multi-modal technologies is enhancing user experience and safety in vehicles [8][6] Market Dynamics - The presence of over 300 exhibitors, including major international tech companies, indicates a significant shift in the automotive market landscape, with parts manufacturers taking center stage [13][15] - The competition in the automotive industry is evolving from hardware breakthroughs to collaborative innovation across the entire supply chain [5][12] - The 2025 Shanghai Auto Show serves as a critical observation point for the ongoing transformation in the automotive value chain, with a notable shift towards electrification and intelligence [16]

Core Viewpoint - The company reported a solid revenue growth in Q1 2025, but profit growth was hindered by increased R&D and sales expenses, indicating a focus on long-term innovation and market expansion [1][3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.469 billion yuan, a year-over-year increase of 24.69% [1] - The net profit attributable to shareholders was 93 million yuan, reflecting a year-over-year growth of 2.00% [1] - The net profit after deducting non-recurring items was 88 million yuan, with a year-over-year increase of 2.48% [1] - Operating cash flow was 122 million yuan, showing a decline of 25.44% year-over-year [1] Product Development - The company launched three major products at the Thunder World 2025 conference, enhancing its smart ecosystem [2] - The products include Drip Water OS1.0 Evo, TurboX AI glasses, and new forklift models in the AMR sector, showcasing advancements in smart automotive, XR devices, and industrial automation [2] Strategic Partnerships - The company signed a strategic cooperation framework agreement with Hyundai to advance smart cockpit platform development [3] - Collaborations with ETAS, 面壁智能, and 瑞萨电子 aim to enhance safety and functionality in automotive solutions [3] - In the IoT sector, a partnership with Consult Red is set to expand global market reach [3] Investment Outlook - The company is viewed positively under its "Operating System + Edge Intelligence" strategy, with expectations for significant growth in smart automotive, robotics, and smart terminal sectors [3] - Projected net profits for 2025-2027 are 553 million, 803 million, and 967 million yuan, with corresponding P/E ratios of 45X, 31X, and 26X [3]

Financial Performance - The company achieved a revenue of 3.53 billion CNY in 2024, representing a growth of 2.72% compared to the previous year [3] - The smart software business line generated revenue of 1.42 billion CNY, an increase of 0.49% year-on-year [3] - The smart automotive business line reported revenue of 2.42 billion CNY, growing by 3.42% [3] - The smart IoT business line earned 1.55 billion CNY, reflecting a growth of 3.73% [3] - Net profit attributable to shareholders was 407 million CNY, a decrease of 12.60% year-on-year [3] Regional Performance - Revenue from China decreased by 2.73% to 3.43 billion CNY [3] - Revenue from overseas markets (Europe, Japan, etc.) increased by 13.87% to 1.96 billion CNY [3] R&D Investment - R&D expenses increased by 8.16% to 77.52 million CNY, focusing on core technologies in edge intelligence [4] Future Outlook - The company plans to enhance core business and focus on high-growth areas in 2025 [4] - Global market expansion is a priority, with R&D centers established in 16 countries [4] - Continued investment in cutting-edge technologies and innovative applications is planned [4] Operational Efficiency - Significant improvement in operational efficiency is expected in the second half of 2024, with a projected revenue growth of 24.29% compared to the first half [4] - Net profit is anticipated to increase by 190.4% in the same period [4] AI and Edge Intelligence - The company is leveraging AI advancements to enhance software development and operational efficiency [6] - Collaboration with major AI model vendors is deepening, aiming to innovate in edge intelligence applications [5] - The integration of AI capabilities into operating systems and applications is becoming more prevalent, driving new embedded application scenarios [5] Market Trends - The AI industry is rapidly evolving, presenting significant opportunities for the company [8] - The shift towards edge intelligence is accelerating, with a focus on integrating AI into various devices and applications [9] - The company is positioned to capitalize on the growing demand for AI-driven solutions across multiple sectors [9]

Core Viewpoint - The launch of the AI-native vehicle operating system, Drip OS 1.0 Evo, by the company marks a significant advancement in automotive intelligence, integrating AI large model technology to enhance vehicle interaction and decision-making capabilities [1][2]. Group 1: Product Launch and Features - Drip OS 1.0 Evo was publicly unveiled at the 2025 Shanghai Auto Show, representing a year of iterative upgrades and a breakthrough in the automotive intelligence sector [1]. - The operating system features three major breakthroughs: ultra-realistic immersive cockpit experience, ultra-intelligent rapid response and high intent recognition, and a super-integrated ecosystem that consolidates global resources for mass production development [2]. Group 2: Strategic Development and Market Position - The company is deepening its focus on AI and edge intelligence, promoting the integration of AI large models with the automotive industry, and expanding into mobile robotics and smart devices [3]. - Collaborations with partners like Volcano Engine and HERE are enhancing the ecosystem by integrating chips, operating systems, and AI technologies, while also ensuring compliance in technology development and data usage [3]. Group 3: Financial Projections - The company projects net profits for 2025, 2026, and 2027 to be 553 million, 804 million, and 968 million yuan respectively, with corresponding price-to-earnings ratios of 44X, 30X, and 25X [4].

Core Insights - The launch of "滴水OS1.0Evo" by 中科创达 is a significant milestone in the automotive industry, marking a shift towards a "central computing + large model" era for global car manufacturers [1][13] - The operating system integrates generative AI capabilities into the vehicle's underlying systems, enabling cars to possess autonomous perception, decision-making, and learning abilities [2][4] Technological Advancements - The AI-native architecture of 滴水OS1.0Evo redefines the interaction logic of vehicles, transforming them from mere transportation tools into intelligent partners for users [2][4] - The system features a collaborative architecture that enhances the computational power of mainstream chip platforms, leading to a comprehensive reconstruction of smart cockpit systems [6][10] User Experience Innovations - 滴水OS1.0Evo achieves breakthroughs in three dimensions: - "超真实" (Ultra-Realistic) with over 6.5 million high-precision renderings and real-time lighting effects, creating an immersive smart cockpit experience [8] - "超智能" (Ultra-Smart) with a response time of under 500 milliseconds and over 95% intent recognition accuracy, covering more than 50 cockpit intent domains [10] - "超融合生态" (Ultra-Fusion Ecosystem) by integrating global resources to create a standardized, modular development platform for automakers [11] Industry Implications - 滴水OS1.0Evo is positioned as a key element in 中科创达's global strategy, facilitating seamless connections for Chinese automakers in overseas markets [13] - The company emphasizes a non-dominant approach, allowing automakers to retain customization options while joining the 滴水OS ecosystem, which is attracting more traditional car manufacturers [15] - The release of 滴水OS1.0Evo signifies a deeper industry transformation, with automotive operating systems moving to the forefront of value creation as software-defined vehicles become increasingly prevalent [15]

最火热的汽车市场是中国，必须置身其中。 这种策略在注重能耗的移动时代遇到了麻烦，紧凑的手机无法提供持续的电量与散热。好消息是，英特尔 等来了背着几十度大电池的电动汽车。 2024 年的 CES（消费电子展）上，英特尔汽车业务总经理杰克·维斯特（Jack Weast）在发布会上问 CEO 帕特里克·格尔辛格 (Patrick P. Gelsinger) 的第一个问题是：如何让行业相信，英特尔接下来会持续投入汽 车业务？ 这是英特尔时隔多年再次将汽车业务作为重点向公众介绍。在此之前，英特尔其实已在汽车市场布局多 年，从最早的燃油车座舱系统、到收购 Mobileye 进军智能驾驶，但并未形成持续的、明确的战略。对于 英特尔这样的科技巨头来说，让客户相信它会持续投入，是比技术能力本身更重要的问题。 对此，CEO 基辛格说，英特尔已经在汽车市场已经进进出出多次，汽车这个市场非常大，英特尔有技术能 力、有芯片、有代工厂，有足够的理由去承诺将会持续投入汽车市场，不只是在今天，而是未来的数十 年。 英特尔选择加注智能电动车最蓬勃的市场——中国，汽车业务总部设在了北京，总经理维斯特也身先士 卒，全家都搬到了北京。在此之前，他已 ...