证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-07-02 宏观策略 [Table_MacroStrategy] 宏观量化经济指数周报 20250630：内需延续结构分化，外需保持总量平 稳 货币政策对"资金空转"的关注度依然较高，仍然偏重提高资金使用效率 海外周报 20250629：特朗普《大美丽法案》开始闯关参议院 核心观点：本周以伊冲突与贸易谈判局势缓和令美股大涨，美联储理事 Waller 与 Bowman 的鸽派发言与经济数据走弱令美债利率大幅走低，10 年期美债利率下至 4.277%，美元指数下行至 97.4；黄金与原油价格在避 险情绪大幅降温的情况下分别下跌 2.79%和 12.56%。在美国部分批发商 "抢进口"行为告一段落后，本月分析师大幅上修 Q2 美国 GDP 增速预 期，同时维持美联储 Q3 首次降息，全年降息 2 次的预期不变。向前看， 特朗普《大美丽法案》本周已于参议院进入最终审议阶段，在于 8 月中 下旬来临的 X Date 前提高债务上限的需要或令法案最终通过的 "Deadline"为 7 月 31 日。 风险提示：特朗普政策超预期；美联储降息 幅度过大引发通胀反弹甚 ...

证券研究报告·公司深度研究·IT 服务Ⅱ 能科科技（603859） 工业软件和工业 AI 的领跑者，AI agent 打 造第二成长曲线 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,405 | 1,510 | 1,823 | 2,192 | 2,572 | | 同比（%） | 13.71 | 7.47 | 20.72 | 20.24 | 17.34 | | 归母净利润（百万元） | 226.02 | 191.73 | 253.72 | 316.40 | 393.72 | | 同比（%） | 13.98 | (15.17) | 32.33 | 24.71 | 24.44 | | EPS-最新摊薄（元/股） | 0.92 | 0.78 | 1.04 | 1.29 | 1.61 | | P/E（现价&最新摊薄） | 34.99 | 41.25 | 31.17 | 25.00 | 20.09 | [Table_T ...

工业 AI 加速渗透，AI 业务实现突破性增长 能科科技(603859) 股票研究 /[Table_Date] 2025.06.17 2025-06-17 计算机 [Table_Industry] /信息科技 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 38.97 本报告导读： 公司经营质量稳步提升，AI 产品与服务实现突破性增长，持续引领工业软件领域智 能化变革。 投资要点： 请务必阅读正文之后的免责条款部分 股 票 研 究 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 1,405 | 1,510 | 1,749 | 2,069 | 2,485 | | (+/-)% | 13.7% | 7.5% | 15.8% | 18.3% | 20.1% | | 净利润（归母） | 226 | 192 | 238 | 309 | 403 | | (+/-)% | 14.0% | -15.2% ...

[Table_Title] 证券研究报告 / 公司点评报告 Agent+机器人赋能工业智能化，看好自研产品发展 事件： [能科科技发布 Table_Summary] 2024 年年报&2025 年一季报。2025Q1 公司营业总收入 3.37 亿元，同比下降 16.65%，归母净利润 4899.28 万元，同比下降 12.07%；2024 年公司实现营业收入 15.10 亿元，同比增长 7.47%；实现 归母净利润 1.92 亿元，同比下降 15.17%。 点评： ➢ 短期业绩承压，看好公司自研产品更新带来的毛利率提升 1）2024 年公司实现营业收入 15.10 亿元，同比增长 7.47%；实现毛利 率 49.46%，增加 0.81 个百分点；实现归属于上市公司股东净利润 1.92 亿元，同比下降 15.17%；2025Q1 公司营业总收入 3.37 亿元，同比下 降 16.65%，归母净利润 4899.28 万元，同比下降 12.07%。公司构建了 完整的自研数智化产品线，涵盖"乐系列"和"灵系列"两大核心产 品体系，对应 2024 年毛利率提升 0.81pct，2025Q1 毛利率同比提升 3.72pc ...

Core Viewpoints - The company achieved a revenue of 1.51 billion in 2024, representing a year-on-year increase of 7.47%, while the net profit attributable to shareholders was 192 million, down 15.17% year-on-year [1] - The company is focusing on the development of its industrial software product matrix, with significant growth in AI business and a strong partner ecosystem for future growth [2][3] Revenue Breakdown - Cloud products and services generated a revenue of 458 million in 2024, up 6.68% year-on-year, with a comprehensive offering of 12 industry packages, 36 sub-applications, and 156 industrial components [2] - Software systems and services saw a revenue decline to 316 million in 2024, down 39.92% year-on-year, as the company integrated various software tools and systems to provide full-process system services [2] - Industrial engineering and electrical products and services achieved a revenue of 456 million in 2024, up 6.70% year-on-year, focusing on digital production lines and high-power frequency converter technology [2] AI Business Growth - The company launched the "Ling Series" AI agent product system, achieving a revenue of 273 million in 2024, a remarkable increase of 1255.99% year-on-year [3] - The company signed two major contracts worth over 100 million each in 2024, marking a significant breakthrough in its AI business [3] - The company is enhancing its collaboration with partners like Huawei to develop multi-scenario solutions, covering industries such as heavy equipment, automotive, high-tech electronics, and general machinery, serving over 3,000 clients [3] Future Projections - Revenue projections for 2025-2027 are estimated at 1.76 billion, 2.07 billion, and 2.34 billion respectively, with year-on-year growth rates of 16.6%, 17.3%, and 13.2% [4] - Earnings per share (EPS) are projected to be 1.05, 1.22, and 1.41 for the years 2025, 2026, and 2027 respectively [4]