Core Insights - The company reported a revenue of 2.331 billion yuan for 2024, a year-on-year increase of 4.62%, and a net profit attributable to shareholders of 156 million yuan, up 3.59% year-on-year [1] - In Q1 2025, the company achieved a revenue of 423 million yuan, a year-on-year growth of 4.33%, but reported a net loss attributable to shareholders of 8.33 million yuan [1] Revenue Performance - The company's revenue in mainland China for 2024 was 1.177 billion yuan, a slight increase of 1.92% year-on-year, impacted by weak downstream demand [2] - In Q1 2025, revenue from mainland China was 175 million yuan, showing a growth of 6.46% year-on-year [2] - Non-mainland China revenue for 2024 was 1.154 billion yuan, a year-on-year increase of 7.53%, with significant growth in AI business in Taiwan, which saw a 135.07% increase [2] - In Q1 2025, non-mainland revenue was 249 million yuan, a growth of 2.87% year-on-year, with a 7.08% increase when excluding exchange rate effects [2] Cost Management and Profitability - The company's gross margin for 2024 was 58.25%, a decrease of 3.65 percentage points year-on-year, primarily due to changes in product mix [3] - Sales and management expense ratios decreased by 1.34 and 1.21 percentage points respectively, while R&D expense ratio decreased by 2.86 percentage points due to a focus on digital intelligence investments [3] - The net profit margin for 2024 was 6.80%, only slightly down by 0.17 percentage points year-on-year, indicating stable profitability despite cost pressures [3] AI Development and Commercialization - The company is enhancing its AI capabilities and accelerating the commercialization of AI products, with significant upgrades to its AI platform and the development of multiple AI applications [4] - AI applications have shown substantial cost reductions, such as an 18% decrease in after-sales service costs for equipment manufacturers [4] - The integration of AI technology into PLM has significantly increased sales proportions and led to over 20% growth in contract amounts for R&D and design services [4] Investment Outlook - As a leading provider of smart manufacturing solutions, the company is expected to continue growing alongside the recovery of downstream industries, with overseas expansion and AI development opening up long-term growth opportunities [5] - EPS estimates for 2025-2027 are projected at 0.76, 0.93, and 1.17 yuan, with corresponding PE ratios of 49.1, 39.9, and 31.7 times [5]

Core Insights - The company reported a revenue of 2.331 billion yuan for 2024, representing a year-on-year growth of 4.62%, and a net profit attributable to shareholders of 156 million yuan, up 3.59% year-on-year [1] - In Q1 2025, the company achieved a revenue of 423 million yuan, an increase of 4.33% year-on-year, but reported a net profit of -8 million yuan, reflecting a 14.04% year-on-year growth in losses [2] Revenue Breakdown - For 2024, the company's self-developed smart software products generated revenue of 662 million yuan, a growth of 13.57% year-on-year; integrated smart hardware and software solutions achieved revenue of 555 million yuan, up 12.64% year-on-year; while smart technology services saw a revenue decline of 3.34% to 1.1114 billion yuan [2] - In 2024, revenue from mainland China was 1.177 billion yuan, a growth of 1.92% year-on-year, while revenue from non-mainland regions reached 1.154 billion yuan, growing by 7.53% year-on-year [2] - In Q1 2025, revenue from mainland China was 175 million yuan, up 6.46% year-on-year, and revenue from non-mainland regions was 249 million yuan, a growth of 2.87% year-on-year [2] R&D and Innovation - The company maintains a strong focus on R&D, with 1,743 R&D personnel, accounting for 34.08% of total employees, and R&D investment of 332 million yuan in 2024, reflecting a compound annual growth rate of 15.13% over the past five years [3] - The company launched the Dingjie multimodal large model and Agent development platform, enabling rapid construction of AI Agent applications for enterprises and ISV partners [3] - The integration of AI technologies has led to a 30% increase in average transaction value by enhancing product intelligence [3] Market Strategy - The company is leveraging policy benefits to upgrade resource allocation, focusing on domestic software localization and providing integrated solutions driven by AI and smart technologies [4] - In 2024, the company adjusted its operational strategy in mainland China to optimize resource allocation, targeting high-growth sectors such as low-altitude economy and AI [4] Financial Forecast - Revenue projections for 2025-2027 are 2.669 billion yuan, 3.067 billion yuan, and 3.465 billion yuan, with year-on-year growth rates of 14.52%, 14.90%, and 25.05% respectively; net profit forecasts are 202 million yuan, 269 million yuan, and 336 million yuan, with growth rates of 29.95%, 32.88%, and 25.05% respectively [5] - The company's current price corresponds to a PE ratio of 50.05, 37.67, and 30.12 for 2025-2027 [5]

事件概述 近日，鼎捷数智发布《2024 年年度报告》和《2025 年一季度报告》。 鼎捷数智是国内工业软件领域的领先企业，在中国台湾地区积累了深厚的理论和实践经验，长期深耕制 造业数智化转型和AI 应用落地，。 我们预计公司2025 年-2027 年的营业收入分别为25.89/29.03/33.09亿元，归母净利润分别为2.01/2.49/2.94 亿元。维持买入-A 投资评级，6 个月目标价44.50 元，相当于2025 年60 倍的动态市盈率。 风险提示： 分业务领域来看，公司已全面覆盖工业软件的四大类别，包括研发设计类、数字化管理类、生产控制类 及AIoT 类，可以为客户提供全方位的产品研发、咨询规划及价值交付服务。其中，公司研发设计业务 2024 年收入1.52 亿元，同比增长23.33%，发布的业内首款融入AI技术的PLM 产品全生命周期管理系 统，通过多轮验证、迭代，已完成数十家客户部署应用；公司AIoT 业务2024 年收入6.31 亿元，同比增 长22.04%，在车间物联网数智化升级、工业装备数智化升级和整厂、整线自动化规划等场景持续拓展 市场。 雅典娜平台和AI Agent 产品打开公司成长 ...

2025 年 05 月 06 日 鼎捷数智(300378.SZ) 以雅典娜平台和 AI Agent 产品拥抱数智化时代 事件概述 近日，鼎捷数智发布《2024 年年度报告》和《2025 年一季度报告》。 2024 年，公司实现营业总收入 23.31 亿元，同比增长 4.62%；归母净 利润 1.56 亿元，同比增长 3.59%；扣非归母净利润 1.38 亿元，同比 增长 13.18%。2025 年 Q1 公司实现营收 4.23 亿元，同比增长 4.33%， 归母净利润-833.31 万元，同比增长 14.04%；扣非归母净利润-951.55 万元，同比增长 31.92%。 | 基础软件及管理办公软件 | | | --- | --- | | 投资评级 | 买入-A 维持评级 | | 6 个月目标价 | 44.50 元 | | 股价 (2025-04-30) | 37.85 元 | | 交易数据 | | | 总市值(百万元) | 10,272.22 | | 流通市值(百万元) | 10,196.05 | | 总股本(百万股) | 271.39 | | 流通股本(百万股) | 269.38 | | 12 个月价格区 ...