Group 1 - The core viewpoint of the articles highlights the successful hosting of the Dingjie Smart 2025 Digital Future Summit, which gathered nearly 1,000 participants to discuss the acceleration of AI in driving business scenarios and productivity innovation [1] - The company is leveraging its multi-modal large model and Agent development platform to empower enterprises and ISV partners to quickly build AI Agent applications, integrating capabilities from various general large models [2] - Dingjie Smart has established a collaborative initiative with Wuhan City and Huazhong University of Science and Technology to promote the integration of the digital economy industry [2] Group 2 - The chip manufacturing industry is seeing strengthened advantages, with successful implementations in automotive parts and other sectors, showcasing replicable benchmark cases across various industries [3] - Dingjie Smart has deepened cooperation with semiconductor packaging company Zhongke Zhixin, implementing a series of digital solutions, and has also introduced its PLM system to IC design company Jichuang Beifang [3] - The company serves over 600 industry clients, with 37% being top IC design firms, indicating a growing accumulation of client and solution advantages in the semiconductor sector [3] Group 3 - Dingjie Smart is actively expanding its presence in the Chinese market while also extending into broader overseas markets, focusing on integrated solutions for enterprises [4] - The company has achieved over 90% localization in its Southeast Asia teams, enhancing its local talent pool in Thailand, Vietnam, and Malaysia [4] - Revenue projections for 2025-2027 are estimated at 2.669 billion, 3.067 billion, and 3.465 billion yuan, with corresponding net profit forecasts of 202 million, 269 million, and 336 million yuan, reflecting significant growth rates [4]

海外持续高景气，雅典娜助力 AI 持续加速落地 软件开发 鼎捷数智（300378.SZ） 证券研究报告/公司点评报告 2025 年 05 月 12 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：刘一哲 | | 营业收入（百万元） | | 2,228 | 2,331 | 2,540 | 2,781 | 3,089 | | | | 增长率 yoy% | | 12% | 5% | 9% | 9% | 11% | | 执业证书编号：S0740525030001 | | 归母净利润（百万元） | | 150 | 156 | 190 | 234 | 287 | | Email：liuyz03@zts.com.cn | | 增长率 yoy% | | 12% | 4% | 22% | 24% | 22% | | | | 每股收益（元） | | 0.55 | 0 ...

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]

[Table_Title] 经营业绩稳健增长，AI 应用落地多场景 ——鼎捷数智(300378.SZ)2024 年年报及 2025 年一季报点评 [Table_Summary] 事件： [Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 鼎捷数智(300378)公司点评报告 2025 年 04 月 30 日 公司于 2025 年 4 月 25 日收盘后发布《2024 年年度报告》、《2025 年第一 季度报告》。 点评： 2024 年，公司积极实践创新，业绩实现稳健增长 2024 年，公司充分融合数智化转型及智能制造的经验，积极实践创新，经 营业绩整体保持了较好的态势，实现营业收入 23.31 亿元，同比增长 4.62%； 实现归母净利润 1.56 亿元，同比增长 3.59%；实现扣非归母净利润 1.38 亿 元，同比增长 13.18%。2025 年第一季度，公司实现营业收入 4.23 亿元， 同比增长 4.33%；实现归母净利润-833.31 万元，实现扣非归母净利润- 951.55 万元，亏损均有所收窄。 中国大陆地区营收增速有所放缓，中国台湾地区运营效率持续提升 分区域看，公司全年在 ...