证券研究报告：计算机 | 公司点评报告 发布时间：2025-09-03 股票投资评级 增持|首次覆盖 个股表现 -1% 30% 61% 92% 123% 154% 185% 216% 247% 278% 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 鼎捷数智 计算机 分析师:陈涵泊 SAC 登记编号:S1340525080001 Email:chenhanbo@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1@cnpsec.com 鼎捷数智(300378) AI 赋能下，聚焦高质量增长 ⚫ 事件 鼎捷数智发布 2025 年半年报，基本符合预期。2025H1，公司实 现营收 10.45 亿元，同比+4.08%；实现归母净利润 0.45 亿元，同比 +6.09%；实现扣非归母净利润 0.36 亿元，同比-9.89%。 ⚫ AI 业务对外通过赋能客户经营实现放量增长，对内通过 优化管理提效达成高质量发展 对外：丰富 AI 产品矩阵获客户认可，25H1 AI 业务收入同比 +125.91%。公司依托鼎捷雅典 ...

对内：引入AI 工具提升人效、改善盈利。AI 技术有效优化销售、交付、开发等环节管理效率，截至 25H1 底员工总数4794 人（较去年底降6.26%），依托生产力创新保障组织高效运转；同期管理费用率 11.08%（同比降0.04pct）、研发费用率8.20%（同比降1.34pct）。 四大业务全面拥抱AI，提高产品竞争力与附加值研发设计类：发布业内首款AI 融入的PLM 系统，经多 轮验证迭代，已签约近百家客户、成功部署数十家，有效带动客单价提升。 数字化管理类：推出AI 智能套件加速AI 与ERP 融合，新增指令式操作、多模态生单、智能附件等功 能，加快客户AI 接受与渗透。 事件 鼎捷数智发布2025 年半年报，基本符合预期。2025H1，公司实现营收10.45 亿元，同比+4.08%；实现 归母净利润0.45 亿元，同比+6.09%；实现扣非归母净利润0.36 亿元，同比-9.89%。 AI 业务对外通过赋能客户经营实现放量增长，对内通过优化管理提效达成高质量发展 对外：丰富AI 产品矩阵获客户认可，25H1 AI 业务收入同比+125.91%。公司依托鼎捷雅典娜底座数智 化能力，融合内外大模型升级A ...

计算机/软件开发 鼎捷软件（300378.SZ） 业绩平稳增长，AI 收入翻倍以上增长 2025 年 09 月 01 日 投资评级：买入（维持） | 日期 | 2025/8/29 | | --- | --- | | 当前股价(元) | 52.62 | | 一年最高最低(元) | 66.93/15.76 | | 总市值(亿元) | 142.81 | | 流通市值(亿元) | 141.75 | | 总股本(亿股) | 2.71 | | 流通股本(亿股) | 2.69 | | 近 3 个月换手率(%) | 549.05 | 股价走势图 数据来源：聚源 -100% 0% 100% 200% 300% 400% 2024-09 2025-01 2025-05 鼎捷数智 沪深300 相关研究报告 《品牌主张持续深化，AI 赋能前景可 期—公司信息更新报告》-2025.8.18 陈宝健（分析师） 李海强（分析师） chenbaojian@kysec.cn lihaiqiang@kysec.cn 证书编号：S0790524070003 智能制造领军厂商，维持"买入"评级 公司是国内领先的数智化转型与智能制造整合规划方案服务提 ...

1H25 业绩基本符合我们预期 公司公布1H25 业绩：实现收入10.45 亿元，同比+4.08%；归母净利润0.45 亿元，同比+6.10%；扣非归 母净利润0.36 亿元，同比-9.88%；单季度来看，公司2Q25 收入6.21 亿元，同比+3.84%，归母净利润 0.53 亿元，同比+2.34%，经营活动现金流净额同比+294%至9,572 万元，公司中报业绩基本符合我们的 预期。 中国大陆地区业务企稳，中企出海成为新增长点。分地区来看，公司1H25中国大陆地区收入4.76 亿 元，同比+4.6%；非中国大陆地区收入5.69 亿元，同比+3.7%.中国大陆地区方面，虽然下游企业需求仍 未全面复苏，但公司通过针对性优化资源配置，聚焦相对高景气细分市场，在电子、汽车零部件等行业 获较好增长；非中国大陆的地区方面，公司持续把握中企出海与东南亚数智化升级机遇，业务保持高速 增长，在东南亚本地拓展方面公司引入多家解决方案伙伴培训，带动收入同比增长61%。 人员费用持续优化，经营效率稳步提升。公司1H25 在各项费用投入方面保持稳健，销售/管理/研发费 用率相比去年同期分别+0.65pct/-0.05pct/-1. ...

事件概述 近期，鼎捷数智在上海举行"AI 升维：掌舵数智未来「新书创想会」"，并正式发布凝聚鼎捷多年实践 经验的著作《数智生产力——从数字转型到数智重生》。创想会联袂来自学界、产业界、投资界的顶尖 智囊，共同拆解AI 时代企业"重生方程式"。 举办数智生产力创想会，聚焦AI 应用方法论 此次创想会，鼎捷数智董事长兼总裁叶子祯深度解读鼎捷的品牌主张，他指出，AI 的价值绝非替代 人，而在于突破人类能力边界，鼎捷也一直致力于帮助更多的企业用数据和智能技术创新生产力，其中 创·新生产力具体表现在四个方面：补人力之不足、补能力之不足、创新于无解之题和创值于无能之 处，用数据和智能技术能够帮助企业突破动机、能力、思维和时空的限制，创造全新的生产力，实现将 人类从复杂繁琐的劳动事务中解放，追求品质生活的美好愿望。 此外，鼎捷也再度重申了对于AI 融合下的未来世界架构：1）一个模型：物理数字双世界模型，由人跟 智能设备组成的物理世界和由智能体组成的数字世界共同构成；2）两种内核：快任务的数据自决驱动 （通过数据的变化能够实现走一步算一步的快思考）和慢任务的智能生成驱动（通过人工智能以智能生 成的方式来完成周详的决策或规划） ...

2025 年 08 月 21 日 鼎捷数智(300378.SZ) 举办数智生产力创想会，打造 AI 应用方法论 事件概述 近期，鼎捷数智在上海举行"AI 升维：掌舵数智未来「新书创想会」"， 并正式发布凝聚鼎捷多年实践经验的著作《数智生产力——从数字转 型到数智重生》。创想会联袂来自学界、产业界、投资界的顶尖智囊， 共同拆解 AI 时代企业"重生方程式"。 举办数智生产力创想会，聚焦 AI 应用方法论 此次创想会，鼎捷数智董事长兼总裁叶子祯深度解读鼎捷的品牌主 张，他指出，AI 的价值绝非替代人，而在于突破人类能力边界，鼎 捷也一直致力于帮助更多的企业用数据和智能技术创新生产力，其中 创·新生产力具体表现在四个方面：补人力之不足、补能力之不足、 创新于无解之题和创值于无能之处，用数据和智能技术能够帮助企业 突破动机、能力、思维和时空的限制，创造全新的生产力，实现将人 类从复杂繁琐的劳动事务中解放，追求品质生活的美好愿望。 此外，鼎捷也再度重申了对于 AI 融合下的未来世界架构：1）一个 模型：物理数字双世界模型，由人跟智能设备组成的物理世界和由智 能体组成的数字世界共同构成；2）两种内核：快任务的数据自决驱 ...

Core Insights - The evolution of AI large models is marked by a shift from general models to specialized vertical models, enhancing AI's ability to solve specific problems in various industries while changing commercialization methods and potential [1][2] - By 2024, vertical models are expected to achieve commercial applications in manufacturing, finance, and healthcare, becoming crucial for companies to enhance efficiency and reduce costs in their digital transformation efforts [1][2] - The current application of vertical models is limited to specific operational segments, which restricts their overall impact on business processes, highlighting the need for a transition from "AI+" to "+AI" to unlock greater value from AI applications [1][2][3] Industry Trends - The use of AI in enterprises has remained around 50% from 2018 to 2023, with a projected increase to 75% in 2024, indicating a significant growth in AI adoption across business functions [2] - The three essential elements of business—production, management, and sales—are undergoing transformation due to AI, leading to substantial cost reductions in production and potential improvements in management efficiency through digital tools [2][3] Application and Development - Current AI applications in manufacturing focus on three main areas: process management to enhance execution efficiency, intelligent Q&A for knowledge acquisition, and decision support through complex data analysis [3][4] - The development of a digital operating space that facilitates collaboration between humans and AI agents is essential for advancing AI applications beyond single-task execution to more integrated solutions [4][5] Ethical Considerations - The establishment of a reusable, interconnected, and trustworthy AI ecosystem is critical, requiring collaboration on standardization and ethical practices within the industry [4][5][6] - Ensuring that AI operates within ethical boundaries is vital for maintaining system stability and preventing issues such as "AI hallucinations," which can undermine trust in AI-generated content [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [5]. Core Insights - The company emphasizes the transformative value of AI, stating that it is not about replacing humans but rather about expanding human capabilities. The focus is on leveraging data and intelligent technologies to innovate productivity and liberate humans from complex tasks [2][9]. - The company's future vision is encapsulated in the "1+2+3" framework, which includes a physical-digital twin model, two core drivers (data-driven for fast tasks and intelligent generation for slow tasks), and three types of intelligent agents [3]. - The report highlights the importance of practical implementation in the digital transformation process, suggesting that AI capabilities should be modularized to lower user barriers and facilitate new business models [4][9]. Financial Summary - Projected revenue growth from 2025 to 2027 is expected to be 25.75 billion, 28.90 billion, and 33.08 billion respectively, with net profit estimates of 2.02 billion, 2.31 billion, and 2.86 billion [9]. - The report provides detailed financial metrics, including a projected EPS of 0.75, 0.85, and 1.06 for the years 2025 to 2027, and a decreasing P/E ratio from 74.4 to 52.6 over the same period [9][11].

Core Insights - Dingjie Smart held the 2025 Smart Future Summit, unveiling new AI solutions aimed at enhancing enterprise digital transformation [1] - The year 2023 is recognized as the year of AI Agents, marking a shift from weak to strong AI capabilities in enterprise software [1][2] - Dingjie has developed a native PaaS platform, Athena, focusing on data intelligence and knowledge encapsulation, which has been applied across various industries [2] AI Solutions and Applications - The newly launched AI solutions include data intelligence and enterprise intelligence suites, four industrial software AI suites (ERP/PLM/MES/WMS+AI), AIOT command center, and industrial mechanism AI suite [1][2] - These solutions aim to break down information silos and enhance decision-making speed and accuracy for enterprises [2] - The integration of AI with industrial software is designed to improve efficiency across the entire supply chain, from R&D to logistics [2] Human-Centric AI Development - The development of AI is seen as a means to empower human creativity rather than replace human labor, allowing individuals to focus on higher-value tasks [3] - The vision for the future includes adaptive intelligent ecosystems where humans and their digital counterparts work together for improved productivity and quality of life [3] Research and Reports - The summit featured the release of the "2025 Generative AI Enterprise Application Practical Report," co-authored by Dingjie and Zhejiang University, analyzing ten key areas of generative AI applications in enterprises [5] - The report includes over 30 practical application cases and provides a blueprint for enterprises navigating the new operational landscape [5] Summit Highlights - The summit included three parallel forums focusing on AI technology applications in various business scenarios, with discussions on strategic choices and risk management [6] - An exhibition area showcased cutting-edge AI applications and innovations from Dingjie and partners like Huawei Cloud, illustrating the future of smart enterprises [6] - According to Dingjie’s estimates, smart factories could achieve a 25% increase in space utilization, a 150% increase in capacity, and a 15% reduction in overall costs [6]

Group 1: Company Performance - In 2024, the company achieved a net profit attributable to shareholders of 156 million yuan, a year-on-year increase of 3.59% [1] - The non-recurring net profit for 2024 was 138 million yuan, reflecting a year-on-year growth of 13.18% [1] Group 2: Workforce and R&D - As of the end of 2024, the total number of employees was 5,114, with 1,743 in R&D, representing 34.08% of the workforce [1] - In 2025, the company plans to optimize its internal organizational structure and enhance the talent development in digital intelligence [2] Group 3: Growth Strategies - In 2025, the company will focus on the "Smart+" strategy, targeting industry operations and seizing opportunities in niche markets in mainland China [2] - The company aims to deepen customer relationships and expand large customer business through its Athena platform [2] - In Taiwan, the company will address labor shortages and promote AI products to drive digital upgrades for clients [2] Group 4: Industry Outlook - Recent government policies are promoting the integration of digital technology with the real economy, which is expected to inject new momentum into economic growth [2] - The 2024 government work report emphasizes advancing digital industrialization and the digital transformation of industries [2] - The company is committed to responding to government initiatives by innovating productivity through data and intelligent technology [2]