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 ...

| 年 月 市场数据：2025 | 5 | 日 8 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 37.17 | | 年内最高/最低（元）： | | | 48.56/14.47 | | 流通 A 股/总股本（亿 | | | 2.69/2.71 | | 股）： | | | | | 流通 股市值（亿）： A | | | 100.13 | | 总市值（亿）： | | | 100.88 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | -0.03 | | 摊薄每股收益(元)： | | | -0.03 | | 每股净资产(元)： | | | 8.54 | | 净资产收益率(%)： | | | -0.65 | | 资料来源：最闻 | | | | 2025 年 5 月 9 日 公司研究/公司快报 公司近一年市场表现 方闻千 执业登记编码：S0760524050001 邮箱：fangwenqian@szxq.com 邹昕宸 邮箱：zouxinchen@sxzq.com 基础软 ...

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]

2025 年 5 月 9 日 公司研究/公司快报 公司近一年市场表现 | 市场数据：2025 | 年 5 | 月 8 | 日 | | | --- | --- | --- | --- | --- | | 收盘价（元）： | | | | 37.17 | | 年内最高/最低（元）： | | | | 48.56/14.47 | | 流通 A | 股/总股本（亿 | | | 2.69/2.71 | | 股）： | | | | | | 流通 A | 股市值（亿）： | | | 100.13 | | 总市值（亿）： | | | | 100.88 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | -0.03 | | 摊薄每股收益(元)： | | | -0.03 | | 每股净资产(元)： | | | 8.54 | | 净资产收益率(%)： | | | -0.65 | | 资料来源：最闻 | | | | 方闻千 执业登记编码：S0760524050001 邮箱：fangwenqian@szxq.com 邹昕宸 邮箱：zou ...

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]

证券代码：300378 证券简称：鼎捷数智 投资者关系活 动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 中国证券网 参与单位名称 及人员姓名 投资者 时间 2025年5月8日 15:30-16:30 地点 上海市静安区江场路1377弄绿地中央广场1号楼22层 上市公司出席 人员 叶子祯 董事长兼总裁 张苑逸 董事、执行副总裁、财务负责人 林健伟 执行副总裁、董事会秘书 刘 焱 独立董事 主要内容 第一部分：公司简介（视频宣传） 第二部分：投资者互动问答 问题一：公司本期盈利水平如何？ 答：您好，公司2024年度实现归母净利润1.56亿元，同比增长 3.59%；实现扣非净利润1.38亿元，同比增长13.18%。谢谢关注！ 问题二：公司目前研发人员占比多少？今年的人员发展规划是 什么？ 答：您好，截至2024年末，公司员工总数为5,114人，其中研发 人员数量1,743人，研发人员占公司员工人数比重达34.08%。2025 年，公司将根据经营策略，调整优化内部组织架构，加强数智化 人才梯队建设，优化组织运作效率，切实助力公司人效提升。谢 谢关注！ 鼎捷数智股份有限公 ...

[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 ...

证券研究报告 | 公司深度 | 软件开发 鼎捷数智(300378) 报告日期：2025 年 04 月 27 日 工业互联网龙头厂商，打造国内首个制造业多智能体协同平台 ——鼎捷数智深度报告 公司以 ERP 产品和智能制造解决方案为核心，积极推进云领域与工业互联网领 域的创新应用研发，助力企业实践数字化转型。公司构建数智驱动的新型工业互 联网平台——鼎捷雅典娜，并基于此拓展装备制造云、零部件云、财务云等行业 化场景 AI 应用，以及各类通用型 AI 应用，持续助力企业客户数智化转型。 ❑ 公司产品服务矩阵完善，多个细分赛道市占率优势显著 2021-2024 年公司研发设计、数字化管理、生产控制以及 AIoT 业务营收 CAGR 分别达到 21.03%/2.00%/12.50%/21.82%，公司在中国制造业 ERP 软件市场销售 份额中位居本土厂商第一，占有率达到 14.8%，同时公司 MES、PLM 软件在多 个细分行业的市占率均位居国内厂商第一梯队。未来公司有望深度受益于新型工 业化进程叠加国家政策引导，保持高质量成长。 ❑ 布局 AI+工业应用抢抓先机，率先构建智能制造领域多智能体协同平台 2025 年 ...

事件：鼎捷数智发布2024 年年报及2025 年一季度报告，2024 年公司实现营业收入23.31 亿元，同比增 加4.6%，实现归母净利润1.56 亿元，同比增加3.6%，扣非归母净利润1.38 亿元，同比增加13.2%。2025 年一季度公司营收4.23 亿元，同比增加4.3%，归母净利润为亏损833 万元，同比增加14%，扣非归母净 利润为亏损952 万元，同比增加31.9%。 24 年非中国大陆地区的经营成长助力公司保持业绩韧性。分地区看，24 年公司来自中国大陆及非中国 大陆地区营收分别为11.77 亿元和11.54 亿元，同比增长1.9%和7.5%。24 年受下游需求波动影响，公司 在中国大陆地区营收增速有所放缓。而公司在海外市场的持续拓展驱动非中国大陆地区经营成长。24 年公司紧随中企出海趋势为企业提供在地营运支持以及把握东南亚当地市场的数智化转型机遇。另， 25Q1 中国大陆地区实现营收1.75 亿元，同比增长6.5%，增速有所回升。非中国大陆地区25Q1 营业收 入2.49 亿元，同比增加2.9%，主要受中国台湾地区部分订单交付周期的调整及需求延后而导致阶段性 波动。 24 年研发设计与AI ...