机构：中金公司 研究员：赵丽萍/魏鹳霏/王倩蕾 公司1H25 业绩超市场预期 公司1H25 收入6.99 亿元，同比+22.3%；经调整净亏损0.07 亿元，同比收窄82.1%，调整后归母净亏损 0.02 亿元，接近扭亏，调整后归母净亏损率为-0.3%，同比改善8.1ppt 。费控有效、亏损收窄，业绩超 市场预期。 发展趋势 收入强劲反转，持续聚焦制造业。2024 年报业绩会中，管理层提到公司2025 年战略上"转守为攻"，有 望实现收入重新增长，1H25 收入增速+22.3%（1H24 增速-38.11%），公司聚焦AI+制造核心战略实现 大幅翻转。 1H25 公司来自于制造业的收入同比+27.0%亿至5.56 亿元，占总营收比例达到79.5%，同比+3.0ppt。按 行业拆分，制造业子行业复苏，能源电力/汽车装备/食品饮料/3C 高科技收入分别为1.08/1.00/0.76/0.73 亿元，同比+48.5%/+12.1%/+14.8%/+34.6%；钢铁冶金行业下降9.8%至0.45 亿元。 金融服务业收入同比-15.5%至0.70 亿元。 毛利率持续优化，现金流持续优化。1H25 公司毛利率为35.0% ...

Group 1 - The company has shown a steady recovery in performance, with revenue expectations for 2025 and 2026 raised by 12.2% and 19.6% to 1.47 billion and 1.73 billion yuan respectively, and adjusted net profit estimates also increased [1] - The management indicated a strategic shift from defense to offense in 2025, aiming for revenue growth with a projected revenue increase of 22.3% in the first half of 2025 compared to a decline of 38.11% in the first half of 2024 [2] - The manufacturing sector has been a key focus, with revenue from this sector increasing by 27.0% to 555.6 million yuan, accounting for 79.5% of total revenue, up 3.0 percentage points year-on-year [2] Group 2 - The gross margin improved to 35.0% in the first half of 2025, up 1.2 percentage points year-on-year, reflecting effective cost control and delivery efficiency [3] - The company has reduced the accounts receivable collection period to 122 days, a decrease of 52 days year-on-year, significantly enhancing cash flow efficiency [3] - Cash and cash equivalents reached 999.7 million yuan, with net cash from operating activities turning positive at 8.4 million yuan, indicating a near turnaround from a negative cash flow in the first half of 2024 [3] Group 3 - The company is advancing in industrial AI software and robotics, having launched the AEAM industrial equipment management software and partnered with KUKA Robotics to promote new industrialization [4] - The company has collaborated with Qianlang Intelligent to develop embodied intelligent robots, achieving two invention patents in August 2025 [4] - A share buyback announcement of 100 million yuan was made in May 2025, demonstrating the company's confidence in its future development [4]

智通财经APP获悉，中金发布研报称，创新奇智(02121)业绩稳步复苏，上调2025E/2026E收入预期 12.2%/19.6%至14.7/17.3亿元，上调2025E/2026E调整后归母净利润，维持公司跑赢行业评级，考虑到公 司经营杠杆效应显现叠加行业估值中枢上行，上调目标价88.9%至8.5港元，对应2.99x/2.54x 2025e/2026e P/S，较当前股价有25.7%的上行空间，当前股价交易于2.38x/2.01x 2025e/2026e P/S。 中金主要观点如下： 收入强劲反转，持续聚焦制造业 2024年报业绩会中，管理层提到公司2025年战略上"转守为攻"，有望实现收入重新增长，1H25收入增 速+22.3%(1H24增速-38.11%)，公司聚焦AI+制造核心战略实现大幅翻转。1H25公司来自于制造业的收 入同比+27.0%亿至5.56亿元，占总营收比例达到79.5%，同比+3.0ppt。按行业拆分，制造业子行业复 苏，能源电力/汽车装备/食品饮料/3C高科技收入分别为1.08/1.00/0.76/0.73亿元，同比 +48.5%/+12.1%/+14.8%/+34.6%。 毛利率持 ...