科远智慧成立于1993年5月27日，于2010年3月31日在深圳证券交易所上市，注册及办公地址均为江苏省南 京市。它是国内领先的工业自动化、信息化、智能化解决方案供应商，具备全产业链技术优势。 公司属于计算机 - IT服务Ⅱ - IT服务Ⅲ申万行业，涉及超超临界发电、生物质能等概念板块。作为国内领 先的工业自动化、信息化、智能化技术、产品与解决方案供应商，专注相关产品研发、生产和销售，有 DCS、PLC等产品，提出众多优秀行业解决方案，获多项荣誉，践行工业创新理念，推出系列智慧工业解 决方案。 A股股东户数较上期增加4.79% 截至2025年9月30日，A股股东户数为2.62万，较上期增加4.79%；户均持有流通A股数量为5404.81，较上 期减少4.57%。十大流通股东中，华夏中证机器人ETF（562500）持股329.83万股，相比上期增加61.71万 股；天弘永利债券A（420002）为新进股东，持股146.16万股；天弘中证机器人ETF（159770）持股131.54 万股，相比上期增加22.71万股；南方绩优成长混合A（202003）为新进股东，持股120.00万股；香港中央 结算有限公司持股11 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [16]. Core Insights - The report emphasizes the concept of "Lighthouse Factories," which are leading the intelligent upgrade of the manufacturing industry by integrating advanced technologies such as artificial intelligence, IoT, and big data analytics [6]. - A total of 201 factories have been recognized as Lighthouse Factories globally, with 85 located in China, showcasing their exceptional manufacturing capabilities and performance in areas like production efficiency and supply chain resilience [6]. - Industrial software is identified as the digital foundation for Lighthouse Factories, playing a crucial role in enhancing production intelligence and efficiency across four core areas: R&D design, manufacturing, operational management, and maintenance services [6]. - The report suggests focusing on companies that are positioned to benefit from the growth of industrial software and intelligent manufacturing, including Zhongwang Software, Huada Jiutian, and Yonyou Network, among others [6]. Industry Overview - The computer industry consists of 337 listed companies with a total market capitalization of approximately 60,881.53 billion and a circulating market value of about 55,021.98 billion [3]. - The absolute performance of the industry over the past 12 months has been 52.1%, while the relative performance against the benchmark index has improved by 33.9% [4].

东方证券表示，美国如果对基础软件进行出口管制，将大大提升工业软件与基础软件国产化进程，工业 设计软件从份额来看空间最大，而基础软件的整体规模更加可观。 天风证券认为，在全球科技竞争与供应链安全要求提升的背景下，关键基础软件自主可控成为必答题。 国产软件凭借在技术、政策、市场与生态上的积累，已具备替代能力，有望加速中国软件国产化进程。 10月10日，美国总统特朗普宣布自11月1日起，对中国进口商品在现有关税基础上额外加征100%关税， 同时对"所有关键软件"实施出口管制。 关键软件一般是指支撑国家关键领域运行、保障系统安全且难以替代的软件，对国家安全、经济建设、 社会稳定等方面有重要意义。 从具体品类而言，东方证券认为，关键软件主要包括操作系统、数据库等基础软件，以及各类工业软 件，如CAD、CAE、CAM、EDA等工业设计类软件和PLC、DCS等工业控制类软件。美国此次拟将关 键软件纳入出口管制范围，是2018年中美科技博弈以来首次，凸显了关键软件的战略性意义。 3、技术层面：以华为为代表的国产厂商实现新技术突破，看好国产软硬件市场份额攀升； 东莞证券指出，信创产业按照"2+8+N"节奏稳步推进，正从政策驱动 ...

2025.10. 13 本文字数：1156，阅读时长大约2分钟 作者 | 第一财经 吕倩 另外，信创方向上金山软件（3888.HK）二季度营收23.07亿元，同比下滑6.7%；归母净利润5.32 亿元，同比增长35.4%。业务板块中，WPS同比增长14%，游戏业务同比下滑26%。公司盈利率下 滑主要为游戏业务拖累。 唐月认为，2024年底以来，国内EDA行业进入动荡期，相关企业迎来重大机遇。2025年国内EDA行 业股权交易频率加快，从行业下游来看，国产芯片进口替代趋势明显，形成更有利于国内EDA企业 的发展环境。 东方证券研报认为，国产化进程上，工业设计软件从份额来看空间最大，而基础软件的整体规模更加 可观。工业软件领域相关标的包括中望软件、华大九天、浩辰软件、概伦电子、索辰科技等。基础软 件领域相关标的包括达梦数据、东土科技、中国软件等。 中商产业研究院发布的《2024-2029全球及中国工业软件行业研究及十四五规划分析报告》显示， 2023年中国工业软件市场规模达到2824亿元，2019-2023年的年均复合增长率达13.20%。预计 2024年中国工业软件市场规模将达到3197亿元，2025年将达33 ...

国产芯片进口替代趋势明显，形成更有利于国内EDA企业的发展环境。 中商产业研究院发布的《2024-2029全球及中国工业软件行业研究及十四五规划分析报告》显示，2023年中国工业软件市场规模达到2824亿元，2019-2023年 的年均复合增长率达13.20%。预计2024年中国工业软件市场规模将达到3197亿元，2025年将达3390亿元。 汇川技术（300124.SZ）上半年营收205.1亿元，同比增长26.7%；归母净利29.7亿元，同比增长40%。根据睿工业统计，汇川上半年在通用伺服/低压变频器 的国内份额居第一，占比分别为32%/22%；在小型PLC/中大型PLC/工业机器人的国内份额分别为7.0%/5.1%/8.2%，位居第四/第六/第四。 另外，信创方向上金山软件（3888.HK）二季度营收23.07亿元，同比下滑6.7%；归母净利润5.32亿元，同比增长35.4%。业务板块中，WPS同比增长14%， 游戏业务同比下滑26%。公司盈利率下滑主要为游戏业务拖累。 唐月认为，2024年底以来，国内EDA行业进入动荡期，相关企业迎来重大机遇。2025年国内EDA行业股权交易频率加快，从行业下游来看，国 ...

Investment Rating - The report maintains a "Buy" rating for the computer industry in China, indicating a positive outlook for the sector [6]. Core Insights - The U.S. plans to impose export controls on "critical software," which includes both foundational and industrial software, highlighting its strategic importance in the ongoing U.S.-China technological competition [9]. - The domestic market for industrial design software is expected to accelerate its localization process due to potential U.S. export restrictions, with significant growth opportunities identified in this area [3][9]. - The report emphasizes that while industrial design software has a low localization rate, the industrial control systems have a relatively higher domestic market share, particularly in DCS systems [9]. Summary by Sections Investment Recommendations and Targets - The report suggests that if the U.S. imposes export controls on foundational software, it will significantly boost the localization of industrial and foundational software. Key investment targets include: - Industrial Software: Zhongwang Software (688083, Buy), Huada Jiutian (301269, Buy), and others [3]. - Foundational Software: Dameng Data (688692, Not Rated), Dongtu Technology (300353, Not Rated), and others [3]. Industry Overview - The report discusses the strategic significance of critical software, which includes operating systems and databases, and notes that the domestic market share for PC operating systems has reached 20-25%, while server operating systems are at 40-50% [9]. - The report highlights that the localization rate for industrial operating systems is still low, at around 10-15%, but is expected to improve as domestic products gain traction [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance, but it is making strategic breakthroughs in industrial AI and robotics, which are expected to open long-term growth opportunities [1][4] - The company is a leader in process industrial intelligent manufacturing and is expected to benefit from equipment upgrade policies and overseas expansion opportunities [4][6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 3.83 billion yuan, a year-on-year decrease of 9.92%, and a net profit attributable to the parent company of 354 million yuan, down 31.46% year-on-year [5] - The company’s exchange loss was 13.40 million yuan, compared to a gain of 3.01 million yuan in the first half of 2024 [5] - After excluding the impact of exchange losses, the adjusted net profit was 294 million yuan, a decline of 25.82% year-on-year [5] Revenue and Profit Forecast - The revised profit forecast for 2025-2027 is 1.12 billion, 1.29 billion, and 1.55 billion yuan respectively, with EPS projected at 1.41, 1.63, and 1.96 yuan per share [4][8] - The current stock price corresponds to P/E ratios of 36.8, 31.9, and 26.5 for the years 2025, 2026, and 2027 respectively [4][8] Market Opportunities - The demand for process industrial equipment is continuously increasing, with significant growth in the energy, building materials, and paper industries, showing year-on-year increases of 9.32%, 82.58%, and 77.56% respectively [6] - The company is expanding its international strategy, achieving significant breakthroughs in regions such as Southeast Asia, the Middle East, and Central Asia, with notable progress in certification for core products in Saudi Arabia [6] Industrial AI and Robotics Development - The TPT software has entered a phase of large-scale application, generating revenue of 117 million yuan in the first half of 2025, with over 110 successful projects implemented in various industries [7] - The robotics business is also growing rapidly, with revenue of 110 million yuan in the first half of 2025 and new orders totaling 200 million yuan, surpassing the entire performance of 2024 [7]

Financial Performance - Company reported a total revenue of 980 million yuan for the first half of 2025, representing a year-on-year increase of 21.78% [1] - Net profit attributable to shareholders reached 136 million yuan, up 23.09% year-on-year [1] - In Q2 2025, total revenue was 560 million yuan, with a year-on-year growth of 27.79% [1] - The gross profit margin was 39.15%, a decrease of 2.45% compared to the previous year [1] - The net profit margin slightly increased to 13.96%, up 0.1% year-on-year [1] - Total operating expenses were 146 million yuan, accounting for 14.88% of revenue, down 9.0% year-on-year [1] Cash Flow and Receivables - The company reported a significant increase in cash flow from operating activities, with a net change of 39.74% due to increased collections [2] - Accounts receivable reached 773 million yuan, which is 306.8% of the net profit, indicating a high level of receivables relative to profit [1][5] - The company’s cash and cash equivalents decreased by 267.37% due to investments in financial products [2] Market Position and Products - The company’s main products include DCS and large PLC systems, primarily serving the energy, power, and chemical industries [4] - The DCS market is experiencing rapid growth, with a domestic penetration rate of 43% in the thermal power sector [4] - The potential market for PLC products in the steel industry is estimated at around 70 billion yuan, driven by national policies promoting domestic control [4] Investment and Fund Holdings - The largest fund holding in the company is the招商中证2000指数增强A, which has a scale of 321 million yuan and has seen a 99.35% increase over the past year [4] - New investments in the company have been made by several funds, indicating growing interest from institutional investors [4] Historical Performance and Ratios - The company’s historical return on invested capital (ROIC) was 12.55% last year, with a median ROIC of 4.97% over the past decade [2] - The company has experienced a significant drop in ROIC in 2022, which was -25.68%, indicating past performance volatility [2]

Core Insights - The industrial control system (ICS) industry in China is undergoing a strategic transformation from traditional automation to intelligent and autonomous systems, driven by policy guidance and technological innovation, resulting in a market size of over 300 billion yuan with a compound annual growth rate exceeding 10% [1][6][14] - The market structure shows a clear distinction where foreign companies dominate the high-end market while domestic firms are rising in the mid-range segment, with significant advancements in localization [1][20] Industry Overview - ICS refers to the combination of hardware and software used to monitor, control, and manage industrial production processes, ensuring safety, efficiency, and stability [2] - The main categories of ICS include SCADA, DCS, PLC, RTU, and SIS, with further segmentation by industry and control levels [2] Development Background - The Chinese government has prioritized the development of ICS, implementing various policies to enhance network security, data management, and digital transformation, thereby supporting the industry's shift towards autonomy and intelligence [8][9] Industry Chain - The ICS industry has established a complete ecosystem, with upstream focusing on core components and software, midstream on manufacturing and system integration, and downstream applications in diverse sectors like renewable energy and smart manufacturing [10] Current Market Analysis - The ICS market in China is projected to exceed 300 billion yuan in 2024, with expectations to reach 320 billion yuan by 2025, driven by policy support and technological advancements [14] - The DCS market is expected to reach 14.8 billion yuan in 2024, with over 95% penetration in the petrochemical and power sectors [17] Competitive Landscape - The competitive landscape is characterized by foreign companies leading the high-end market, while domestic firms like Inovance Technology and Zhongkong Technology are gaining ground in the mid-range market [20][21] - Siemens holds a 48% market share in the PLC sector, while domestic companies are achieving significant localization breakthroughs [20] Future Trends - The ICS industry is moving towards intelligent upgrades driven by technology integration, with AI and edge computing enhancing system capabilities [24] - The push for localization and global expansion is accelerating, with domestic companies expected to increase their international market share significantly by 2030 [26] - Safety and sustainability are becoming core competitive factors, with a focus on reducing energy consumption and enhancing cybersecurity measures [27]

Core Viewpoint - The report by McKinsey highlights the accelerating transformation of the global smart manufacturing and industrial automation industry, driven by advancements in Industry 4.0 and generative AI technologies, with China, Japan, and Western Europe expected to lead the automation revolution by 2030 [12][15]. Industry Overview - The global industrial automation market is projected to reach approximately $108.3 billion by 2025, with China's market exceeding 250 billion RMB, accounting for over one-third of the global market [2][16]. - The report emphasizes the importance of policies such as the "14th Five-Year Plan for Intelligent Manufacturing" in promoting digital transformation and intelligent upgrades in China's manufacturing sector [13]. Key Trends and Directions - The report identifies three major technological trends: platformization, agility, and intelligence, along with ten key technological development directions that will drive advancements in industrial automation and smart manufacturing [2][8]. - The trends include the establishment of software-defined intelligent manufacturing platforms, model-driven design approaches, and the integration of artificial intelligence and low-code/no-code development tools [4][6][7]. Market Segmentation - The industrial automation market is segmented into continuous flow manufacturing and discrete manufacturing, with significant growth potential in both areas. Continuous flow manufacturing is expected to see spending reach approximately $76 billion by 2025, while discrete manufacturing is experiencing faster growth rates [16][17]. - The report highlights the increasing importance of industrial IoT software and cloud services, which are projected to grow at a rate of 18% [33]. Challenges and Opportunities - The global manufacturing industry faces unprecedented risks, including trade tensions and economic slowdowns, which necessitate a reevaluation of production and supply chain strategies [14]. - The report suggests that leveraging industrial automation can enhance production efficiency and address these challenges, positioning companies to better navigate the evolving landscape [15]. Technological Innovations - Key technologies such as artificial intelligence, virtual PLCs, digital twins, and low-code/no-code development are significantly enhancing the performance of industrial automation and robotics [2][36]. - The integration of multi-source heterogeneous data is crucial for achieving product quality and operational efficiency, enabling a more data-driven approach to manufacturing [47][48]. Future Outlook - The report anticipates that the global and Chinese industrial automation markets will experience accelerated growth over the next five years, driven by labor market changes and technological breakthroughs [33][34]. - By 2030, it is expected that 8 billion jobs globally could be replaced by machines due to advancements in automation and AI technologies [35].