丨证券研究报告丨 公司研究丨点评报告丨鼎捷数智（300378.SZ） [Table_Title] 2024 年&2025 年一季报点评：经营整体稳健， 期待 AI 放量 报告要点 [Table_Summary] 公司发布 2024 年年报及 2025 年一季报。2024 年：营收 23.31 亿元，同比增长 4.62%；归母 净利润 1.56 亿元，同比增长 3.59%；扣非后归母净利润 1.38 亿元，同比增长 13.18%。单 Q4： 实现营收 7.58 亿元，同比下滑 6.85%；归母净利润 1.06 亿元，同比增长 4.28%；扣非后归母 净利润 0.92 亿元，同比下滑 0.92%。25Q1：实现营收 4.23 亿元，同比增长 4.33%；归母净利 润-0.08 亿元，同比增长 14.04%；扣非后归母净利润-0.095 亿元，同比增长 31.92%。 分析师及联系人 [Table_Author] SAC：S0490520030004 SFC：BUX668 宗建树 宋浪 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 鼎捷数智（300378.SZ） c ...

Group 1: Company Performance - In 2024, the company achieved operating revenue of 2.331 billion CNY and a net profit attributable to shareholders of 156 million CNY, marking a dual growth in both metrics [2] - Revenue from mainland China reached 1.177 billion CNY, while revenue from non-mainland China was 1.154 billion CNY, reflecting a year-on-year growth of 7.53% [2] - The net profit attributable to shareholders grew by 3.59% year-on-year, with a gross margin of 58.25% [3] Group 2: Cost Management - The company effectively controlled its sales expense ratio and management expense ratio, with management expenses decreasing by 1.21 percentage points and sales expenses decreasing by 1.34 percentage points in 2024 [5] Group 3: Strategic Initiatives - The company plans to continue advancing its "Smart+" strategy in 2025 to enhance performance and provide better returns to shareholders and society [3] - The company is focusing on integrating AI technologies into its operations, particularly through the MACP protocol to facilitate natural communication and collaboration among AI agents [4] Group 4: International Business Development - In Southeast Asia, the company has expanded its local teams in Thailand, Vietnam, and Malaysia, achieving over 90% localization in its talent pool [4] - The company collaborates with strategic partners like China Telecom and KPMG to enhance services for Chinese enterprises going abroad, covering industries such as automotive, electronics, and new energy [4] Group 5: Product Development - The company has made significant advancements in its AI applications and the Athena platform, launching a multimodal large model and an agent development platform [4] - The company maintains a leading market share in the PLM sector, driven by over 20 years of expertise in R&D design [6]