鼎捷提出"一个模型、两种内核、三个智能体"，构思AI 时代世界运行模式。数据驱动企业决策一直是 鼎捷奉行的理念，其希望改变过去业务流程主要以人为主导、数据为辅助的模式，转变为数据真正驱动 业务流程变化与智能决策。本次大会上鼎捷进一步分享AI 发展思考，认为未来的世界运行模式为"一个 模型、两种内核、三个智能体"。即物理世界（人+智能装备）+数字世界（智能体）共同构成一个世界 大模型，快思考的数据自决驱动与慢思考的智能生成驱动共同构成人与智能体协作范式，人的生产力将 在人类智能体分身、知识专家智能体、数字指挥官的数字世界助手帮助下迎来跃升。 创新发布AI 软基建套件，业务全面融合AI 加速应用真实落地。本届峰会上鼎捷发布多款AI 软基建套 件，包括智能数据套件、企业智能体生成套件、四大工业软件AI 智能套件、AIoT 指挥中心&工业机理 AI 套件等，推动AI 全面融合各项业务。以PLM 产品线为例，公司PLM 已与DeepSeek 深度集成，帮助 客户提升数据检索效率与交互体验，AI 的实际功效包括：1）构建知识问答Agent 满足高精度查询需 求；2）基于大模型的语义相似性匹配能力与分析能力进行物料智能推荐 ...

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] 数智未来峰会亮点频出，AI 全面赋能业务创新 报告要点 [Table_Summary] 6 月 19 日，公司以"AI 创变、破界生长"为主题，于武汉举办第四届数智未来峰会。会上创新 发布多款 AI 相关套件，并设立多个 AI 专题论坛共话 AI 落地现状与未来，标志公司 AI 赋能业 务融合与场景创新进展积极。公司坚定拥抱 AI 战略初显成效，商业化进展积极看好 2025 放 量。预计公司 2025-2027 年实现归母净利润 1.96 亿元、2.38 亿元、2.87 亿元，对应增速为 26%、22%、21%，对应 PE 为 44.4x、36.5x、30.2x，持续推荐。 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） cjzqdt11111 [Table_Title2] 数智未来峰会亮点频出，AI 全面赋能业务创 ...

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 ...

事件概述 近日，鼎捷数智发布《2024 年年度报告》和《2025 年一季度报告》。 鼎捷数智是国内工业软件领域的领先企业，在中国台湾地区积累了深厚的理论和实践经验，长期深耕制 造业数智化转型和AI 应用落地，。 我们预计公司2025 年-2027 年的营业收入分别为25.89/29.03/33.09亿元，归母净利润分别为2.01/2.49/2.94 亿元。维持买入-A 投资评级，6 个月目标价44.50 元，相当于2025 年60 倍的动态市盈率。 风险提示： 分业务领域来看，公司已全面覆盖工业软件的四大类别，包括研发设计类、数字化管理类、生产控制类 及AIoT 类，可以为客户提供全方位的产品研发、咨询规划及价值交付服务。其中，公司研发设计业务 2024 年收入1.52 亿元，同比增长23.33%，发布的业内首款融入AI技术的PLM 产品全生命周期管理系 统，通过多轮验证、迭代，已完成数十家客户部署应用；公司AIoT 业务2024 年收入6.31 亿元，同比增 长22.04%，在车间物联网数智化升级、工业装备数智化升级和整厂、整线自动化规划等场景持续拓展 市场。 雅典娜平台和AI Agent 产品打开公司成长 ...

2025 年 05 月 06 日 鼎捷数智(300378.SZ) 以雅典娜平台和 AI Agent 产品拥抱数智化时代 事件概述 近日，鼎捷数智发布《2024 年年度报告》和《2025 年一季度报告》。 2024 年，公司实现营业总收入 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%；扣非归母净利润 1.38 亿元，同比 增长 13.18%。2025 年 Q1 公司实现营收 4.23 亿元，同比增长 4.33%， 归母净利润-833.31 万元，同比增长 14.04%；扣非归母净利润-951.55 万元，同比增长 31.92%。 | 基础软件及管理办公软件 | | | --- | --- | | 投资评级 | 买入-A 维持评级 | | 6 个月目标价 | 44.50 元 | | 股价 (2025-04-30) | 37.85 元 | | 交易数据 | | | 总市值(百万元) | 10,272.22 | | 流通市值(百万元) | 10,196.05 | | 总股本(百万股) | 271.39 | | 流通股本(百万股) | 269.38 | | 12 个月价格区 ...

风险提示：宏观经济波动，新产品和新领域拓展低于预期风险。 公司25Q1 营收4.23 亿元（yoy+4.33%），归母净利-833 万元（yoy+14.04%），扣非净利-952 万元 （yoy+31.92%），亏损显著收窄主要受益于AI 内部提效。 同时AI 产品销售持续向好，融合AI 的新PLM 产品带动研发设计类业务签约金额同比增长超20%，设备 云AI+等轻应用收入同比增长超50%。我们认为，AI 业务有望成为公司后续业务增长的核心驱动，看好 公司远期成长。 盈利预测与估值 考虑传统业务增速仍略承压，下调收入预测，预计公司25-27 年营收为27.19、32.06、38.16 亿元（25-26 年前值30.55、36.20 亿元），考虑公司人效提升显著，上调盈利预测，预计25-27 年EPS 为0.84、1.18、 1.65 元（25-26 年前值0.79、1.00 元，上调6%、18%）。参考可比公司25E 平均估值 58.0xPE （Wind），考虑公司产品及行业know-how 优势，给予25E60xPE，目标价50.40 元（前值29.34 元，25E 37xPE），维持"买入"。 鼎捷数智2 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is experiencing robust growth in its AI business, with revenue from AI operations in Taiwan increasing by 135.07% year-on-year in 2024. The PLM product's contract value grew over 20% in Q1 2025 due to AI enhancements, while AIOT applications saw revenue growth exceeding 50% [6] - Internally, AI has improved operational efficiency, leading to a reduction in sales, management, and R&D expense ratios in 2024. The net profit loss, adjusted for non-recurring items, narrowed by 31.92% in Q1 2025, and marketing conversion rates improved by 54% year-on-year [6] - The company is capitalizing on the global manufacturing shift, with non-mainland revenue reaching 1.154 billion yuan in 2024, a 7.53% increase. The local teams in Southeast Asia have a localization rate exceeding 90%, driving significant revenue growth in Thailand and Vietnam [7] - The company reported steady growth in its 2024 annual report, with revenues, net profit, and adjusted net profit reaching 2.331 billion yuan, 156 million yuan, and 138 million yuan respectively, reflecting year-on-year increases of 4.62%, 3.59%, and 13.18% [8] - The revenue forecast for 2025-2027 has been slightly adjusted downwards due to anticipated delays in downstream demand, with projected revenues of 2.677 billion yuan, 3.122 billion yuan, and 3.623 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 14.8%, 16.6%, and 16.1% [9] Financial Data Summary - In 2024, the company achieved total revenue of 2.331 billion yuan, with a net profit of 156 million yuan, and an adjusted net profit of 138 million yuan [8] - The projected total revenue for 2025 is 2.677 billion yuan, with net profits expected to reach 205 million yuan, reflecting a year-on-year growth of 31.4% [10] - The company’s gross margin is projected to decline from 58.3% in 2024 to 53.7% by 2027, indicating a gradual decrease in profitability margins over the forecast period [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][16] Core Views - The company is a leading provider of digital transformation and smart manufacturing integration planning services in China, expected to benefit from downstream economic recovery and overseas opportunities. The acceleration of AI commercialization is anticipated to open new growth avenues [4][6][7] - The company has slightly adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, estimating net profits of 201 million, 240 million, and 289 million yuan for 2025-2027, respectively [4][9] Financial Performance - In 2024, the company achieved operating revenue of 2.331 billion yuan, a year-on-year increase of 4.62%, and a net profit attributable to the parent company of 156 million yuan, up 3.59% year-on-year [5][9] - For Q1 2025, the company reported operating revenue of 423 million yuan, a year-on-year increase of 4.33%, with a net profit attributable to the parent company of -8.33 million yuan, reflecting a 14.04% year-on-year growth [5][9] AI Integration and Growth - The company has integrated AI capabilities with its business scenarios, leading to a 135.07% year-on-year growth in AI business revenue in Taiwan in 2024. The introduction of AI technology in its PLM product has resulted in a 30% increase in average transaction value for R&D and design services [6][7] - The company has seen a 57.54% year-on-year increase in net profit in Taiwan for 2024, and a narrowing of non-GAAP net profit loss by 31.92% in Q1 2025 [6][7] Regional Performance - In Q1 2025, the company reported operating revenue of 175 million yuan in mainland China, a year-on-year increase of 6.46%, supported by the expansion of industry solutions [7] - The company has enhanced its localized service capabilities in Southeast Asia, achieving a 33% year-on-year increase in signed contracts [7]

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]

Investment Rating - The investment rating for the company is "Buy" with a target price of 50.40 RMB [8][9]. Core Views - The company has successfully commercialized its AI applications, leading to an expected acceleration in performance in 2025, despite a slight underperformance in 2024 due to delayed demand from downstream clients [1][2]. - The company is leveraging AI technology to enhance internal operational efficiency, resulting in significant reductions in sales, management, and R&D expense ratios [2]. - The company is capitalizing on the trend of Chinese enterprises expanding into Southeast Asia, with notable revenue growth from non-mainland regions, particularly Taiwan and Southeast Asia [3]. - The company's AI business indicators for Q1 2025 show continued improvement, with expectations that AI will drive future growth [4]. - Revenue forecasts have been adjusted downwards due to traditional business pressures, but earnings per share (EPS) estimates have been raised due to significant improvements in operational efficiency [5]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 2.331 billion RMB (up 4.62% YoY) and a net profit of 156 million RMB (up 3.59% YoY) [1][7]. - The company expects revenues of 2.719 billion RMB, 3.206 billion RMB, and 3.816 billion RMB for 2025, 2026, and 2027 respectively, with growth rates of 16.64%, 17.92%, and 19.05% [5][7]. AI Business Development - The company reported revenue from self-developed smart software products and integrated smart hardware solutions of 662 million RMB and 555 million RMB respectively in 2024, with growth rates of 13.57% and 12.64% [2]. - The AI business in Taiwan saw a remarkable growth of 135.07% YoY [2]. Market Expansion - Revenue from the mainland China region was 1.177 billion RMB (up 1.92% YoY), while revenue from non-mainland regions was 1.154 billion RMB (up 7.53% YoY), driven by growth in Taiwan and Southeast Asia [3]. - The company is expanding its local teams in Thailand, Vietnam, and Malaysia, achieving a localization rate of over 90% [3]. Profitability and Valuation - The company’s EPS is projected to be 0.84 RMB, 1.18 RMB, and 1.65 RMB for 2025, 2026, and 2027 respectively, reflecting an increase in profitability [5][7]. - The target price of 50.40 RMB is based on a 60x PE ratio for 2025, compared to an average of 58.0x PE for comparable companies [5][13].