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 ...

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][13]. 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 up growth space for the company [4][6]. - The company has slightly adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 201 million, 240 million, and 289 million yuan for 2025-2027, respectively [4][6]. Financial Performance Summary - 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 shareholders of 156 million yuan, up 3.59% year-on-year. The first quarter of 2025 saw operating revenue of 423 million yuan, a 4.33% increase year-on-year, with a net profit loss of 8.33 million yuan, but a 14.04% increase year-on-year in the same quarter [5][8]. - The company's revenue is projected to grow from 2.331 billion yuan in 2024 to 3.581 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.6% [8][10]. AI Integration and Growth - The company has integrated AI capabilities with its business scenarios, leading to a 135.07% year-on-year increase 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 reported a 57.54% year-on-year increase in net profit in Taiwan in 2024, indicating the effectiveness of AI in enhancing operational efficiency [6][7]. Regional Performance - In the first quarter of 2025, the company achieved operating revenue of 175 million yuan in mainland China, a 6.46% year-on-year increase, while Taiwan's AI applications and integration solutions continued to deepen, leading to a nearly 10% year-on-year increase in new customer signings [7][8]. - The Southeast Asia region saw a 33% year-on-year increase in signed contracts, reflecting the company's enhanced localization service capabilities [7].

4月25日晚间，鼎捷数智披露更名以来首份年度报告。2024年，鼎捷数智实现总营业收入23.31亿元，同 比增长4.62%；利润总额达到2.39亿元，同比增长4.7%；实现归母净利润1.56亿元，同比增长3.59%。 （文章来源：国际金融报） 就区域来言，2024年，鼎捷数智在中国大陆地区实现营业收入11.7亿元，较上年同期增长1.92%；在非 中国大陆地区，实现营收11.5亿元，较上年同期增长7.53%。记者注意到，2023年，该公司在中国大陆 地区实现营收11.55亿元；非中国大陆地区则为10.73亿元。 在当前全球贸易环境日趋复杂的背景下，工业制造业正面临利润率承压、市场需求快速变化的双重挑 战。鼎捷数智管理层认为，深化数字化转型、提升柔性生产能力将成为制造业突破困境的关键。 "未来3至5年，将是全球产业链重构的关键窗口期，企业必须摒弃传统生产逻辑，积极探寻'第二曲线破 局点'，运用数智原生思维重塑竞争力。而数据作为AI的'粮食'，数据资产资产治理水平直接关乎企业 竞争力边界。"近日，在鼎捷数智2025"AI×制造"破局者峰会上，鼎捷数智执行副总裁刘波指出，当下仍 有80%的企业数据处于非结构化、不可用状 ...