Core Viewpoint - The company reported a solid revenue growth in Q1 2025, but profit growth was hindered by increased R&D and sales expenses, indicating a focus on long-term innovation and market expansion [1][3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.469 billion yuan, a year-over-year increase of 24.69% [1] - The net profit attributable to shareholders was 93 million yuan, reflecting a year-over-year growth of 2.00% [1] - The net profit after deducting non-recurring items was 88 million yuan, with a year-over-year increase of 2.48% [1] - Operating cash flow was 122 million yuan, showing a decline of 25.44% year-over-year [1] Product Development - The company launched three major products at the Thunder World 2025 conference, enhancing its smart ecosystem [2] - The products include Drip Water OS1.0 Evo, TurboX AI glasses, and new forklift models in the AMR sector, showcasing advancements in smart automotive, XR devices, and industrial automation [2] Strategic Partnerships - The company signed a strategic cooperation framework agreement with Hyundai to advance smart cockpit platform development [3] - Collaborations with ETAS, 面壁智能, and 瑞萨电子 aim to enhance safety and functionality in automotive solutions [3] - In the IoT sector, a partnership with Consult Red is set to expand global market reach [3] Investment Outlook - The company is viewed positively under its "Operating System + Edge Intelligence" strategy, with expectations for significant growth in smart automotive, robotics, and smart terminal sectors [3] - Projected net profits for 2025-2027 are 553 million, 803 million, and 967 million yuan, with corresponding P/E ratios of 45X, 31X, and 26X [3]

中科创达（300496.SZ）2025 年一季报点评 业绩持续改善，全面布局端侧智能生态 2025 年 04 月 29 日 ➢ 事件：2025 年 4 月 28 日晚公司发布 2025 年一季度报告，2025 年一季度 实现营收，归母净利润，扣非净利润分别为 14.69 亿元（yoy+24.69%），0.93 亿元（yoy+2.00%），0.88 亿元（yoy+2.48%）。经营现金流 1.22 亿元，同比 下降 25.44%。 ➢ 研发销售投入拖累利润增速，但营收保持稳健增长。中科创达 2025 年一季 度实现营业收入 14.69 亿元，同比增长 24.69%，显示主营业务持续扩张。归母 净利润 0.93 亿元，同比增长 2.0%，增速低于营业收入收增长，主要是由于公司 持续加大在智能汽车操作系统、物联网等核心技术的研发投入，从研发费用 2.82 亿元，同比增长 12.0%这一数据中也可以得到进一步证明。同时，公司积极拓展 全球市场业务，导致了销售费用有所增加。公司经营活动现金流净额 1.22 亿元， 虽同比下降 25.44%，但仍保持净流入状态。随着研发成果逐步转化和市场拓展 见效，公司盈利能力有望持续改 ...

中科创达 (300496 CH) 端侧 AI 布局持续深化 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 计算机应用 | 证券研究报告 中科创达公布 25 年一季报，25 年 Q1 实现营收 14.69 亿元（yoy+24.69%、 qoq-13.10%），归母净利 9257 万元（yoy+2.00%、qoq-63.77%），扣非净 利 8752 万元（yoy+2.48%、qoq+80.87%）。公司深度受益于端侧 AI 浪潮， 看好其在端侧智能领域的深度布局，维持"买入"。 把握整车操作系统智能化机遇 公司在智能汽车场景有着良好的业务基础，2025 年 4 月上海车展上，中科 创达正式发布面向中央计算的 AI 原生整车操作系统滴水 OS 1.0 Evo，通过 深度融合 AI 大模型技术，它赋予汽车自主交互决策能力，在中央计算层面， 系统采用舱驾融合+ZCU 虚拟化平台支持多域融合与算力高效调度，为整车 智能化奠定技术底座。随着中央计算架构普及与大模型上车成为行业共识， 公司智能汽车业务收入增速有望重回高增 ...