中科创达软件股份有限公司 监事会关于2024年限制性股票激励计划授予日 激励对象人员名单的核实意见 公司监事会根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办 法》（以下简称"《管理办法》"）、《深圳证券交易所创业板股票上市规则》（以 下简称"《上市规则》"）等有关法律、法规和规范性文件以及《中科创达软件股 份有限公司章程》（以下简称"《公司章程》"）和《中科创达软件股份有限公司 2024 年限制性股票激励计划（草案）》 （以下简称"《激励计划》"或"本激 励计划"）的规定，对《激励计划》授予激励对象名单进行审核，发表核查意见 如下： 1、本激励计划授予激励对象均不存在《管理办法》第八条及《上市规则》 第 8.4.2 条规定的不得成为激励对象的情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施； （4）具有《公司法》规定的不得担任公司董事、高级管理人 ...

利润短期承压，看好长期端侧AI+机器人发展机遇 中科创达（300496.SZ）/计算机 证券研究报告/公司点评 2024年3月21日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：61.81元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 5,445 5,242 6,191 7,458 9,148 分析师：闻学臣 增长率yoy% 32.0% -3.7% 18.1% 20.5% 22.7% 执业证书编号：S0740519090007 净利润（百万元） 769 466 689 843 1,042 Email：wenxc@zts.com.cn 增长率yoy% 18.8% -39.4% 47.8% 22.4% 23.6% 每股收益（元） 1.67 1.01 1.50 1.83 2.27 每股现金流量 1.08 1.64 1.76 1.81 2.09 联系人：王雪晴 净资产收益率 8.3% 4.8% 6.7% 7.6% 8.8% Email：wangxq03@zts.com.cn ...

证券研究报告 | 年报点评报告 2024年03月22日 中科创达（300496.SZ） 公司进入战略转型期，研发带来利润端阶段性压力 事件：2024年3月19日晚，公司发布2023年报，2023年度实现营业收入52.42 买入（维持） 亿元，同比变动-3.73%；公司2023年度实现归属于上市公司股东的净利润4.66亿 股票信息 元，同比变动-39.36%。 行业 IT 服务 收入端增速基本维持平稳，利润端在战略转型期阶段性承压。2023年度，实现营业 前次评级 买入 收入52.42亿元，归属于上市公司股东的净利润4.66亿元，经营活动产生的现金流 3月21日收盘价(元) 61.81 量净额 7.55 亿元，较上年同期增长 51.89%。经过 2023 年的战略转型，公司在整 车操作系统、工业机器人的产品开发上都实现了关键进展。 总市值(百万元) 28,433.11 总股本(百万股) 460.01 智能软件业务趋于成熟，操作系统和端侧智能厚积薄发，产品赛道不断拓展。尽管 其中自由流通股(%) 79.74 手机业务日趋成熟，智能手机出货趋缓，报告期内，公司智能软件业务实现营业收 30日日均成交量(百万股) 18 ...

[Table_Title] 证券研究报告 战略转型静待花开，智能汽车板块取得较大突 公司研究 破 [Table_ReportType] 点评报告 [Table_ReportDate] 2024年3月21日 [T中ab科le创_S达toc(k3A0n0d4R9an6k.]SZ) [Table事_S件um：m中ar科y]创达发布2023年度报告，公司实现营收52.42亿元，同比 投资评级：买入 下降3.73%；实现归母净利润4.66亿元，同比下降39.36%；实现扣 非净利润3.40亿元，同比下降49.62%；实现经营性现金流净额7.55 上次评级：买入 亿元，同比增长51.89%。单2023Q4来看，公司实现营收13.66亿元， 同比下降14.16%；实现归母净利润-1.40亿；实现扣非净利润-1.88亿 [T庞ab倩le倩_Au计th算or机]行业首席分析师 元。 执业编号：S1500522110006  2023系公司关键战略年，高研发投入奠基未来增长。分产品来看，2023 邮 箱：pangqianqian@cindasc.com 年公司软件开发业务实现收入18.42亿元，同比下降9.93%；技术服务 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 21 日 中 科创达(300496.SZ) 证券研究报告 战略调整期业绩承压，把握端侧 AI 机遇 行业应用软件 投资评级 买入-A 事件概述 维持评级 中科创达于 3 月 20 日发布 2023 年年报。2023 年，公司实现营业收 6个月目标价 73元 入 52.42 亿元，同比下降 3.7%；归母净利润 4.66 亿元，同比下降 股价 (2024-03-21) 61.81元 303365999 39.4%，扣非归母净利润 3.4亿元，同比下降 49.6%。单 Q4来看，公 司实现营业收入 13.66 亿元，同比下降 14.2%；归母净利润-1.40 亿 交易数据 元，扣非归母净利润-1.88亿元。 总市值(百万元) 28,433.11 流通市值(百万元) 22,672.59 战略调整期业绩承压，智能车板块维持高增 总股本(百万股) 460.01 收入端，公司在战略调整期基本维持了营收的稳定。1）智能汽车业 流通股本(百万股) 366.81 务延续高增，实现营收 23.4 亿元（yoy+30%），占比提升至 45%，成 ...

计算机 | 证券研究报告 — 调整盈利预测 2024年3月21日 300496.SZ 中科创达 买入 具身智能实现突破，智能汽车业务高速增长 原评级：买入 市场价格:人民币 61.81 近期，公司发布2023年年报，全年实现营业收入52.4亿元（同比-3.7%）， 板块评级:强于大市 归母净利4.7亿元（同比-39.4%），扣非后归母净利3.4亿元（同比-49.6%）。 经过2023年的战略转型，公司汽车业务实现高速增长，具身智能机器人实现 突破，2024年有望进入投资回报期。维持买入评级。 股价表现 支撑评级的要点 17% 2%  具身智能机器人实现突破。2023年9月,公司的机器人团队-晓悟智能成立。目 前, 公司已发布了面向仓储物流、生产制造场景的智能移动机器人，可完成自 (12%) 动化入库、拣选、分拨以及自动生产设备的对接等，从而实现高效的柔性制 (27%) 造。自动驾驶汽车与机器人同为具身智能载体，公司在智能汽车视觉领域具 (41%) 备多年积累，Rubik大模型作为机器人“大脑”提供更高效的理解能力，核心 (56%) ra 3M -2 rp 3A -2 ya 3M -2 n 3uJ -2 l ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is undergoing strategic transformation, with potential for new growth driven by edge-side intelligent industry development [1] - Despite short-term performance pressure, the company's strategic investments in vehicle operating systems, industrial robots, and edge-side intelligence are expected to yield returns starting in 2024 [3] - The company's intelligent automotive business, particularly in autonomous driving and cockpit-driving integration, is growing rapidly, with software becoming a core value driver [3] - The company is well-positioned to benefit from the trend of central computing architecture in vehicles and AI-driven automotive industry upgrades [3] - The company's intelligent IoT business is recovering, with edge-side intelligence opening new growth opportunities [3] - The company is leveraging AI and smartphone integration to drive new R&D demands, positioning itself as a key partner in the HarmonyOS ecosystem [6] - The company is pioneering software-defined robotics, with new business layouts expected to create additional growth curves [6] Financial Performance and Projections - In 2023, the company reported revenue of RMB 5,242 million, a year-on-year decrease of 3.73%, and net profit attributable to shareholders of RMB 466 million, a year-on-year decrease of 39.36% [2] - Revenue is projected to grow to RMB 6,039 million in 2024, RMB 7,150 million in 2025, and RMB 8,773 million in 2026, with year-on-year growth rates of 15.2%, 18.4%, and 22.7% respectively [2] - Net profit attributable to shareholders is expected to reach RMB 652 million in 2024, RMB 847 million in 2025, and RMB 1,131 million in 2026, with year-on-year growth rates of 39.8%, 30.0%, and 33.6% respectively [2] - ROE is projected to improve from 4.0% in 2023 to 6.0% in 2024, 7.2% in 2025, and 8.7% in 2026 [2] - EPS is expected to increase from RMB 1.01 in 2023 to RMB 1.42 in 2024, RMB 1.84 in 2025, and RMB 2.46 in 2026 [2] Business Segments - The intelligent automotive business achieved revenue of RMB 2,337 million in 2023, a year-on-year increase of 30.34%, with autonomous driving software revenue reaching a historic high of RMB 182 million [3] - The intelligent IoT business generated revenue of RMB 1,489 million in 2023, a year-on-year decrease of 15.45%, but showed recovery in the second half of the year [3] - The intelligent software business reported revenue of RMB 1,416 million in 2023, a year-on-year decrease of 25.12%, but is expected to benefit from AI-driven smartphone industry upgrades [6] Strategic Developments - The company has made significant progress in vehicle operating systems, industrial robots, and edge-side intelligence, with key products expected to enter the investment return phase in 2024 [3] - The company has launched the "Drip OS" vehicle operating system and introduced a cost-effective and technologically advanced cockpit-driving integration solution at CES 2024 [3] - The company has successfully run a 130-billion-parameter model on edge devices, demonstrating its capabilities in edge-side AI [6] - The company has established a robotics team, "Xiaowu Intelligence," and released intelligent mobile robot products for logistics and manufacturing scenarios [6]

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [2][12]. Core Insights - The company is undergoing a strategic transformation period, with a focus on maintaining high investment in key areas such as smart vehicles and robotics, despite facing revenue and profit declines in 2023 [4][6]. - The smart vehicle segment is the only area showing positive growth, with revenue increasing by 30.34% year-on-year to 2.337 billion yuan in 2023 [4][6]. - The company has made significant advancements in its core products, particularly in the development of the vehicle operating system and industrial robots, with expectations of entering a return on investment phase in 2024 [4][6]. Financial Performance Summary - In 2023, the company reported total revenue of 5.242 billion yuan, a decrease of 3.73% year-on-year, and a net profit of 466 million yuan, down 39.36% from the previous year [3][5]. - The company's R&D expenses reached 951 million yuan, accounting for 18.13% of total revenue, an increase of 2.58 percentage points compared to the previous year [4][6]. - The company expects revenue growth to rebound in the coming years, projecting revenues of 6.130 billion yuan in 2024, 7.334 billion yuan in 2025, and 8.780 billion yuan in 2026, with corresponding net profits of 679 million yuan, 845 million yuan, and 1.047 billion yuan respectively [5][8]. Business Segment Insights - The smart software business faced significant challenges, with revenue declining by 25.12% to 1.416 billion yuan in 2023, but opportunities remain in the recovering smartphone market [6]. - The Internet of Things (IoT) segment saw a revenue decline of 15.45% to 1.489 billion yuan in 2023, but the company is optimistic about future growth due to its established product lines and integration capabilities [6]. - The robotics segment is being actively developed, with the establishment of a dedicated team and the launch of intelligent mobile robots for logistics and manufacturing applications [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a current stock price of 64.00 yuan and a market capitalization of 29.44 billion yuan [2] - The stock has a 3-month turnover rate of 201.99% and a circulating market capitalization of 23.48 billion yuan [2] Core Views - The company's 2023 annual report shows a decline in revenue and net profit, with revenue at 5.24 billion yuan, down 3.73% YoY, and net profit at 466 million yuan, down 39.36% YoY [6] - The company is strategically investing in innovative businesses such as vehicle operating systems, industrial robots, and edge intelligence to drive future growth [8] - The smart automotive business grew by 30.34% YoY, reaching 2.34 billion yuan, while the smart IoT and software businesses faced pressure, declining by 15.45% and 25.12% respectively [7] Financial Forecasts - The report forecasts revenue for 2024-2026 to be 6.54 billion yuan, 8.23 billion yuan, and 10.41 billion yuan, with net profits of 607 million yuan, 793 million yuan, and 1.03 billion yuan respectively [5] - The EPS for 2024-2026 is projected to be 1.32 yuan, 1.72 yuan, and 2.24 yuan, with corresponding P/E ratios of 48.5x, 37.1x, and 28.6x [5] - The company's gross margin is expected to recover slightly, from 36.95% in 2023 to 39.1% in 2026 [9] Business Performance - The smart automotive segment achieved a historic breakthrough with 182 million yuan in smart driving software revenue [7] - The company launched its "Drip OS" vehicle operating system, positioning itself to benefit from the trend of "cockpit fusion" central computing [8] - In the IoT sector, the company established a robotics team and introduced multiple industrial robots, with potential for volume growth in 2024 [8] Strategic Initiatives - The company is expanding its collaboration with HarmonyOS, achieving a breakthrough in HarmonyOS app development from 0 to 1 [8] - AI-driven advancements in the smartphone industry are expected to create new R&D opportunities, benefiting the company's smart software business [8]

Investment Rating - The report maintains a "Recommend" rating for Thundersoft (300496 SZ) [1][2] Core Views - Thundersoft is undergoing a strategic transformation, focusing on AI-driven edge computing and intelligent terminals, which opens up new growth opportunities [1] - The company's heavy R&D investment in 2023 (1 458 billion yuan, a historical high) has put short-term pressure on profitability but lays the foundation for future growth [1] - Thundersoft's Rubik large model and its ecosystem around human-computer interaction are expected to drive innovation in various industries [1] - The company is expanding its presence in the AI smartphone and IoT sectors, with successful product launches in AIPC and MR HMD Pro [1] - Thundersoft's intelligent vehicle and robotics businesses are poised to lead future growth, with significant breakthroughs in software revenue and domain control products [1] Financial Performance and Forecast - In 2023, Thundersoft achieved revenue of 5 242 billion yuan (yoy -3 73%) and net profit attributable to parent company of 466 million yuan (yoy -39 40%) [1] - Operating cash flow increased by 51 89% to 755 million yuan in 2023 [1] - The report forecasts revenue growth of 15%, 23%, and 45 2% for 2024-2026, reaching 10 767 billion yuan by 2026 [2] - Net profit attributable to parent company is expected to grow to 717 million, 1 040 billion, and 1 283 billion yuan in 2024-2026, with growth rates of 53 8%, 45 1%, and 23 3% respectively [2] - EPS is projected to increase from 1 01 yuan in 2023 to 2 79 yuan in 2026 [2] Strategic Focus and Business Development - Thundersoft is focusing on three growth curves: existing business + edge intelligence, edge intelligence + new business, and robotics software + vehicle OS + intelligent edge [1] - In the smartphone sector, the company is deepening cooperation with HarmonyOS and participating in AI phone development [1] - In the IoT sector, Thundersoft has successfully launched AIPC and MR HMD Pro products [1] - The intelligent vehicle business achieved a breakthrough with 182 million yuan in software revenue and completed real-vehicle verification of domain control products [1] - The robotics business has applications in automotive, lithium battery, 3C, and food & beverage industries, with potential for new orders and customer revenue in 2024 [1] Valuation and Financial Ratios - The company's PE ratio is expected to decrease from 63 in 2023 to 23 in 2026 [2] - PB ratio is forecasted to decline from 3 1 in 2023 to 2 4 in 2026 [2] - ROE is projected to increase from 4 88% in 2023 to 10 59% in 2026 [5] - Gross margin is expected to improve from 36 95% in 2023 to 42 24% in 2026 [5]