鼎捷数智（300378）：AIAgent兑现收入，业绩稳健

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown steady performance with a revenue of 2.33 billion yuan in 2024, reflecting a year-on-year growth of 4.6% and a net profit of 156 million yuan, up 3.6% year-on-year [6] - The introduction of AI has positively impacted the business, with significant revenue growth in AI applications, particularly in Taiwan, where AI revenue surged by 135% [6] - The company is strategically positioned to capitalize on the trend of Chinese enterprises expanding overseas, particularly in Southeast Asia, through partnerships with major firms [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 2.63 billion yuan, with a year-on-year growth rate of 12.6% [5] - The company anticipates a net profit of 209 million yuan in 2025, representing a 34% increase compared to the previous year [5] - The gross margin is expected to improve gradually, with a forecasted gross margin of 60.1% in 2025 [5] Revenue Breakdown - Revenue from the mainland China region was 1.18 billion yuan in 2024, growing by 2% year-on-year, while revenue from non-mainland regions reached 1.15 billion yuan, up 8% [6] - The company achieved revenues of 1.5 billion yuan from R&D design, 11.9 billion yuan from digital management, 3.3 billion yuan from production control, and 6.3 billion yuan from AIOT in 2024, with respective growth rates of 23%, -1%, 0%, and 22% [6] Market Positioning - The company offers a unique integrated manufacturing agent that facilitates multi-platform applications, targeting medium-sized clients with complex management systems [6] - The AI agent is positioned as a critical component for B-end AI applications, leveraging the company's existing database and multi-system integration capabilities [6]