Investment Rating - The report maintains an "Overweight" rating for JSTI Group with a target price of RMB 10.48, indicating a potential upside of 16% from the closing price of RMB 9.07 as of May 15, 2025 [6][7]. Core Views - JSTI Group's first-quarter 2025 revenue and net profit showed a decline of 9% and 19.1% year-on-year, respectively. However, the report suggests that the peak of impairment provisions has passed, and the company's advantages in digitalization and low-altitude economy development are expected to foster new growth [2][3]. - The gross profit margin increased by 3.84 percentage points to 29.1% in Q1 2025, while the net profit margin decreased due to increased financial expenses from foreign exchange losses [3]. - The operating cash flow showed a significant improvement, with a collection ratio exceeding 100%, despite a net cash outflow of RMB 477 million, which is a reduction of RMB 4.1 billion year-on-year [4]. Financial Performance - For Q1 2025, JSTI Group reported revenues of RMB 80.9 million, attributable net profit of RMB 43.11 million, and recurring net profit of RMB 35.89 million, reflecting a year-on-year decline of 9%, 19.1%, and 27.8%, respectively [2]. - The company's asset-liability ratio improved to approximately 42.9%, down 3.9 percentage points year-on-year, while the interest-bearing debt ratio decreased to 18%, a reduction of 3.5 percentage points compared to the previous year [4]. - The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be RMB 0.20, RMB 0.22, and RMB 0.23, respectively, with a price-to-earnings (PE) ratio of 53 times the expected 2025 earnings [6]. Strategic Initiatives - JSTI Group is focusing on digital transformation and industrial innovation, particularly in the low-altitude economy sector, to unlock its second growth curve. The company has deployed over 70 demonstration projects in national highway and bridge safety monitoring [5]. - JSTI is actively participating in over 60 national and provincial key aviation consulting projects and has established a research institute for low-altitude economic development in Jiangsu Province [5].

证券代码：300284 证券简称：苏交科 公告编号：2025-034 苏交科集团股份有限公司 2024年年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 苏交科集团股份有限公司（以下简称"本公司"）2024 年年度权益分派方案已获 2025 年 5 月 9 日召开的 2024 年度股东大会审议通过，现将权益分派事宜公告如下： 一、权益分派方案 本公司 2024 年年度权益分派方案为：以公司现有总股本 1,262,827,774 股为基数， 向全体股东每 10 股派 0.700000 元人民币现金（含税；扣税后，通过深股通持有股份的 香港市场投资者、境外机构（含 QFII、RQFII）以及持有首发前限售股的个人和证券投 资基金每 10 股派 0.630000 元；持有首发后限售股、股权激励限售股及无限售流通股的 个人股息红利税实行差别化税率征收，本公司暂不扣缴个人所得税,待个人转让股票时, 根据其持股期限计算应纳税额【注】；持有首发后限售股、股权激励限售股及无限售流 通股的证券投资基金所涉红利税,对香港投资者持有基金份额部分按 10%征收,对 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 苏交科集团股份有限公司（以下简称"公司"或"苏交科"）于2024年4月14 日召开第五届董事会第十七次会议、第五届监事会第十四次会议，并于2024年5月 10日召开2023年度股东大会，审议通过了《关于公司及子公司2024年度申请综合授 信及担保事项的议案》，同意公司及子公司2024年度向银行申请不超过人民币125 亿元的综合授信额度，公司或子公司为合并报表范围内部分子公司向银行申请的 综合授信业务提供担保，总担保额度预计不超过人民币 24.919 亿元，其中为资产 负债率大于等于70%的子公司提供担保额度不超过人民币12.785亿元。担保额度在 有效期内可循环滚动使用，任一时点的实际担保余额不得超过上述额度。担保方式 包括但不限于保证、抵押、质押等，同时，在不超过上述担保总额度的情况下，担 保额度可在合并报表范围内子公司（包括新增或新设子公司）之间进行调剂，实际 担保金额以最终签订的担保合同为准。并提请股东大会授权公司董事会并由董事 会转授权总裁签署上述综合授信额度内的相关各项法律文件，授权期 ...

证券代码：300284 证券简称：苏交科 公告编号：2025-032 苏交科集团股份有限公司 2024年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形； 4、为尊重中小投资者利益，提高中小投资者对公司股东大会决议事项的参与 度，本次股东大会对中小投资者进行单独计票，中小投资者是指除上市公司董事、 监事、高级管理人员以及单独或者合计持有公司 5%以上股份的股东以外的其他股 东。 一、会议召开和出席情况 （一）会议召开情况 1、股东大会届次：2024 年度股东大会 2、会议召集人：公司董事会 3、会议主持人：董事长李大鹏先生 4、会议召开方式：现场表决与网络投票相结合方式 5、会议召开时间： （1）现场会议召开时间：2025 年 5 月 9 日 14:30 （2）网络投票时间：2025 年 5 月 9 日 的具体时间为：2025 年 5 月 9 日 9:15—15:00 期间的任意时间。 6、现场会议地点：南京市建邺区富春江东街 8 号公司 4 楼第一会议室。 7、会议召开的合法、合规性：本次股 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于苏交科集团股份有限公司 2024 年度股东大会的法律意见书 致：苏交科集团股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受苏交科集团股份有限公 司（以下简称"公司"）的委托，指派本所律师出席公司 2024 年度股东大会（以 下简称"本次股东大会"）。本所律师依据《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》"）、 中国证券监督管理委员会（以下简称"中国证监会"）《上市公司股东大会规则》 （以下简称"《股东大会规则》"）等法律、法规、规章和《苏交科集团股份有 限公司章程》（以下简称"《公司章程》"）的规定，就公司本次股东大会的召 集与召开程序、出席会议人员资格、召集人资格、会议表决程序和表决结果的合 法性等有关法律问题出具法律意见书。 本法律意见书依据国家有关法律、法规的规定而出具。本所律师同意将本法 律意见书随公司本次股东大会决议一起公告，并依法对本法律意见书承担相应的 责任。本法律意见书不存在虚假、严重误导性陈述及重大遗漏。 本法律意见书仅供公司 2024 年度股东大会见证之目的 ...

特别提示： 证券代码：300284 证券简称：苏交科 公告编号：2025-031 苏交科集团股份有限公司 关于控股股东拟受让广州国资产业发展并购基金合伙企业（有 限合伙）股份计划的提示性公告 公司股东广州珠江实业集团有限公司与广州国资产业发展并购基金合伙企 业（有限合伙）保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 1、截至本公告披露日，苏交科集团股份有限公司（以下简称"公司"）控股 股东广州珠江实业集团有限公司（以下简称"珠实集团"）持有公司股份 291,421,794 股，占公司总股本的 23.0769%；公司股东广州国资产业发展并购基 金合伙企业（有限合伙）（以下简称"国发基金"）持有公司股份 48,570,299 股， 占公司总股本的 3.8462%。珠实集团与国发基金的一致行动关系至 2024 年 12 月 31 日终止，根据《深圳证券交易所上市公司自律监管指引第 18 号——股东 及董事、监事、高级管理人员减持股份》，公司控股股东及其一致行动人之间解 除一致行动关系的，相关方还应当在六个月内继 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4]. Core Insights - The company experienced a revenue decline of 10.40% year-on-year in 2024, with total revenue reaching 4.73 billion yuan and a net profit attributable to shareholders of 224 million yuan, down 31.92% year-on-year. The first quarter of 2025 also saw a revenue decrease of 9.00% year-on-year [1][6]. - Despite the challenges in traditional infrastructure investment and increased competition in the engineering consulting industry, the company maintains a stable industry position, ranking 67th and 85th in the global engineering design company lists by ENR [1]. - The company is focusing on transforming its business structure and accelerating its entry into the low-altitude economy, having established a research institute for low-altitude economic development in Jiangsu Province [2]. Financial Performance - The company's gross margin for 2024 was 34.76%, a decrease of 1.23 percentage points year-on-year. The net profit margin was 4.97%, down 0.84 percentage points year-on-year [3]. - For the first quarter of 2025, the gross margin was reported at 29.07%, with a net profit margin of 4.53%, attributed to intensified industry competition and increased financial costs [3]. Earnings Forecast - The company is expected to see earnings per share (EPS) of 0.19, 0.21, and 0.23 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 45, 41, and 37 [4][6].

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, but is focusing on digitalization and low-altitude economy as new growth areas, maintaining a "buy" rating [1][5]. Financial Performance - Q1 2025 revenue was 809 million yuan, down 9.0% year-on-year, with a net profit attributable to shareholders of 43.11 million yuan, down 19.1% year-on-year [1]. - The comprehensive gross profit margin for Q1 2025 was 29.1%, an increase of 3.84 percentage points year-on-year, while the net profit margin was 5.3%, a decrease of 0.66 percentage points year-on-year [2]. - Operating cash flow outflow decreased, with a cash collection ratio of 118.2%, up 2.3 percentage points year-on-year, indicating improved cash flow [2]. Cost and Expenses - The total expense ratio for Q1 2025 was 22.5%, an increase of 4.37 percentage points year-on-year, with financial expenses rising to 17.59 million yuan due to increased exchange losses [1][2]. - Impairment expenses accounted for 0.5% of revenue, up 0.44 percentage points year-on-year [1]. Strategic Initiatives - The company is actively investing in digitalization and low-altitude economy sectors, having implemented over 70 demonstration projects in bridge monitoring and emergency response [4]. - It has participated in over 60 major aviation consulting projects and established a research institute for low-altitude economic development [4]. Earnings Forecast and Valuation - The company maintains its EPS forecast for 2025-2027 at 0.20, 0.22, and 0.23 yuan respectively, with a target price of 10.48 yuan based on a PE ratio of 53 times for 2025 [5].

证券代码：300284 证券简称：苏交科 公告编号：2025-030 苏交科集团股份有限公司 关于使用部分闲置自有资金进行投资理财的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏，并依法对其内容的真实性、准确性和完整性承担 相应责任。 重要内容提示： 1.投资种类：本次拟购买的理财种类为银行结构性存款。 2.投资金额：本次拟使用的资金为 10,000 万元。截止本公告日，公司已购买尚 未赎回的理财产品投资总额为 10,000 万元（含本次购买的 10,000 万元），未超过 2024 年第二次临时股东大会授予的 120,000 万元理财总额度。 3.特别风险提示：公司将根据经济形势以及金融市场的变化适时适量地介入， 短期投资的实际收益不可预期。敬请广大投资者注意投资风险。 苏交科集团股份有限公司（以下简称"公司"）于 2024 年 10 月 26 日召开第 五届董事会第二十次会议及第五届监事会第十七次会议，并于 2024 年 11 月 15 日 召开公司 2024 年第二次临时股东大会，审议通过了《关于继续使用闲置自有资金 进行投资理财的议案》，同意公 ...

Financial Performance - In 2024, the company achieved operating revenue of CNY 4.729 billion, a decrease of 10.40% compared to the previous year [7] - The net profit attributable to shareholders was CNY 224 million, down 31.92% year-on-year [7] - Operating cash flow was CNY 261 million, a decline of 14.91% from the previous year [7] Business Strategy and Market Position - The company is focusing on market expansion and business structure optimization to enhance contract value, targeting areas like "new infrastructure," "dual carbon," and "low-altitude economy" [2][3] - A comprehensive receivables management system has been established to mitigate risks and improve cash flow [3][8] - The company has developed a "value management system" and "negative public opinion management regulations" to enhance market value and manage public perception [3] Industry Outlook - The engineering consulting and contracting industry faces both opportunities and challenges, with government policies supporting sectors like smart transportation and green projects [3] - The company anticipates stable demand in the transportation infrastructure sector, with annual fixed asset investment expected to remain above CNY 3-3.5 trillion [3] Growth Drivers - Technological innovation is a key growth driver, with the establishment of national-level research platforms and numerous patents granted [4][10] - Digital transformation initiatives are underway, focusing on smart upgrades and the development of low-altitude economy services [4][5] - International expansion through subsidiaries, particularly in regions along the Belt and Road Initiative, is a strategic focus [5] Low-altitude Economy Development - The company has established a joint venture for low-altitude flight services and is actively developing a low-altitude flight supervision platform [5][6] - Ongoing projects include the establishment of a low-altitude economic development research institute and collaboration with government bodies for regulatory frameworks [8] Financial Management - The company's accounts receivable as of Q1 2025 accounted for 2046.01% of the latest annual net profit, indicating a significant impact on cash flow [8] - Measures to enhance receivables recovery include risk identification, contract compliance monitoring, and a structured collection mechanism [8] Investment Plans - In 2024, the company increased its investment by 84.22% compared to the previous year, focusing on new business areas and regional expansion [8][9] - Future investments will continue to align with the company's strategic development goals [9]