苏交科（300284）公告，2025年第一季度营收为8.09亿元，同比下降9.00%；净利润为4311.16万元，同 比下降19.06%。 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥809,157,243.49, a decrease of 9.00% compared to ¥889,157,566.65 in the same period last year[5]. - The net profit attributable to shareholders for Q1 2025 was ¥43,111,646.83, down 19.06% from ¥53,260,766.66 in the previous year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥35,892,503.19, a decline of 27.76% compared to ¥49,685,620.71 in the same period last year[5]. - Net profit for the current period is ¥36,649,308.33, a decline of 25.1% compared to ¥48,964,231.10 in the previous period[17]. - Total comprehensive income attributable to the parent company was 55,816,938.91, up from 38,646,417.75 in the previous period, representing an increase of approximately 44.4%[18]. - Basic and diluted earnings per share decreased to 0.0341 from 0.0422, reflecting a decline of about 19.2%[18]. Cash Flow - The net cash flow from operating activities for Q1 2025 was -¥476,678,706.46, an improvement of 7.95% from -¥517,845,655.38 in the previous year[5]. - Cash inflow from operating activities totaled 1,018,738,211.36, down from 1,098,307,088.26, a decrease of approximately 7.3%[19]. - Net cash outflow from operating activities was -476,678,706.46, slightly improved from -517,845,655.38 in the previous period[19]. - Net cash inflow from investing activities was 62,981,524.83, a significant recovery from -233,338,648.94 in the previous period[20]. - Cash inflow from financing activities was 1,558,966,841.00, compared to 1,639,566,876.00 in the previous period, a decrease of about 4.9%[20]. - Net cash outflow from financing activities was -17,448,554.99, contrasting sharply with a net inflow of 1,136,933,427.94 in the previous period[20]. - The ending cash and cash equivalents balance decreased to 2,036,995,192.56 from 3,030,521,329.09, a decline of approximately 32.8%[20]. - The company received 600,000 in cash from investment activities, down from 2,250,000 in the previous period, a decrease of about 73.3%[20]. - The company reported a total cash outflow from operating activities of 1,495,416,917.82, down from 1,616,152,743.64, a decrease of approximately 7.5%[19]. Assets and Liabilities - The total assets at the end of Q1 2025 were ¥15,495,038,503.77, a decrease of 3.54% from ¥16,063,105,727.68 at the end of the previous year[5]. - Current liabilities total ¥6,445,143,879.38, a decrease of 8.7% from ¥7,059,046,509.77[15]. - Non-current liabilities are reported at ¥204,172,530.63, slightly down from ¥208,295,005.87[15]. - The company's total equity stands at ¥8,845,722,093.76, an increase from ¥8,795,764,212.04[15]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 66,481, with the largest shareholder holding 23.08% of the shares[10]. - The company has a total of 291,421,794 shares held by Guangzhou Pearl River Industrial Group Co., Ltd., making it the largest shareholder[11]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest individual holding being 126,933,376 shares[11]. - The company has identified several key shareholders as acting in concert, which may influence future corporate governance and decision-making[11]. - The total number of restricted shares held by key executives decreased from 68,380,090 to 65,475,415, with a total of 2,904,825 shares released during the period[12]. - The company has a strategy to unlock 25% of restricted shares annually for key executives, impacting future share distribution[12]. Expenses - The company reported a significant increase in financial expenses, which rose by 306.44% to ¥1,750.20 from -¥847.81 in the previous year[9]. - Research and development expenses for the current period are ¥39,445,511.68, a slight decrease from ¥39,616,387.56[17]. - The company reported a financial expense of ¥17,501,996.34, compared to a financial income of -¥8,478,128.48 in the previous period[17]. Other Financial Metrics - The weighted average return on equity for Q1 2025 was 0.51%, down from 0.64% in the same period last year[5]. - The company's cash and cash equivalents decreased to ¥2,648,459,588.50 from ¥3,045,076,039.53, reflecting a decline of approximately 13%[13]. - Trade receivables amounted to ¥4,590,826,177.37, down from ¥4,768,008,955.65, indicating a decrease of about 4%[13]. - The company's inventory increased slightly to ¥56,046,952.40 from ¥54,168,852.14, showing a growth of approximately 3%[13]. - The company reported a significant drop in trading financial assets from ¥357,030,548.63 to ¥106,128,951.32, a decrease of around 70%[13]. - The company's prepayments increased to ¥129,608,865.20 from ¥67,799,610.04, reflecting a growth of approximately 91%[13]. - Total operating costs decreased to ¥763,220,150.66, down 8.4% from ¥833,558,801.90[16]. - Other comprehensive income after tax for the current period is ¥12,708,573.39, recovering from a loss of -¥14,618,469.40 in the previous period[17].

数据来源：天眼查APP 证券之星消息，根据天眼查APP数据整理，近日，江苏数智多式联运有限公司成立，法定代表人为芮 杰，注册资本3000万元，经营范围包含：许可项目：道路货物运输(不含危险货物)；水路普通货物运 输；第二类增值电信业务；道路货物运输(网络货运)；公共铁路运输；公共航空运输(依法须经批准的项 目，经相关部门批准后方可开展经营活动，具体经营项目以审批结果为准)一般项目：技术服务、技术 开发、技术咨询、技术交流、技术转让、技术推广；物联网技术服务；软件开发；软件销售；信息系统 集成服务；数据处理服务；社会经济咨询服务；企业管理咨询；供应链管理服务；人工智能基础资源与 技术平台；信息技术咨询服务；区块链技术相关软件和服务；人工智能应用软件开发；信息咨询服务 (不含许可类信息咨询服务)；计算机软硬件及辅助设备零售；互联网数据服务；信息系统运行维护服 务；数据处理和存储支持服务；总质量4.5吨及以下普通货运车辆道路货物运输(除网络货运和危险货 物)；国内货物运输代理；市场营销策划；无船承运业务；普通货物仓储服务(不含危险化学品等需许可 审批的项目)；装卸搬运；港口货物装卸搬运活动；租赁服务(不含许可类租赁 ...

Core Insights - Jiangsu Smart Multimodal Transport Co., Ltd. has been established with a registered capital of 30 million yuan, focusing on various transportation and technology services [1] Company Overview - The company is legally represented by Rui Jie and has a registered capital of 30 million yuan [1] - The business scope includes road and water transportation, telecommunications services, and various technology-related services [1] Business Activities - Licensed projects include road cargo transportation (excluding hazardous goods), waterway transportation, and public transport services [1] - General projects encompass technology services, software development, data processing, supply chain management, and artificial intelligence applications [1] Shareholding Structure - The company is jointly held by China Design Group, Sujiao Science and Technology Group Co., Ltd., and Jiangchuang Digital Intelligent Technology (Wuxi) Co., Ltd. [1]

中信建投证券股份有限公司 关于苏交科集团股份有限公司 2024年度募集资金存放与使用情况的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为苏交科集团股份有限公司（以下简称"苏交科"或"公司"） 向特定对象 发行股票并在创业板上市的保荐机构，根据《深圳证券交易所创业板股票上市规 则》、《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范 运作》、《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求》等有关规定，对苏交科 2024 年度募集资金存放与使用情况进行了核查， 核查情况及意见如下： 一、募集资金基本情况 （一）向特定对象发行股票 1、实际募集资金金额、资金到位时间 (二) 截至 2024 年 12 月 31 日，公司募集资金专户存储情况如下: 单位:万元 | 募集资金存储银行名称 | 账户类别 | 期末余额 | | | --- | --- | --- | --- | | 南京银行股份有限公司南京 | 募集资金专户 | | 1,545.77 | | 城北支行 | | | | | 合计 | | | 1,545.77 | 根据公司第四届董事会 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company is undergoing a business structure transformation and is accelerating its layout in the low-altitude economy, which is expected to become a new growth point [1]. - The company reported a revenue of 4.729 billion yuan in 2024, a year-on-year decrease of 10.4%, and a net profit attributable to shareholders of 224 million yuan, down 31.92% year-on-year [1][4]. - The company is focusing on the maintenance, upgrading, and intelligent transformation of existing infrastructure, leveraging its comprehensive capabilities in detection, research, and design [1]. - The company has established a joint venture, Jiangsu Tengyun Technology, to explore the low-altitude economy, aiming to create a second growth curve through a "consulting + technology + industry" model [1]. Revenue and Orders - In 2024, the engineering consulting business generated revenue of 4.601 billion yuan, a decrease of 5.95% year-on-year, accounting for 97.29% of total revenue [2]. - The gross profit margin for the engineering consulting business was 35.78%, down 2.66 percentage points year-on-year [2]. - The company’s new digital business, focusing on smart and digital solutions, has shown rapid growth [2]. Profitability and Financials - The overall gross profit margin for 2024 was 34.8%, a decrease of 1.23 percentage points year-on-year, with a net profit margin of 4.97%, down 0.84 percentage points year-on-year [3]. - The company’s cash flow from operations (CFO) was 261 million yuan, a decrease of 46 million yuan year-on-year, with a cash collection ratio of 99.69%, up 10.30 percentage points year-on-year [3]. - The report projects net profits for 2025, 2026, and 2027 to be 260 million, 301 million, and 343 million yuan, respectively, with year-on-year growth rates of 17%, 15%, and 13% [4]. Financial Data and Valuation - The company’s revenue for 2024 is projected at 4.729 billion yuan, with an expected growth rate of -10.40% [5]. - The projected earnings per share (EPS) for 2024 is 0.18 yuan, with a price-to-earnings (P/E) ratio of 49.25 [5]. - The company’s total assets are expected to reach 16.063 billion yuan by 2024, with a debt-to-equity ratio of 45.24% [8][12].

2025年4月15日，苏交科(300284.SZ)发布2024年年度报告。截至2025年4月14日，共有62个机构投资者 披露持有苏交科A股股份，合计持股量达4.62亿股，占苏交科总股本的36.56%。其中，前十大机构投资 者包括广州珠江实业集团有限公司、广州市中小企业发展基金有限公司-广州国资产业发展并购基金合 伙企业(有限合伙)、上海迎水投资管理有限公司-迎水晋泰10号私募证券投资基金、上海迎水投资管理有 限公司-省心享迎水晋泰嘉裕16号私募证券投资基金、上海迎水投资管理有限公司-迎水晋泰6号私募证 券投资基金、上海通怡投资管理有限公司-通怡杏春1号私募证券投资基金、香港中央结算有限公司、南 方中证1000ETF、永赢低碳环保智选混合发起A、广发中证基建工程ETF，前十大机构投资者合计持股 比例达35.62%。相较于上一季度，前十大机构持股比例合计下跌了0.59个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计1个，即中航军民融合精选A，持股增加占比小 幅上涨。本期较上一季度新披露的公募基金共计52个，主要包括南方中证1000ETF、永赢低碳环保智选 混合发起A、广发中证基建工程ETF、华夏中证 ...

证券研究报告 苏交科 (300284 CH) 减值收敛已现，低空布局加速 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 15 日│中国内地 | 建筑设计及服务 | 苏交科 2024 年实现营收 47.29 亿元（yoy-10.40%），归母净利 2.24 亿元 （yoy-31.92%），扣非净利 1.79 亿元（yoy-34.27%）。其中 Q4 实现营收 18.14 亿元（yoy-16.04%，qoq+112.08%），归母净利 7122.19 万元 （yoy-29.52%，qoq+1636.24%），略低于我们此前预期（0.94 亿元），系 "十四五"末投资以存量推进为主，新建项目需求减少，导致公司收入下滑， 而短期费用刚性使得利润率下滑较多，叠加 4Q24 化债进度偏缓所致。我们 认为公司受 PPP 影响历史减值计提较多，未来化债加码有望收益，且公司 在低空经济领域率先发展，积极打造新兴增长点，维持"增持"评级。 综合毛利率承压，短期费用相对刚性 2024 年公司勘察设计/综合检测业务分别实现营收 31.07/12.76 亿 ...

2025 年 4 月 15 日 公司研究 买入（维持） 24Q4 经营有所回暖，低空基建元年有望持续发力 ——苏交科（300284.SZ）2024 年年报点评 苏交科发布 2024 年年报，24 年公司实现收入/归母净利润/扣非归母净利润分别为 47.3/2.2/1.8 亿元，同比-10.4%/-31.9%/-34.3%。24Q4 公司收入/归母净利润/扣 非归母净利润分别为 18.1/0.71/0.54 亿元，同比-16.0%/-29.5%/-41.6%。 当前价：8.77 元 作者 分析师：孙伟风 执业证书编号：S0930516110003 021-52523822 sunwf@ebscn.com 市场数据 -11% 30% 71% 112% 154% 04/24 07/24 10/24 01/25 苏交科 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -12.47 | -9.45 | 37.57 | | 绝对 | -18.42 | -10.42 | 43.49 | | 资料来源：Wind | | | ...

2025 年 4 月 15 日 公司研究 24Q4 经营有所回暖，低空基建元年有望持续发力 ——苏交科（300284.SZ）2024 年年报点评 买入（维持） 当前价：8.77 元 作者 分析师：孙伟风 执业证书编号：S0930516110003 021-52523822 sunwf@ebscn.com 市场数据 -11% 30% 71% 112% 154% 04/24 07/24 10/24 01/25 苏交科 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -12.47 | -9.45 | 37.57 | | 绝对 | -18.42 | -10.42 | 43.49 | | 资料来源：Wind | | | | 相关研报 积极拓展低空区域版图，数字化业务增长可 期——苏交科（300284.SZ）经营动态跟踪 （2025-04-06） 要点 事件： 苏交科发布 2024 年年报，24 年公司实现收入/归母净利润/扣非归母净利润分别为 47.3/2.2/1.8 亿元，同比-10.4%/-31.9%/-34.3% ...