万马科技（ [Table_StockNameRptType] 300698） 公司点评 [Table_Author] 分析师：陈晶 执业证书号：S0010522070001 电话：15000930816 邮箱：chenjing@hazq.com [Table_CompanyReport] 相关报告 1.推出遨云自动驾驶方案，积极探索 robotaxi 商业落地 2024-11-02 2.盈利能力快速提升，自动驾驶落地 生花 2024-03-31 主要观点： ⚫[Table_Summary] 事件回顾： 战略合作天翼云，智驾能力赋能具身智能和低空出行 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-03-13 | | [Table_BaseData] 收盘价（元） | 43.58 | | --- | --- | | 近 12 个月最高/最低（元） | 53.04/25.63 | | 总股本（百万股） | 134 | | 流通股本（百万股） | 119 | | 流通股比例（%） | 88.47 | | 总市值（亿元） | 58 | | 流通市值（亿元） | 52 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The recent strategic partnership between the company's subsidiary, Youka Technology, and Tianyi Cloud aims to enhance capabilities in intelligent connected vehicles, autonomous driving, and computing infrastructure, promoting large-scale applications in smart vehicles and other intelligent industries [4][5] - The company is actively exploring the commercial deployment of its "Aoyun" autonomous driving solution, which is positioned to compete with Tesla's Full Self-Driving (FSD) system, leveraging advantages such as 5G dual cards and private network services [6][7] - The integration of connected vehicle technology with autonomous driving capabilities is expected to extend into fields such as embodied intelligence and low-altitude travel, marking a significant shift in the smart automotive industry [7][10] Financial Summary - The company forecasts a net profit attributable to shareholders of 94 million, 204 million, and 303 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.52 and 2.26 yuan [11] - Revenue is projected to grow from 590 million yuan in 2024 to 1.531 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of 53.7% [13][16] - The gross margin is expected to stabilize around 40% by 2026, with a return on equity (ROE) projected to reach 29.1% [13][17]

Group 1: Company Overview - Wanma Technology Co., Ltd. was established in 1997 with a registered capital of 134 million yuan [3] - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on August 31, 2017, under stock code 300698 [3] - Originally focused on communication and medical information technology, the company entered the vehicle networking market through the acquisition of Guotong Technology's intangible assets in 2021 [3] Group 2: Core Business and Technology - The core capability of Wanma Technology in the vehicle networking business includes providing foundational services for automakers, including autonomous driving [3] - The company offers a one-stop solution for data connectivity, processing, and design to meet the demands of the autonomous driving industry [3][4] - Wanma Technology's cloud solution, "Autonomous Driving Data Closed Loop Toolchain Platform," supports model building, AI data analysis, and simulation testing [5] Group 3: Industry Trends and Challenges - Key development directions in autonomous driving include "intelligent driving equity" and "Robotaxi," with increasing trust in autonomous technology among consumers [3] - The industry faces challenges such as traffic safety considerations and high costs associated with sensors and vehicles, which need to be addressed for healthy business development [4][5] Group 4: Strategic Partnerships - Wanma Technology collaborates with NVIDIA to enhance product performance and market reach, focusing on technology and market cooperation [8] - The partnership aims to leverage NVIDIA's optimization capabilities and promote Wanma's toolchain in global markets, particularly for autonomous driving and intelligent robotics [8] Group 5: Future Outlook - The vehicle networking business is expected to grow with the upgrade from 4G to 5G and the increasing prevalence of intelligent vehicles and Robotaxi trials [9] - The demand for data processing capabilities is rising as the industry transitions from rule-based L2 to higher quality L3 and above autonomous driving levels, benefiting Wanma Technology's expansion as a data infrastructure service provider [9]

Group 1: Company Overview - Wanma Technology Co., Ltd. was established on August 31, 2017, with a registered capital of 134 million yuan. It was listed on the Shenzhen Stock Exchange (stock code: 300698) [2] - The company operates in four main sectors: communication, medical information, vehicle networking, and intelligent driving [2] Group 2: Business Development - The vehicle networking business has deployed solutions globally, providing services to over 10 million users [2] - The company has established partnerships with major automotive clients such as Geely, Liuzhou Automobile, and SAIC, showing strong growth in overseas vehicle networking [3] Group 3: Collaboration with NVIDIA - Wanma's subsidiary, Youka Technology, is a strategic partner of NVIDIA in the automotive sector, focusing on high-performance computing and AI solutions [3] - The collaboration aims to enhance the automatic driving data closed-loop toolchain, integrating data collection, processing, labeling, training, and simulation [3] Group 4: Autonomous Driving Solutions - The company offers a flexible and customizable autonomous driving data closed-loop toolchain, addressing the high costs and challenges of self-developed solutions for automotive manufacturers [5] - The toolchain can be sold as a complete package or customized based on client needs, providing a more adaptable service [5] Group 5: Revenue Model - The vehicle networking business generates revenue through a combination of license fees and operational services, ensuring stable cash flow [6] - The charging model includes both B2B and B2B2C approaches, primarily focusing on charging automotive manufacturers while also providing user and ecosystem operation services [7]

第四届监事会第三次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，不存在 任何虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 万马科技股份有限公司（以下简称"公司"）于 2024 年 12 月 13 日向全体 监事发出召开第四届监事会第三次会议的通知，并于 2024 年 12 月 17 日以通讯 表决的方式召开。本次会议由徐兰芝女士主持，应出席监事 3 名，亲自出席监事 3 名。本次监事会会议的召开符合《公司法》和《公司章程》的有关规定。本次 会议经过与会监事的认真讨论，投票表决，形成如下决议。 二、监事会会议审议情况 证券代码：300698 证券简称：万马科技 公告编号：2024-065 万马科技股份有限公司 1、《第四届监事会第三次会议决议》。 万马科技股份有限公司 监事会 2024 年 12 月 17 日 1、审议通过了《关于调整 2024 年度日常关联交易预计的议案》 具体内容详见同日刊登于巨潮资讯网（www.cninfo.com.cn）上的相关公告。 本议案已经独立董事专门会议审议通过。 表决结果：3 票赞成、0 票反对、0 票弃权、0 票回避表决。 三、备查文件 ...

证券代码：300698 证券简称：万马科技 公告编号：2024-064 万马科技股份有限公司 第四届董事会第四次会议决议公告 万马科技股份有限公司（以下简称"公司"）于 2024 年 12 月 13 日向全体 董事发出召开第四届董事会第四次会议的通知，并于 2024 年 12 月 17 日以线上 通讯方式召开。本次会议由董事长张禾阳女士主持，应出席董事 9 名，亲自出席 董事 9 名。本次董事会会议的召开符合《公司法》和《公司章程》的有关规定。 本次会议经过与会董事的认真讨论，投票表决，形成如下决议。 二、董事会会议审议情况 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，不存在 任何虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、审议通过了《关于调整 2024 年度日常关联交易预计的议案》 具体内容详见同日在巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。 本议案已经独立董事专门会议审议通过。 表决结果：7 票赞成、0 票反对、0 票弃权、2 票回避表决。张禾阳、张珊 珊因涉及关联交易，回避表决。 三、备查文件 1、公司第四届董事会第四次会议决议。 特此公告。 万马 ...

证券代码：300698 证券简称：万马科技 公告编号：2024-066 万马科技股份有限公司 关于调整 2024 年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 万马科技股份有限公司（以下简称"公司"）根据《公司法》、《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》等相关法律、法规、规范性文件及《公司章程》 等相关规定，对 2024 年度日常关联交易预计额度调整如下： 一、日常关联交易基本情况 （一）日常关联交易概述 2024 年 3 月 28 日，公司第三届董事会第十六次会议审议了《关于 2024 年 日常关联交易预计的议案》，根据 2023 年度关联交易的实际情况，结合业务发 展的需要，公司预计 2024 年度与关联方浙江万马股份有限公司及下属子公司、 上海果通通信科技有限公司、浙江万马泰科新材料有限公司、杭州万骥轻质材料 有限公司发生总金额不超过 11,939,600 元的关联交易。 （三）上一年度日常关联交易实际发生情况 单位：元 关联 交易 类别 关联人 关 ...

Group 1: Company Overview - Wanma Technology Co., Ltd. was established in 1997 and listed on the Shenzhen Stock Exchange on August 31, 2017, with a registered capital of 134 million yuan [2]. - The company focuses on the research, production, system integration, and sales of communication and medical information technology equipment [2]. Group 2: Business Operations - Wanma Technology's subsidiary, Youka Technology, has become the largest third-party vehicle networking connection management service provider in China, with a total of approximately 13 million vehicle connections, including about 12 million domestically and 1 million overseas [3]. - The company has established partnerships with various traditional and new car manufacturers, providing network communication solutions that integrate connection management, intelligent operation, dynamic testing, and data compliance [3]. Group 3: Autonomous Driving Solutions - Wanma Technology is developing autonomous driving solutions to help automotive manufacturers establish a data closed-loop capability, focusing on data collection, cleaning, compliance, labeling, simulation, virtualization, and training [3]. - The company collaborates with NVIDIA to create reference cases and products in the autonomous driving field, exploring optimal performance based on NVIDIA's AV 2.0 model proposal [4]. Group 4: Global Connectivity Solutions - The "One SIM" global vehicle networking solution allows automotive manufacturers to use a single SIM card for global connectivity, reducing roaming costs and providing local rates in destination countries [4]. - This solution supports SGP.02 (M2M) and SGP.32 technical standards, facilitating a smooth transition for automotive manufacturers in overseas markets [4]. Group 5: Investor Relations Activities - The investor relations activities included offline research meetings held on December 2-3, 2024, with participants from Pacific Asset Management and Guosheng Securities [2]. - The meetings aimed to discuss the company's strategic direction and performance, with key personnel including the Vice Chairman and General Manager, Yan Nan, and the Deputy General Manager and Board Secretary, Li Yahui [2].

证券代码：300698 证券简称：万马科技 公告编号：2024-063 注：本表中所涉数据的尾数差异或不符系四舍五入所致。 万马科技股份有限公司 关于持股 5%比例股东股份解质押及质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，不存在 任何虚假记载、误导性陈述或重大遗漏。 万马科技股份有限公司（以下简称"公司"）近日接到公司持股 5%股东闫 楠先生的通知，获悉其将所持有的部分本公司股份办理了股票解除质押及质押业 务，具体事项如下： 一、股东股份解除质押及质押的基本情况 | 股东名称 | 是否为控 股股东或 第一大股 东及其一 | 本 次 解 除 质押数量 （股） | 占其所 持股份 比例 | 占 公 司 总 股 本 | 起始日 | | | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 致行动人 | | | 比例 | | | | | | | | 闫楠 | 否 | 1,660,000 | 24.78% | 1.24% | 2024 5 月 9 | 年 日 | 202 ...

证券代码：300698 证券简称：万马科技 公告编号：2024-061 万马科技股份有限公司 二、董事会会议审议情况 1、审议通过了《关于聘任公司董事会秘书的议案》 具体内容详见同日刊登于巨潮资讯网（www.cninfo.com.cn）上的《关于聘任公 司董事会秘书的公告》（2024-062）。 表决结果：9 票赞成、0 票反对、0 票弃权、0 票回避表决。 第四届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，不存在任何虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 万马科技股份有限公司（以下简称"公司"）于 2024 年 11 月 11 日以邮件形式 向全体董事发出召开第四届董事会第三次会议的通知，并于 2024 年 11 月 14 日以通 讯表决的方式召开线上会议。本次会议由董事长张禾阳女士主持，应出席董事 9 名， 亲自出席董事 9 名。本次董事会会议的召开符合《公司法》和《公司章程》的有关规 定。本次会议经过与会董事的认真讨论，投票表决，形成如下决议。 2024 年 11 月 14 日 三、备查文件 1、《第四届董事会第三次会议决议》。 特此公告。 万 ...