Financial Performance - The company's operating revenue for 2024 was CNY 560,876,751.70, representing a 7.72% increase compared to CNY 520,677,190.88 in 2023[20] - The net profit attributable to shareholders for 2024 decreased by 35.92% to CNY 41,307,526.85 from CNY 64,458,153.46 in 2023[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 33,885,108.79, down 45.90% from CNY 62,637,176.31 in 2023[20] - The basic earnings per share for 2024 was CNY 0.31, a decrease of 35.42% from CNY 0.48 in 2023[20] - The total assets at the end of 2024 increased by 21.54% to CNY 1,088,325,736.80 from CNY 895,424,873.83 at the end of 2023[20] - The net assets attributable to shareholders at the end of 2024 were CNY 482,143,188.50, a slight increase of 2.22% from CNY 471,655,661.65 at the end of 2023[20] - The company reported a negative cash flow from operating activities of CNY -8,274,165.39 in 2024, compared to a positive cash flow of CNY 8,282,035.46 in 2023, marking a 199.90% decline[20] - The weighted average return on equity for 2024 was 8.66%, down from 14.60% in 2023, reflecting a decrease of 5.94%[20] Revenue and Sales Growth - The company's operating revenue for Q4 2024 reached ¥175,398,507, showing a significant increase from ¥83,933,583 in Q1 2024, representing a growth of approximately 109%[22] - The net profit attributable to shareholders for Q3 2024 was ¥15,249,535, a substantial increase from ¥1,482,675 in Q1 2024, indicating a growth of over 925%[22] - The net cash flow from operating activities turned positive in Q4 2024, amounting to ¥77,459,972, compared to a negative cash flow of ¥68,652,864 in Q1 2024[22] - The revenue from the vehicle networking sector grew significantly by 43.56%, amounting to ¥255,296,729.90, up from ¥177,837,452.83 in the previous year[80] - The communication sector's revenue declined by 9.95%, totaling ¥266,656,100.19, down from ¥296,133,119.25 in 2023[80] - The company has reported a 31.86% increase in overseas revenue, which reached ¥79,125,583.45, compared to ¥60,008,371.76 in 2023[80] Market Trends and Projections - The penetration rate of connected vehicles in China reached 84.59% in the first three quarters of 2024, up from 78.31% in 2023, reflecting a rapid growth trend[29] - New energy vehicle sales in China reached 12.87 million units in 2024, a year-on-year increase of 35.5%, accounting for 40.9% of total new car sales[30] - The market for intelligent driving is expected to see a significant increase, with L2 and above autonomous driving vehicles projected to double their penetration rates by 2025[31] - By the end of 2024, China had built 4.251 million 5G base stations, a net increase of 874,000 from the end of 2023, representing 33.6% of total mobile base stations[33] - The government has set a target for 5G base stations to reach 4.5 million by 2025, indicating ongoing infrastructure expansion[33] Research and Development - The company invested approximately 100.55 million in the "Autonomous Driving Cloud Service Construction Project," with 50.75 million already invested and a revenue of 1.22 million generated during the reporting period[2] - The company’s R&D investment amounted to ¥52,340,696.49 in 2024, representing 9.33% of operating revenue, an increase from 8.31% in 2023[95] - The company completed the development of version 1.0 for multiple R&D projects, including an intelligent pathology specimen cabinet and an automatic driving data management platform[94] - The company is preparing to develop the next version of its intelligent cockpit integration and vehicle networking platforms, indicating ongoing innovation efforts[94] Corporate Governance and Management - The company has established a governance structure in compliance with relevant laws and regulations[136] - The company is committed to maintaining a high level of corporate governance and transparency in its operations[136] - The board of directors consists of 9 members, including 3 independent directors, complying with legal requirements[132] - The company emphasizes information disclosure and investor relations management, ensuring timely and accurate communication with stakeholders[134] - The company has established a transparent performance evaluation standard for senior management, in line with regulatory requirements[134] Risks and Challenges - The company faces risks including industry and operational performance fluctuations, overseas market expansion risks, and potential loss of technical talent[5] - The company is at risk of overseas market expansion not meeting expectations due to potential adverse changes in the international economic environment[124] - The company faces risks related to industry and operational performance fluctuations, particularly in its communication network and vehicle networking businesses, which are sensitive to macroeconomic conditions[123] Employee and Talent Management - The total number of employees at the end of the reporting period is 609, with 432 from the parent company and 177 from major subsidiaries[160] - The employee compensation policy links salary adjustments to company performance and market salary levels, aiming to enhance employee motivation and efficiency[161] - The company emphasizes talent training and development, organizing various training programs to improve employee competencies[162] Environmental and Social Responsibility - The company actively promotes green technology innovation and has achieved "carbon footprint" certification for its products[173] - The company strictly evaluates suppliers to ensure compliance with business ethics and social responsibilities[178] Shareholder Relations and Profit Distribution - The company reported a total distributable profit of ¥19,072,351.26, with no cash dividends proposed for the year[163] - The proposed profit distribution plan for 2024 includes no cash dividends, no bonus shares, and no capital reserve conversion into shares[163] - The company has established a profit distribution policy that prioritizes cash dividends over stock dividends, ensuring shareholder returns are protected[182]

Financial Performance - The company's revenue for Q1 2025 reached ¥149,600,035.62, representing a 78.24% increase compared to ¥83,933,583.24 in the same period last year[5] - Net profit attributable to shareholders was ¥5,009,861.27, a significant increase of 237.89% from ¥1,482,675.46 year-on-year[5] - The net profit excluding non-recurring gains and losses was ¥4,959,801.20, up 573.36% from ¥736,570.97 in the previous year[5] - Basic earnings per share rose to ¥0.0374, reflecting a 236.94% increase from ¥0.0111 in the same period last year[5] - Total operating revenue for the current period reached ¥149,600,035.62, a significant increase from ¥83,933,583.24 in the previous period, representing an increase of approximately 78.4%[20] - Net profit for the current period was ¥5,009,861.27, up from ¥1,482,675.46 in the previous period, indicating a growth of approximately 237%[21] - Basic and diluted earnings per share for the current period were both ¥0.0374, compared to ¥0.0111 in the previous period, reflecting an increase of approximately 236%[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,127,733,679.27, a 3.62% increase from ¥1,088,325,736.80 at the end of the previous year[5] - Total current assets increased to ¥762,226,797.01 from ¥701,594,493.02, reflecting a growth of approximately 8.5%[16] - Total liabilities increased to ¥575,425,983.24 from ¥529,118,541.14, representing a growth of about 8.7%[17] - Total liabilities amounted to ¥640,580,629.50, compared to ¥606,182,548.30 in the previous period, showing an increase of approximately 5.6%[18] - The total equity attributable to shareholders of the parent company was ¥487,153,049.77, slightly up from ¥482,143,188.50, indicating a growth of about 1.9%[18] Cash Flow - Cash flow from operating activities showed a significant improvement, with a net cash outflow of only ¥237,267.64 compared to a much larger outflow of ¥68,652,864.70 in the previous year[5] - The net cash flow from operating activities was negative at ¥237,267.64, an improvement from a negative cash flow of ¥68,652,864.70 in the previous period[23] - The net cash flow from investment activities was $10,738,656.26, showing a slight increase from $10,732,954.23 in the previous period[24] - Cash inflow from financing activities totaled $53,967,300.26, significantly higher than $29,835,007.45 in the prior period[24] - The net cash flow from financing activities improved to $21,482,802.64, compared to a negative $19,950,899.38 previously[24] - The total cash and cash equivalents at the end of the period reached $80,196,675.42, up from $59,770,043.65 at the end of the previous period[24] - Cash outflow for financing activities was $32,484,497.62, down from $49,785,906.83 in the previous period[24] - The company reported a cash increase of $31,825,767.07, contrasting with a decrease of $77,807,515.23 in the previous period[24] Shareholder Information - Total number of common shareholders at the end of the reporting period is 12,705[14] - The largest shareholder, Zhang Desheng, holds 21.53% of shares, amounting to 28,843,500 shares[14] - The number of shares held by the top ten shareholders represents a significant concentration of ownership, with the top shareholder alone holding over 21%[14] Operational Insights - The increase in revenue was primarily driven by growth in the communication and vehicle networking businesses[10] - Research and development expenses increased to ¥12,191,441.50 from ¥11,458,243.31, marking an increase of about 6.4%[20] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[20]

万马科技（300698）公告，2024年营业收入5.61亿元，同比增长7.72%。归属于上市公司股东的净利润 4130.75万元，同比下降35.92%。基本每股收益0.31元/股，同比下降35.42%。公司计划不派发现金红 利，不送红股，不以公积金转增股本。 ...

金十数据4月10日讯，万马科技4月10日在互动平台表示，公司目前具有出海业务且已经产生收入的为： 通信类产品、车联网连接平台及服务共两大业务板块。其中，通信类产品业务出口美国的收入占公司全 部业务总收入的比例约为0.9%；车联网连接平台及服务业务有出海布局，但目前海外收入主要为亚太 地区、欧洲地区和中东地区，暂未产生美国地区的收入。目前的关税政策变化，对公司影响较小。 万马科技：目前的关税政策变化对公司影响较小 ...

车联网是物联网技术在交通领域的具体应用，通过多层次网络架构与数据交互机制，成为支撑车辆感 知、决策与控制全流程智能化的重要基石，被称为智能汽车的"神经"。 我国新能源汽车近年来快速普及，为国内车联网技术的发展提供了坚实基础。万马科技副董事长、总经 理闫楠表示，得益于国家坚定不移地推进汽车电动化转型，中国已成为引领全球汽车产业智能化转型的 领导者，国产智能网联汽车在全球范围内已成为行业天花板的存在。 根据高工智能汽车数据，2023年，我国乘用车市场车联网前装标配1653.59万辆，同比增长23.55%，标 配搭载率达到78.31%。中国汽车工程学会预测，到2025年、2030年我国销售新车联网比率将分别达到 80%、100%，联网汽车销售规模将分别达到2800万辆、3800万辆。 未来随着L3级自动驾驶的商业化落地加速，车辆对于数据传输的需求有望呈几何级数放大，整个汽车 产业的运行模式也将发生深刻变革，这将给车联网产业发展带来新的挑战和机遇。 汇正财经资深研究员姜兴平认为，自动驾驶技术的快速发展将驱动智能汽车对高精度连接、边缘计算本 地化以及安全合规等方面的要求持续提升，这在倒逼车联网企业全面升级的同时，也会带 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Recently, the company's subsidiary, Youka Technology, signed a strategic cooperation agreement with Tianyi Cloud to collaborate in areas such as intelligent networking, autonomous driving, and computing infrastructure, aiming to promote large-scale applications in the intelligent vehicle sector [4][5] - The partnership will focus on six dimensions, including autonomous driving, cloud security, edge computing, embodied intelligence, low-altitude economy, and industry standards [5] - The autonomous driving industry is accelerating, with developments from competitors like Tesla and BYD, which may enhance the company's market position [6][7] - The company is expected to benefit from supportive policies for vehicle networking and aims to expand its overseas business, targeting significant growth opportunities [10] Financial Summary - The company forecasts net profits for 2024-2026 to be 94 million, 204 million, and 303 million yuan, respectively, with corresponding EPS of 0.70, 1.52, and 2.26 yuan [11] - Revenue is projected to grow from 521 million yuan in 2023 to 1.531 billion yuan in 2026, reflecting a compound annual growth rate [13][16] - The gross margin is expected to stabilize around 40% in the coming years, with ROE increasing from 13.7% in 2023 to 29.1% in 2026 [13][17]

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]