针对公司追认 2024 年度关联交易事项，独立董事认为：公司在 2024 年抢抓 市场机遇，业务量显著增加，导致公司向部分关联方收取的部分项目结算款超出 预期。上述关联交易事项符合公司的长远发展规划，关联交易遵循市场公允价格 和正常的商业条件进行，交易定价合理公允，遵循平等、自愿、等价、有偿的原 则，不存在损害公司和中小股东利益的情形，亦不会对公司的独立性产生影响。 我们同意《关于追认关联交易的议案》，并同意将该议案提交公司第二届董事会 第十八次临时会议审议。 深圳市城市交通规划设计研究中心股份有限公司 独立董事：潘同文、彭万红、涂子沛 2025 年 5 月 13 日 深圳市城市交通规划设计研究中心股份有限公司 第二届董事会独立董事第三次专门会议审核意见 根据《中华人民共和国公司法》、《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》、《上市公司独立董事管理办法》等有关 法律法规、部门规章、规范性文件和《公司章程》《独立董事工作细则》等公司 规章制度的规定，深圳市城市交通规划设计研究中心股份有限公司（以下简称"公 司"）已于 2025 年 5 月 13 日召开第二届董事会独立董事第三 ...

证券代码：301091 证券简称：深城交 公告编号：2025-022 深圳市城市交通规划设计研究中心股份有限公司 关于追认关联交易的公告 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。 因深圳市城市交通规划设计研究中心股份有限公司（以下简称"公司"）2024 年部分业务超出预期，导致公司 2024 年度与部分关联人发生的日常关联交易金 额超出 2024 年的预计范围，达到了《深圳证券交易所股票上市规则》披露的要 求，公司拟对日常关联交易的超额部分予以追认，公司于 2024 年 5 月 13 日召开 第二届董事会第十九次临时会议，审议并通过了《关于追认关联交易的议案》。 具体情况公告如下： 一、 关联交易的主要内容 公司 2024 年度关联交易发生情况具体如下： 单位：万元 | | | | 年预 2024 | 年实际 2024 | 超出金 | | --- | --- | --- | --- | --- | --- | | 关联交易 | 关联方 | 关联交易内 | 计金额 | 发生金额 | 额 | | 类别 | | 容 | （不含税） | （不含税） | （不含 ...

Group 1 - The stock price of Shenzhen Urban Transportation Planning and Design Research Center Co., Ltd. (referred to as "Shenzhen Urban Transport") closed at 35.69 yuan on May 9, 2025, down 2.33% with a turnover rate of 1.15% and a trading volume of 46,600 lots, amounting to a transaction value of 167 million yuan [1] - On May 9, the capital flow for Shenzhen Urban Transport indicated a net outflow of 18.642 million yuan from main funds, accounting for 11.17% of the total transaction value, while retail investors saw a net inflow of 23.4521 million yuan, representing 14.05% of the total transaction value [2][4] - Guosen Securities Co., Ltd. has completed its continuous supervision work for Shenzhen Urban Transport's initial public offering and listing on the Growth Enterprise Market, with the supervision period from October 29, 2021, to December 31, 2024 [2][4] Group 2 - During the continuous supervision period, Guosen Securities ensured the company improved its corporate governance structure, established sound internal control systems, and maintained the authenticity and accuracy of information disclosure [2] - As of December 31, 2024, the funds raised from the initial public offering have not been fully utilized, and Guosen Securities will continue to fulfill its supervisory obligations [2]

国信证券股份有限公司 | 项目 | 内容 | | --- | --- | | 发行人名称 | 深圳市城市交通规划设计研究中心股份有限公司 | | 证券代码 | 301091 | | 注册资本 | 40,560万元 | | 注册地址 | 深圳市龙华区民治街道北站社区龙华设计产业园总部大厦1栋 | | | 1101 | | 主要办公地址 | 深圳市龙华区民治街道北站社区龙华设计产业园总部大厦1栋 1101 | | 法定代表人 | 林涛 | | 实际控制人 | 深圳市人民政府国有资产监督管理委员会 | | 本次证券发行类型 | 首次公开发行股票 | | 本次证券发行上市时间 | 2021年10月29日 | 关于深圳市城市交通规划设计研究中心股份有限公司 首次公开发行股票并在创业板上市之保荐总结报告书 根据《证券发行上市保荐业务管理办法》、《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》等有关规定，国信证券股份有限公司（以下简称"国信证券"或"保 荐机构"）作为深圳市城市交通规划设计研究中心股份有限公司（以下简称" 深城交""发行人"或"公司"）首次公开发 ...

证券代码：301091 证券简称：深城交 公告编号：2025-021 深圳市城市交通规划设计研究中心股份有限公司 关于举行 2024 年度业绩说明会的公告 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。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提 前向投资者公开征集问题。投资者可于 2025 年 5 月 14 日前，访问 （https://ir.p5w.net/zj/）或扫描下方二维码，进入本次年度业绩说明会页面进行提 问。公司将在 2024 年年度业绩说明会上，在信息披露允许范围内就投资者普遍 关注的问题进行回答。 1 / 2 深圳市城市交通规划设计研究中心股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn）披露了公司《2024 年年度报 告》。为便于广大投资者更全面深入地了解公司经营业绩、发展战略等情况，公 司拟于 2025 年 5 月 15 日（星期四）举行 2024 年度业绩说明会。现将有关事项 公告如下： 一、业绩说明会安排 （一）会议召开时间：2025 年 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has experienced a significant increase in new contracts, with a year-on-year growth of 49% in new contracts totaling 2.58 billion yuan, driven by its strategic focus on new quality sectors such as low-altitude economy and smart transportation [5][7] - Despite a decline in traditional planning and design business due to industry cycles, the company is actively transitioning towards new infrastructure and operational services, which is expected to support future growth [5][7] - The company's revenue for 2024 is projected to be 1.316 billion yuan, reflecting a decrease of 7.26% from the previous year, but a strong recovery is anticipated in subsequent years with a forecasted revenue of 2.063 billion yuan in 2025, representing a growth rate of 56.77% [9][10] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 1.32 billion yuan, with a net profit attributable to the parent company of 106 million yuan, reflecting a year-on-year decline of 34.74% [5][10] - The gross margin for 2024 was 32.5%, down by 4.81 percentage points from the previous year, while the net profit margin was 8.4%, down by 3.92 percentage points [6][12] Business Segments - The revenue from smart transportation, planning consulting, and engineering design and testing was 736 million yuan, 355 million yuan, and 224 million yuan respectively, with smart transportation showing a growth of 27.09% [5] - The proportion of revenue from smart transportation increased to 55.89%, indicating a shift in the company's business structure towards more profitable segments [5] Profitability and Valuation - The company’s net profit for 2025 is projected to be 194 million yuan, with an expected growth rate of 83.87% compared to 2024 [9][10] - The report forecasts a gradual improvement in profitability metrics, with the return on equity (ROE) expected to rise from 4.53% in 2024 to 10.38% by 2027 [12][13]

2025 年 5 月 6 日 公司研究 ——深城交（301091.SZ）2024 年年报及 2025 年一季报点评 增持（维持） 当前价：33.85 元 作者 分析师：孙伟风 执业证书编号：S0930516110003 021-52523822 分析师：吴钰洁 执业证书编号：S0930523100001 021-52523879 wuyujie@ebscn.com 市场数据 | 总股本(亿股) | 4.06 | | --- | --- | | 总市值(亿元)： | 137.30 | | 一年最低/最高(元)： | 23.10/66.00 | | 近 3 月换手率： | 149.50% | 股价相对走势 新签合同高增，业务转型下增长可期 -30% -1% 29% 58% 87% 04/24 07/24 10/24 01/25 深城交 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 9.12 | -22.94 | 8.56 | | 绝对 | 14.17 | -23.59 | 11.65 | 资料来源：Wind 相 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but new contract signings and growth in new business segments provide a positive outlook for future performance [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.316 billion yuan, a decrease of 7.26%, and a net profit of 106 million yuan, down 34.74% [1]. - For Q4 2024, revenue was 536 million yuan, a slight decline of 0.15%, with a net profit of 47 million yuan, down 57.59% [1]. - In Q1 2025, revenue was 181 million yuan, a decrease of 20.78%, with a net loss of 28 million yuan, although the loss narrowed year-on-year [1][2]. Business Segments - The big data software and smart transportation segment generated revenue of 736 million yuan, an increase of 27.09% [1]. - The engineering design and testing segment saw revenue drop to 224 million yuan, down 31.84% [1]. - The planning and consulting services segment reported revenue of 355 million yuan, a decrease of 30.25% [1]. - Other businesses generated revenue of 2 million yuan, down 41.5% [1]. New Contracts and Business Growth - In 2024, the company signed new contracts worth 2.58 billion yuan, a year-on-year increase of 49% [2]. - New quality business segments grew by 138%, accounting for over 67% of total business, providing strong momentum for the company's transformation [2]. Low-altitude Economy and Infrastructure - By the end of 2024, the company had over 300 million yuan in orders related to the low-altitude economy, positioning it as a key technical support provider in Shenzhen [3]. - The company is involved in low-altitude construction and operation consulting for nearly 20 cities, with confirmed revenue of 18.5856 million yuan from low-altitude planning consulting in 2024 [3]. New Infrastructure and Technology Development - The company is expanding into new fields such as intelligent computing and supercharging, accelerating its transformation into a product-oriented and platform-oriented technology company [4]. - It has launched various hardware products and solutions aimed at building the next-generation smart transportation system, including drones and autonomous vehicles [4]. Future Projections - Revenue projections for 2025-2027 are 2.035 billion yuan, 2.807 billion yuan, and 3.489 billion yuan, respectively, with net profits expected to be 227 million yuan, 338 million yuan, and 467 million yuan [5].

Financial Overview - The company achieved total operating revenue of 181 million yuan in Q1 2025, a year-on-year decrease of 20.77% [1] - The net profit attributable to shareholders was -27.649 million yuan, an increase of 13.51% year-on-year [1] - The net profit excluding non-recurring items was -32.4106 million yuan, up 14.56% year-on-year, indicating a narrowing of losses but an overall declining performance [1] Key Financial Indicators - Accounts receivable reached 1.226 billion yuan, representing 1159.32% of the latest annual net profit, indicating significant collection risk [3] - The average operating cash flow over the past three years was only 19.47% of current liabilities, raising concerns about cash flow management [3] Debt Repayment Ability - The company's cash and cash equivalents amounted to 365 million yuan, a year-on-year decrease of 22.85%, but overall cash assets remain relatively healthy [4] - Interest-bearing debt was 46.8515 million yuan, down 11.70% year-on-year, reflecting a proactive approach to debt management [4] Business Model and Future Development - The company's performance primarily relies on R&D and equity financing, with total financing since listing amounting to 1.46 billion yuan and total dividends of 70.312 million yuan, resulting in a dividend financing ratio of 0.05 [5] - Future strategies should focus on optimizing the business model, enhancing profitability, and improving management of accounts receivable and cash flow [5] Profitability Metrics - Gross margin was 19.4%, an increase of 104.29%, indicating improvements in cost control [6] - Net margin was -20.39%, a decrease of 8.63%, showing continued weakness in profitability [6] - Operating expenses accounted for 22.5% of revenue, up 26.38%, putting pressure on profits due to rising sales, administrative, and financial expenses [6] - Book value per share was 5.7 yuan, down 19.31%, reflecting a reduction in shareholder equity [6] - Operating cash flow per share was -0.62 yuan, an improvement of 14.24%, but still negative [6] - Earnings per share were -0.07 yuan, an increase of 12.5%, indicating a reduction in the extent of losses [6]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 44.86 RMB [8][9]. Core Views - The company reported a significant increase in new contracts in 2024, with a total of 2.58 billion RMB, representing a year-on-year growth of 49%, particularly in new infrastructure and operational services [4]. - The company is expected to benefit from the expansion in the low-altitude economy sector, with over 300 million RMB in orders on hand by the end of 2024 [4]. - Despite a decline in overall revenue and net profit for 2024, the company is optimistic about future growth driven by hardware and operational developments in the low-altitude economy [1][2]. Summary by Sections Financial Performance - In 2024, the company reported revenues and net profit of 1.32 billion RMB and 110 million RMB, respectively, down 7.3% and 34.7% year-on-year [1]. - The gross margin for Q1 2025 improved to 19.4%, a 10.0 percentage point increase year-on-year, indicating a recovery trend [2]. Business Segments - The company's big data software and smart transportation segments saw revenue growth of 27.1% in 2024, while engineering design and consulting services experienced declines of 31.8% and 30.3%, respectively [2]. - The gross margins for these segments were 25.4%, 41.3%, and 42.6%, with a noted decline attributed to increased costs in integrated services and hardware [2]. Cost Management - The management expense ratio decreased to 21.6% in 2024, down 0.4 percentage points year-on-year, primarily due to optimized employee structure and reduced compensation [3]. - The company recorded credit and asset impairment losses of 8 million RMB and 1 million RMB, respectively, but expects improvements in accounts receivable and cash collection in 2025 [3]. Profit Forecast and Valuation - Revenue forecasts for 2025-2027 are adjusted to 2.04 billion RMB, 2.53 billion RMB, and 3.10 billion RMB, reflecting a downward revision of 9% and 11% [5]. - The target price is set at 44.86 RMB, based on a valuation of 13x PS and 25x PE for the company's big data software and smart transportation segments [5].