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].

证券代码：301091 证券简称：深城交 深圳市城市交通规划设计研究中心股份有限公司 非经营性资金占用及其他关联资金往来情况汇总表 2 / 4 证券代码：301091 证券简称：深城交 | 证券简称：深城交 | | --- | | 证券代码：301091 | 2024 年度 编制单位：深圳市城市交通规划设计研究中心股份有限公司 单位：人民币万元 | 非经营性资 | 资金占用方名称 | 占用方与上 市公司的关 | 上市公司核算 | 2024 年期初 | 2024 年度占用 累计发生金额 | 2024 年度占用 资金的利息 | 2024 年度偿还 | 2024 年期末 占用资金余 | 占用形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 金占用 | | | 的会计科目 | 占用资金余额 | | | 累计发生金额 | | 原因 | | | | | 联关系 | | | （不含利息） | （如有） | | 额 | | | | 控股股 | | | | | | | | | | 非经营性占用 | | 东、实际 | ...

Core Insights - Shenzhen Urban Transportation Planning and Design Research Center Co., Ltd. (Deep City Transportation) reported a significant increase in new contract signings, totaling 2.58 billion yuan, a 49% year-on-year growth, driven by new business areas such as big data software and smart transportation [1] Group 1: Strategic Focus - The company is committed to a strategic transformation towards "digitalization, intelligence, and productization" [1] - R&D investment reached 149 million yuan, accounting for 11.32% of revenue, with a focus on leading national key R&D projects [2] - The company launched the TransPaaS 3.0 smart traffic operating system, integrating digital twin technology and generative AI [2] Group 2: Business Growth - New quality business contracts increased by 138%, focusing on low-altitude economy, intelligent networking, and energy-traffic integration [3] - The company has undertaken key projects in low-altitude infrastructure and smart transportation, covering nearly 30 cities with orders exceeding 300 million yuan [3] - The establishment of a low-altitude infrastructure construction alliance and recognition at the China International High-tech Achievements Fair solidified the company's industry leadership [3] Group 3: Market Expansion - The company’s contracts outside of the province surged by 226% to 1.01 billion yuan, with successful projects in various regions [4] - An international headquarters was established in Hong Kong to expand into markets in the Middle East and Southeast Asia, with contracts totaling 350 million yuan [4] - The company aims to leverage its technological foundation and ecological integration capabilities to establish itself as a global benchmark in transportation technology by 2025 [4]

证券代码：301091 证券简称：深城交 公告编号：2025-017 深圳市城市交通规划设计研究中心股份有限公司 关于召开 2024 年度股东会的通知 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。 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"）第二届 董事会第五次定期会议审议通过了《关于召开 2024 年度股东会的议案》，决定于 2025 年 5 月 20 日（星期二）召开公司 2024 年度股东会，现将有关事项通知如 下： 一、召开会议的基本情况 1、股东会届次：2024 年度股东会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次股东会会议的召开符合有关法律、行政 法规、部门规章、规范性文件、深圳证券交易所业务规则及《深圳市城市交通规 划设计研究中心股份有限公司章程》等的相关规定。 4、会议时间： （1）现场会议召开时间：2025 年 5 月 20 日（星期二）下午 15:00。 （2）网络投票时间：2025 年 5 月 20 日。 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 20 日（星期二）9 ...

证券代码：301091 证券简称：深城交 公告编号：2025-007 深圳市城市交通规划设计研究中心股份有限公司 第二届监事会第五次定期会议决议公告 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， 没有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 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"）第二 届监事会第五次定期会议通知已于 2025 年 4 月 17 日以电话和电子邮件等方式 送达全体监事，本次会议于 2025 年 4 月 28 日在深圳市龙华区龙华设计产业园总 部大厦 12 层会议室以现场表决方式召开。本次监事会会议应出席监事 3 人，实 际出席监事 3 人，本次会议由监事会主席谭国威先生主持，公司董事会秘书列席 会议。本次会议的召开符合有关法律、法规、规章和《公司章程》的规定。经各 位监事认真审议，会议形成了如下决议： 二、监事会会议审议情况 （一）审议并通过了《关于<2024 年度监事会工作报告>的议案》 经审议，公司全体监事严格按照《公司法》《公司章程》及《监事会议事规 则》等相关要求，恪尽职守、勤勉尽责、依法行使职权，保障了公司和全体股东 的利益，《20 ...

证券代码：301091 证券简称：深城交 公告编号：2025-020 深圳市城市交通规划设计研究中心股份有限公司 第二届董事会第五次定期会议决议公告 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， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 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"）第二 届董事会第五次定期会议通知已于 2025 年 4 月 17 日以电话和电子邮件等方式 送达全体董事，本次会议于 2025 年 4 月 28 日在深圳市龙华区龙华设计产业园总 部大厦 12 层会议室以现场结合通讯表决方式召开。本次董事会会议应出席董事 7 人，实际出席董事 7 人，公司监事及公司高级管理人员列席了本次会议。本次 董事会会议由董事长林涛先生主持，会议的通知、召集、召开和表决程序符合《中 华人民共和国公司法》等有关法律、行政法规、部门规章、规范性文件和《公司 章程》的规定。经各位董事认真审议，会议形成了如下决议： 二、董事会会议审议情况 （一）审议并通过了《关于<2024 年度董事会工作报告>的议案》 《2024 年度董事会工作报告》、《2024 年度独立董事述职报 ...

证券代码：301091 证券简称：深城交 公告编号：2024-011 深圳市城市交通规划设计研究中心股份有限公司 关于 2024 年度利润分配及资本公积转增股本预案的公告 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。 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28日召开第二届董事会第五次定期会议和第二届监事会第五次定期会议， 审议通过了《关于<2024 年度利润分配及资本公积转增股本预案>的议案》，该议 案尚需提交公司股东会审议。现将有关事项公告如下： 一、利润分配及资本公积转增股本预案的基本情况 根据天健会计师事务所（特殊普通合伙）出具的《2024 年度审计报告》，公 司 2024 年度实现归属于上市公司股东的净利润为 105,719,197.21 元。为进一步 增强公司的综合竞争力，以保障公司正常生产经营需要的资金为前提，结合公司 2025 年战略及经营计划，同时兼顾广大中小投资者的利益，公司拟采取现金分 红作为 2024 年度利润分配预案，并同时进行资本公积转增股本。公司拟定 2024 年度利润分配及资本公积转增 ...

目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表…………第 3—4 页 三、资质证书复印件…………………………………………………第 5—8 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 深圳市城市交通规划设计研究中心股份有限公司全体股东： 我们接受委托，审计了深圳市城市交通规划设计研究中心股份有限公司（以 下简称深城交公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公 司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、 合并及母公司所有者权益变动表，以及财务报表附注，并出具了审计报告。在此 基础上，我们审计了后附的深城交公司管理层编制的 2024 年度《非经营性资金 占用及其他关联资金往来情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供深城交公司年度报告披露时使用，不得用作任何其他目的。我们 同意将本报告作为深城交公司年度报告的必备文件，随同其他文件一起报送并对 外披露。 为了更好地理解深 ...