Investment Rating - The report maintains an "Accumulate" rating with a target price of 27.83 yuan, reflecting a potential upside based on the company's growth prospects [2][11]. Core Insights - The company is experiencing a surge in orders due to its successful bids for major projects in Jiangsu and Hunan, totaling approximately 329 million yuan, indicating a significant growth phase in its smart transportation business [3][11]. - The smart transportation industry is driven by both policy support and market demand, with the government planning to support the digital transformation of transportation infrastructure over the next three years [11]. - The company reported a revenue of 896 million yuan in 2024, a year-on-year increase of 20.75%, and a net profit of 210 million yuan, reflecting a 9.81% growth [11]. Financial Summary - Revenue projections show a strong upward trend, with expected revenues of 1,346 million yuan in 2025, 2,160 million yuan in 2026, and 3,083 million yuan in 2027, representing growth rates of 50.3%, 60.5%, and 42.7% respectively [5][12]. - The net profit attributable to the parent company is forecasted to reach 338 million yuan in 2025, 461 million yuan in 2026, and 601 million yuan in 2027, with growth rates of 61.2%, 36.3%, and 30.4% respectively [5][12]. - The company's gross margin is projected to be around 44% in 2025, slightly declining to 40% by 2027 [13]. Market Data - The company's market capitalization is approximately 9.326 billion yuan, with a current share price of 16.07 yuan [6][11]. - The stock has shown a 52-week price range between 16.04 and 25.90 yuan, indicating volatility but also potential for growth [6][11]. Order Growth - The company has secured contracts for two major projects in 2025, which are expected to significantly boost its revenue and demonstrate its competitive strength in the smart transportation sector [11].

Summary of Conference Call Records Industry Overview - The conference call discusses the **computer industry** and its recent performance, highlighting a significant recovery in market sentiment, particularly in the **financial technology** sector related to stablecoins. The computer industry recorded a **15% revenue growth** in Q1 2025, indicating an improvement in market conditions despite seasonal influences [1][5]. Key Points and Arguments - **Market Sentiment Recovery**: The computer industry's trading volume reached over **1.2 trillion RMB**, ranking it alongside the electronics sector, with an index increase of over **3%**. This reflects a resurgence in market interest and investment enthusiasm [3]. - **Performance Expectations**: Despite a poor performance in 2024, the **Q1 2025** revenue growth signals a turning point. AI contributions are expected to materialize in Q3 and Q4, with many companies still in the proof of concept (POC) and demo stages [5]. - **Investment Recommendations**: The current holding ratio in the computer sector is about **3%**, with significant room for increase compared to historical highs. Long-term recommendations focus on AI and self-controlled sectors, while short-term suggestions emphasize companies showing signs of recovery or improved core business performance [6][7]. Company-Specific Insights - **Newland**: Expected profit for 2025 is between **1.3 billion to 1.4 billion RMB**, with a PE ratio of **20x**. The company is focusing on digital identity verification, which is anticipated to drive growth [1][8]. - **Rui Ming Technology**: Low overseas revenue exposure may lead to better-than-expected Q2 results, with an annual profit close to **400 million RMB** [1][8]. - **RiLian Technology**: Specializes in X-ray detection equipment, with a **39%** compound annual growth rate (CAGR) in revenue over the past four years and a **60%** CAGR in profit. Expected profit for 2025 is around **250 million RMB** [1][9]. - **Tongxingbao**: Positioned to benefit from digital upgrades in transportation, with significant order potential in 2026 due to upcoming tenders in Jiangsu province [1][10][11]. - **Langxin Group**: Currently in a turnaround phase, focusing on technology and energy sectors, with a projected minimum profit of **500 million RMB** for 2025 [2][12]. Additional Important Insights - **Future Market Expectations**: The market anticipates a positive trend post-2024 annual report releases, although expectations for new technologies like R2 and GPT-5 should be moderated due to potential delays [4]. - **AI Industry Trends**: The AI sector remains a key focus, with recommendations for companies involved in computing power and applications, such as **Haiguang Information** and **Kingsoft** [16]. - **Self-Controlled Sector**: Companies like **Huada Jiutian** and **Dameng Data** are highlighted as key players in the self-controlled domain, which remains crucial regardless of geopolitical tensions [17]. Short-term Stock Selection Suggestions - Suggested stocks for short-term investment include **Newland**, **Rui Ming Technology**, **RiLian Technology**, and **Langxin Group's Tongxingbao**. In the AI sector, companies like **Kingsoft** and **Jindie International Software** are recommended for their clear business directions and market potential [19].

Core Viewpoint - The concept of unmanned logistics and sanitation vehicles is experiencing a resurgence, leading to significant stock price increases for several companies in this sector [1] Group 1: Market Activity - The unmanned logistics vehicle concept has been active, driving a surge in the unmanned sanitation vehicle sector [1] - Companies such as Yunnei Power, Tongda Electric, Jintui Environment, Fulongma, and Debon Logistics have reached their daily price limit [1] - Other companies like Dadi Electric, Yuhua Tian, Kejie Intelligent, and Tongxingbao have seen stock price increases of over 10% [1] Group 2: Financing and Growth - Several autonomous driving companies focused on logistics have completed financing this year, indicating strong investor interest [1] - Baixiniu received a joint investment of 200 million yuan from SF Express, planning to deploy 2,000 unmanned vehicles across 50 cities [1] - Jiusi Intelligent has raised over 430 million USD, with plans to deliver more than 3,000 vehicles next year [1]

Core Viewpoint - Jiangsu Tongxingbao Smart Transportation Technology Co., Ltd. has announced its 2024 annual profit distribution plan, which includes a cash dividend and a capital reserve conversion to increase share capital [1][2]. Summary by Sections Profit Distribution and Capital Reserve Conversion - The company will distribute a cash dividend of 3.20 RMB per 10 shares (including tax), totaling 132,647,616 RMB [1][2]. - Additionally, the company will convert 4 shares for every 10 shares held from its capital reserve, increasing the total share capital from 414,523,800 shares to 580,333,320 shares [1][2][3]. Shareholder Registration and Distribution Dates - The record date for the distribution is set for May 26, 2025, and the ex-dividend date is May 27, 2025 [3]. Distribution Method - The distribution will be based on the total shares registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the record date [3][4]. - Any fractional shares resulting from the distribution will be allocated based on a sorting method, ensuring the total distributed shares match the planned increase [3]. Share Capital Structure Changes - The share capital structure before the distribution consists of 294,480,322 restricted shares (71.04%) and 120,043,478 unrestricted shares (28.96%) [5]. - Post-distribution, the total share capital will reflect the new structure with 412,272,451 restricted shares and 168,060,869 unrestricted shares [5]. Adjustments to Related Parameters - The net profit per share is reported to be 0.3680 RMB, and adjustments will be made to the minimum selling price for shares held by insiders after the distribution [5].

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。 江苏通行宝智慧交通科技股份有限公司(以下简称"公司"或"本公司")2024 年度权益分派方案已获 2025 年 5 月 15 日召开的 2024 年度股东大会审议通过， 详见公司于同日在巨潮资讯网（https://www.cninfo.com.cn/）披露的《2024 年度 股东大会决议公告》（2025-023），现将权益分派事宜公告如下： 一、股东大会审议通过利润分配及资本公积金转增股本方案的情况 1、公司 2024 年度股东大会审议通过的 2024 年度权益分派方案为：以公司 目前总股本 414,523,800 股为基数，向全体股东每 10 股派发现金 3.20 元（含税）， 合计派发现金股利 132,647,616.00 元；向全体股东每 10 股以资本公积金转增 4 股，不送红股，本次转增后公司总股本将增加至 580,333,320 股，剩余未分配利 润结转以后年度。 若公司董事会、股东大会审议通过利润分配方案后到方案实施前公司的股本 发生变动，则以实施分配方案时股权登记日的总股本为基数，公司将维持每股分 ...

证券代码：301339 证券简称：通行宝 公告编号：2025-024 江苏通行宝智慧交通科技股份有限公司 关于中标项目签订合同的进展公告 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。 特别提示： 1.合同的生效条件：合同自三方盖章签字之日起生效。 2.重大风险及重大不确定性：合同三方均具有履约能力，合同已对工程范围、 工期、合同价款及支付条件、各方权利和义务、违约责任、争议解决方式等做 出明确规定，但在实际履行过程中如遇到不可预计或不可抗力等因素的影响， 可能存在无法如期或全面履行合同的风险。敬请广大投资者注意投资风险。 3.合同履行对本年度公司经营成果的影响：合同的顺利履行预计将对公司 2025 年度及未来年度的财务状况、经营成果产生积极影响，具体收入确认情况 将根据合同履行情况以及企业会计准则、公司会计政策相关规定确认。 一、 合同签署概述 江苏通行宝智慧交通科技股份有限公司（以下简称"公司"）于 2025 年 3 月 6 日在巨潮资讯网（https://www.cninfo.com.cn/）披露了《关于控股子公司收 到中标通知书的公告》（2025-00 ...

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、误导性陈述或者重大遗漏。 特别提示: 证券代码：301339 证券简称：通行宝 公告编号：2025-023 江苏通行宝智慧交通科技股份有限公司 2024年度股东大会决议公告 6、会议主持人：公司董事长王明文先生 1、本次股东大会无变更、否决提案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、现场会议召开时间：2025年5月15日（星期四）下午15:00 2、网络投票时间： 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 15 日 的交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为：2025 年 5 月 15 日 9:15-15:00 期间的任意时间。 3、会议召开地点：江苏省南京市建邺区江东中路399号紫金金融中心A2幢29楼 江苏通行宝智慧交通科技股份有限公司会议室 4、会议的召开方式：现场表决与网络投票相结合的方式 5、会议召集人：江苏通行宝智慧交通科技股份有限公司（以下简称" ...

江苏世纪同仁律师事务所关于 江苏通行宝智慧交通科技股份有限公司 2024年度股东大会的 法 律 意 见 书 江苏通行宝智慧交通科技股份有限公司： 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东 会规则》等法律、法规和规范性文件以及《江苏通行宝智慧交通科技股份有限公 司章程》（以下简称"《公司章程》"）的规定，本所受公司董事会的委托，指 派本律师出席公司 2024 年度股东大会，并就本次股东大会的召集、召开程序、 出席会议人员资格、召集人资格、表决程序以及表决结果的合法有效性等事项出 具法律意见。 为出具本法律意见书，本律师对本次股东大会所涉及的有关事项进行了审查， 查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 本律师同意将本法律意见书随公司本次股东大会决议一并公告，并依法对本 法律意见书承担相应的责任。 本律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业务 标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东大会的召集、召开程序和召集人资格 1．本次股东大会由董事会召集。2025 年 3 月 26 日，公司召开第二届董事 会第十五次会议，决定于 20 ...

Core Insights - The transportation information technology industry in China is experiencing continuous growth, with a market size reaching 219.67 billion yuan in 2023, projected to be approximately 243.75 billion yuan in 2024, and expected to exceed 260 billion yuan in 2025 [12][21] - The advancement of technologies such as 5G, IoT, and AI is driving the expansion of the transportation information market, enhancing system intelligence and operational efficiency [12][22] Industry Definition and Classification - Transportation information technology refers to the comprehensive upgrade and transformation of transportation systems using modern information technologies (e.g., IoT, big data, AI, 5G) to improve efficiency, safety, sustainability, and user experience [1] Industry Chain Analysis - The industry chain includes upstream hardware suppliers and software providers, midstream solution providers, and downstream operational enterprises and end-users, all collaborating closely to drive intelligent, green, and integrated upgrades [3] Development History - The industry has evolved over three decades from basic electronic systems to a fully intelligent ecosystem, with significant milestones in digitalization, data sharing, and the integration of advanced technologies [5] Current Industry Status - The market size of the transportation information technology industry is expanding, driven by the application of new technologies, with 5G enhancing system intelligence and AI playing a crucial role in traffic flow prediction and intelligent scheduling [12][21] Key Enterprises Analysis - The industry features a competitive landscape with leading companies like Yihualu and Silver River Technology leveraging data assets and AI algorithms to dominate high-value scenarios, while regional players focus on localized services and vertical breakthroughs [14][19] Future Development Trends - Integrated development is a key trend, emphasizing the need for multi-modal transport information platforms to enhance logistics efficiency and reduce costs [21] - Technological innovation through the integration of IoT and AI is transforming traffic management and decision-making processes [22][23] - Enhancements in safety and emergency management through information technology are critical, focusing on network security and the integration of various information sources for effective emergency response [24]

Group 1 - Company Tongxingbao (301339.SZ) signed a significant contract worth 283 million yuan for a digital transformation project in Hunan Province [1] - The project aims to integrate information resources for highway and ordinary road services, enhancing travel services and efficiency at toll stations [1] - The contract is expected to positively impact the company's operating performance in 2025 [1] Group 2 - Tongxingbao's main business includes smart traffic electronic toll collection, supported by technologies such as cloud computing and big data [2] - In Q1 2025, the company reported revenue of 165 million yuan, a year-on-year increase of 8.06%, and a net profit of 47.58 million yuan, up 5.64% [2] - The revenue structure shows that electronic toll collection contributed 100 million yuan, accounting for 60.79% of total revenue, with a growth of 7.61% [2] Group 3 - The gross margin for the main business in Q1 was 54.65%, an increase of 1.72 percentage points from Q1 2024 [3] - The gross margin for electronic toll collection was 58.13%, up 4.27 percentage points due to optimized product structure [3] - The gross margin for smart traffic ecosystem business remained high at 85.26% [3]