PCI-STCL(600728)2025-04-10 15:00Financial Performance - In 2024, Jiadu Technology achieved a revenue of 7.949 billion yuan, representing a year-on-year growth of 27.64%[3] - The company reported a net profit attributable to the parent company of -114.88 million yuan for 2024, with an ending undistributed profit of 1.49 billion yuan[12] - The company's operating revenue for 2024 reached ¥7,948,583,564.39, representing a 27.64% increase compared to ¥6,227,525,418.01 in 2023[30] - The net profit attributable to shareholders of the listed company was -¥114,877,803.69 in 2024, a decrease of 129.10% from ¥394,737,678.09 in 2023[30] - The net cash flow from operating activities increased by 117.57% to ¥180,425,810.69 in 2024, compared to ¥82,928,401.84 in 2023[30] - Total assets grew by 15.09% to ¥16,367,363,023.26 at the end of 2024, up from ¥14,221,487,800.32 at the end of 2023[30] - The basic earnings per share for 2024 was -¥0.0538, a decline of 127.28% from ¥0.1972 in 2023[31] - The weighted average return on net assets was -1.50% in 2024, down from 5.36% in 2023[31] - The company reported a net profit of ¥23,512,493.45 after deducting non-recurring gains and losses, compared to -¥33,558,340.22 in 2023[30] - The net assets attributable to shareholders of the listed company decreased by 2.43% to ¥7,598,898,399.28 at the end of 2024[30] Business Development and Strategy - Jiadu Technology's intelligent transportation business signed new orders, reaching a three-year high, indicating strong market demand[3] - The launch of the Jiadu Zhixing traffic large model positions the company as a leader in the intelligent transportation sector, enhancing its competitive edge[4] - The company plans to increase R&D investment in technology products focused on urban rail transportation, aiming for industry-leading innovations[7] - Jiadu Technology aims to expand its international presence step by step, focusing on core intelligent transportation businesses[7] - The company is committed to deepening cooperation with quality manufacturers like Xinhua San, Yushi, and Dipu to enhance overall competitiveness[6] - The intelligent transportation industry is experiencing a trend towards consolidation, presenting both challenges and opportunities for Jiadu Technology[5] - Jiadu Technology is leveraging the benefits of the Guangdong-Hong Kong-Macao Greater Bay Area strategy to enhance its market position and project development[4] - Future outlook includes market expansion strategies and potential mergers and acquisitions to enhance growth[30] - The company secured new orders for subway projects in multiple cities, including Chongqing, Shenzhen, and Wuhan, expanding its business footprint[41] - The company is advancing its artificial intelligence technology research and development, enhancing capabilities in natural language processing, image recognition, and reinforcement learning[41] Research and Development - The company is focusing on the development of new technologies, including its natural language model PCITransGPT and visual model TranCore-V[30] - The company's R&D investment reached 243 million yuan, accounting for 8.81% of revenue from intelligent products and services[54] - The self-developed product coverage in intelligent rail transit has continuously improved, including key products like the Huajia MOS platform and energy-saving control cabinets[55] - The company has established multiple intelligent technology R&D institutions and has established collaborations with leading universities to enhance its R&D capabilities[78] - The company has launched a new cloud-based platform, expecting to generate an additional 100 million yuan in revenue within the next year[147] Market Trends and Industry Insights - The AI large model industry in China is experiencing rapid growth, with a 42% increase in investment for intelligent transformation in key industries[44] - By the end of 2024, the total operational mileage of urban rail transit in China reached 10,945.6 kilometers, with a year-on-year increase of 748 kilometers and a passenger volume exceeding 32.24 billion, up 9.5%[48] - The scale of intelligent computing in China is projected to reach 725.3 exaFLOPS in 2024, a year-on-year growth of 74.1%, significantly outpacing the general computing growth rate of 20.6%[46] - The market size for intelligent computing in China is expected to reach 6.7 billion in 2024, with a compound annual growth rate of 12.2% from 2023 to 2028[52] Corporate Governance and Management - The company adheres to strict governance practices, ensuring compliance with relevant laws and regulations to protect shareholder interests[138] - The board of directors consists of 8 members, including 3 independent directors, and has established specialized committees for audit, nomination, compensation, and strategy[139] - The company actively engages with investors through various communication channels to ensure transparency and timely responses to inquiries[139] - The company has implemented a multi-layered incentive mechanism for talent retention, including compensation and equity participation[134] - The company has established a strong project management framework to enhance delivery capabilities and control costs[134] Risks and Challenges - The company faces policy risks due to its reliance on government contracts, which may be affected by changes in government industrial policies[133] - The company is also exposed to market risks, particularly regarding the potential underperformance of AI technology product implementations in a competitive landscape[133] - Financial risks are present due to potential delays in receivables from historical smart city projects, which could increase financial pressure if the macroeconomic environment worsens[135] - There is a heightened risk of talent loss due to the expansion of business scale and the need for high-quality development, prompting the establishment of a Human Resources Management Committee to enhance talent retention strategies[134] Shareholder and Financial Policies - The company has implemented a cash dividend policy, with a clear plan for shareholder returns from 2022 to 2024, as approved in the 2022 second extraordinary general meeting[178] - The proposed cash dividend for 2023 is ¥0.1856 per 10 shares, totaling ¥39,484,631.62 to be distributed among 2,127,404,721 shares[179] - The company plans not to distribute profits for 2024 and will carry forward the remaining undistributed profits to future years[180] - The cumulative cash dividend amount over the last three accounting years is ¥39,484,631.62, with an average net profit of ¥6,023,726.40 during the same period[183] - The cash dividend payout ratio over the last three accounting years is 655.49%[183] Strategic Initiatives and Future Plans - The company is in the "Comprehensive Consolidation Period" of its "3×3" strategic plan, focusing on smart transportation and smart city sectors, with a goal to enhance core competitiveness by 2024[126] - The company plans to accelerate the application of AI large model technology in the transportation industry, leveraging its unique advantage of having a trillion-level professional data[128] - The company intends to deepen its digital upgrade business and integrate it with the main transportation sector, maximizing the value of its product lines[132] - The company is considering strategic acquisitions to enhance its product offerings, with a budget of 100 million allocated for potential deals[148] Community Engagement and Social Responsibility - The company made a total donation of 2.5 million yuan during the reporting period, including 2 million yuan to the Zhongshan University Education Development Foundation and 500,000 yuan for disaster relief in Meizhou City[194]