JSST(SZ:002609)2023-04-25 16:00Financial Performance - The company's operating revenue for 2022 was approximately ¥1.38 billion, a decrease of 8.59% compared to ¥1.50 billion in 2021[21]. - The net profit attributable to shareholders was approximately ¥18.14 million, down 88.76% from ¥161.34 million in the previous year[21]. - Basic earnings per share decreased to ¥0.03, down 88.00% from ¥0.25 in 2021[21]. - The company reported a significant decline in net profit after deducting non-recurring gains and losses, which was approximately -¥7.54 million in 2022[21]. - The weighted average return on net assets decreased to 0.78%, down from 7.11% in the previous year[21]. - The company's total revenue for the reporting period was CNY 137,565.20 million, a decrease of 8.59% compared to CNY 150,489.27 million in the same period last year[61]. - Net profit attributable to shareholders was CNY 1,814.26 million, down 88.76% from CNY 16,134.42 million year-on-year[61]. - The smart hardware business generated revenue of CNY 98,815.61 million, a decline of 19.80% year-on-year due to external challenges[61]. - The cloud hosting (SaaS) business achieved revenue of CNY 7,882.21 million, representing a significant growth of 93.98% year-on-year[63]. - The overall software and cloud services revenue was CNY 15,790.94 million, down 14.19% year-on-year due to the decline in hardware sales[63]. - The smart parking operation business generated revenue of CNY 9,252.47 million, an increase of 15.33% compared to the previous year[64]. - New business revenue reached RMB 343.17 million in 2022, representing a year-on-year growth of 29.87%, and for the first time, new business revenue accounted for over 25% of the company's total revenue[60]. Cash Flow and Assets - The net cash flow from operating activities increased significantly by 541.99% to approximately ¥204.69 million, compared to ¥31.88 million in 2021[21]. - The total assets at the end of 2022 were approximately ¥3.83 billion, an increase of 7.38% from ¥3.57 billion at the end of 2021[21]. - The net assets attributable to shareholders increased by 1.10% to approximately ¥2.36 billion, compared to ¥2.33 billion at the end of 2021[21]. - The total cash inflow from operating activities was ¥1,719,575,690.51, up 7.16% from ¥1,604,743,412.32 in 2021, while cash outflow decreased by 3.69%[87]. - The company reported a net cash flow from investment activities of -¥155,972,599.21, an improvement of 37.87% from -¥253,004,024.72 in the previous year[88]. - The total assets at the end of 2022 included cash and cash equivalents of ¥744,230,546.53, accounting for 19.42% of total assets, a decrease of 1.35% from the beginning of the year[88]. Business Operations and Strategy - The company’s main business focuses on smart parking solutions, including intelligent hardware and operational services[21]. - The company plans to distribute a cash dividend of ¥0.30 per 10 shares (including tax) to all shareholders[3]. - The company is leveraging digital and AI technologies to enhance service offerings and operational efficiency, which is expected to have a profound impact on the industry[35]. - The company expanded its main business to include new services such as parking duration and charging fees, creating an integrated "parking and charging" application scenario[36]. - The smart hardware business has been implemented in over 50 cities across China, enhancing the company's competitive edge through the integration of AI technology and IoT[37]. - The cloud management service for parking lots has over 9,000 lanes operational, providing a comprehensive solution that reduces operational costs and improves user experience[41]. - The company has established a leading marketing service network with over 50 sales institutions covering major cities, ensuring stable growth and quality after-sales service[55]. - The company aims to transform from product-based to service-oriented business, focusing on integrated services in the smart city sector as part of its three-year development plan from 2021 to 2023[101]. Market Trends and Challenges - The company experienced a 10.0% decline in real estate development investment in 2022, amounting to approximately ¥13.29 trillion, which has impacted the demand for smart hardware[31]. - The demand for smart hardware is shifting from new construction projects to the replacement and upgrade of existing projects, indicating a growing market in the stock market segment[32]. - The integration of parking and charging services is emerging as a new industry trend, driven by the rapid growth of new energy vehicles, which saw a 96.9% increase in production in 2022[34]. - The proportion of new energy vehicles in total domestic car sales reached 25.6% in 2022, up from 12.1% the previous year, highlighting a significant market shift[34]. - The traditional smart hardware business faced a 19.80% decline in revenue due to reduced demand from new real estate projects, which historically accounted for about 40% of sales[60]. Governance and Compliance - The company has established a fair and transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management, ensuring alignment of interests among shareholders and management[118]. - The company strictly adheres to legal regulations in its governance structure, ensuring independence from its controlling shareholder in operations, personnel, assets, and finances[115]. - The board of directors consists of nine members, including three independent directors with expertise in accounting, law, and industry[116]. - The company has improved its information disclosure practices, ensuring timely and accurate communication with investors through various channels[120]. - The company has established a robust internal control system to enhance governance and operational efficiency[114]. - The company’s governance practices align with the regulations set forth by the China Securities Regulatory Commission, with no significant discrepancies[122]. Research and Development - The company has invested heavily in R&D, creating a comprehensive ecosystem of products and applications, including smart hardware, AI technology, and cloud services[56]. - Research and development expenses were ¥112,505,720.03, showing a slight decrease of 2.12% compared to the previous year[80]. - The number of R&D personnel decreased by 8.58% to 629, with R&D personnel accounting for 21.85% of the total workforce[82]. - R&D investment amounted to ¥148,499,308 in 2022, a decrease of 3.23% from ¥153,459,798 in 2021, while the R&D investment as a percentage of revenue increased to 10.79% from 10.20%[83]. - The company is focusing on developing smart parking solutions, including low-position intelligent parking detectors and full-scene unattended control systems, to enhance its competitive edge in the market[81][82]. Future Outlook - For 2023, the company has set a theme of "thick accumulation and thin release" to drive rapid growth in innovative businesses and restore momentum in foundational businesses[101]. - The company’s innovative business aims for over 40% year-on-year growth in 2023, targeting an increase in its revenue contribution to over 30%[102]. - The cloud parking management business is prioritized for scale development, focusing on enhancing customer value and promoting large and medium-sized property clients[102]. - The smart parking operation business will implement an ecosystem cooperation plan to expand the platform strategy and enhance value creation for B-end parking lot clients[103]. - The parking duration and charging business will optimize its model to expand customer coverage and integrate with other business lines to enhance overall value[105]. - The destination charging business is elevated to a strategic level, with plans to integrate it deeply into existing services and increase the number of charging stations[106]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2025[132]. - Future guidance estimates revenue growth of 12% for 2023, with a projected net profit margin of 18%[132].