E-HUALU(300212) Jin Rong Jie·2025-04-18 08:08Core Viewpoint - In 2024, the company reported a significant decline in financial performance, with total revenue of 465 million yuan, a year-on-year decrease of 39.24%, and a net loss of 2.865 billion yuan, worsening from the previous year's loss of 1.890 billion yuan, reflecting a 51.59% decline [1] Group 1: Smart Transportation - The company has repositioned smart transportation as its core business in 2024 and is actively expanding into international markets [4] - The company is integrating resources to transition from a traditional project integrator to a product supplier, focusing on key industry directions such as "data elements x three-year action plan" and "vehicle-road-cloud integration" [4] - Despite progress in international markets, challenges such as market competition, policy risks, and technical barriers remain [4] Group 2: Data Element Business - The data element business is another key focus for the company in 2024, providing full-process services to support digital economy construction [5] - The company successfully launched multiple data asset projects in regions like Jiangsu, Zhejiang, and Guizhou, and listed over 40 data products on platforms like the Beijing International Big Data Exchange [5] - Although order volume has increased, the small business base limits its impact on overall revenue and gross margin [5][6] Group 3: Integrated Storage and Computing - The company has made significant progress in its integrated storage and computing business, completing compatibility certifications with several enterprises [7] - The company is exploring technological integration paths to meet the rapidly growing storage and computing demands [7] - High R&D investment in this area may hinder short-term profitability, necessitating continued investment to maintain a leading position [7] Group 4: Overall Financial Pressure and Future Outlook - The company faces substantial financial pressure in 2024, but increased R&D investment and fixed cost management optimization provide important support for future transformation and development [7] - The company needs to enhance business quality and strictly control capital projects to adapt to market changes and internal transformation challenges [7]