SuperMap(SZ:300036) Jin Rong Jie·2025-04-23 07:33Core Viewpoint - The financial performance of SuperMap Software in 2024 shows significant declines in both revenue and profit, primarily due to weak market demand and extended project acceptance cycles, leading to a challenging outlook for the company [1][4][6]. Financial Performance - SuperMap Software reported a total revenue of 1.498 billion yuan in 2024, a decrease of 24.30% from 1.979 billion yuan in 2023 [4]. - The net profit attributable to shareholders was -171 million yuan, down 212.70% from a profit of 152 million yuan in 2023 [4]. - The non-recurring net profit fell to -262 million yuan, a decline of 335.59% from 111 million yuan in 2023 [4]. Market Conditions - The decline in performance is attributed to deferred market demand and a slowdown in bidding processes, resulting in fewer expected contract signings [4][6]. - Project acceptance cycles have significantly lengthened, causing delays in revenue recognition and exacerbating performance pressures [4][6]. Technological Innovations - Despite poor financial results, SuperMap Software continues to invest heavily in technological innovation, launching the SuperMapAIF, a complete geospatial AI technology platform, and the SuperMapCopilot, an industry-specific intelligent application [5]. - The company also introduced the SuperMapImageXEnterprise2024, an integrated server software for remote sensing GIS, and developed a remote sensing interpretation model (LIM), enhancing processing efficiency and accuracy [5][6]. Organizational Changes and Market Expansion - In response to market challenges, SuperMap Software has initiated organizational changes, consolidating resources into a matrix structure with nine regions and five product lines to improve customer response and innovation capabilities [7]. - The company has diversified its market presence in sectors such as water resources, meteorology, and digital enterprise, securing several large-scale projects to lay the groundwork for future growth [7]. Future Outlook - The company’s future growth will depend on the successful application of new technologies like AI and remote sensing, as well as the effective release of market demand [7]. - Maintaining technological leadership and achieving business breakthroughs in a complex market environment will be significant challenges for SuperMap Software moving forward [7].