JXFH(SZ:300213) Xin Lang Cai Jing·2025-05-06 10:57Core Viewpoint - The company is implementing a digital intelligence development strategy, deeply integrating new productivity into key industries such as transportation, national defense, and government, with stable overall operations expected in 2024. Significant progress has been made in expanding the international market for rail transportation, winning multiple overseas railway projects worth tens of millions in Mexico, Malaysia, and Guinea. Although the implementation pace of some projects may delay revenue recognition in Q1 2025, the company has sufficient orders on hand to support annual performance. 2025 is designated as the "Year of Digital Intelligence Leap," with the company actively developing an "AI+" industry solution matrix in collaboration with Huawei, based on the Ascend computing cluster FusionCubeA3000 [1][2][5][6]. Financial Performance - In 2024, the company reported an operating income of 1.154 billion yuan, a year-on-year increase of 2.70%, and a net profit attributable to shareholders of 74 million yuan, up 10.52% year-on-year. The comprehensive gross profit margin for 2024 was 42.91%, an increase of 2.93 percentage points compared to the previous year [2][3]. - For Q1 2025, the company reported an operating income of 117 million yuan, a year-on-year decrease of 32.09%, and a net loss attributable to shareholders of 25.53 million yuan, compared to a loss of 6.22 million yuan in the same period last year. The gross profit margin for Q1 2025 was 43.20%, an increase of 4.59 percentage points year-on-year [4]. Industry Segmentation - In 2024, revenue from the transportation sector was 701 million yuan, a year-on-year increase of 5.68%, with a gross profit margin of 55.63%, up 9.20 percentage points. Revenue from the government and defense sector was 194 million yuan, down 32.49%, with a gross profit margin of 35.38%, down 4.04 percentage points. Revenue from the financial and other sectors was 259 million yuan, a year-on-year increase of 49.47%, with a gross profit margin of 14.18%, down 2.11 percentage points [3]. Order Status - The company has a sufficient order backlog, with total orders reaching 810 million yuan by the end of Q1 2025, an increase of 120 million yuan from the previous year. The revenue decline in Q1 2025 was attributed to the delayed implementation of some projects, which affected revenue recognition timing. The impact is considered a seasonal short-term fluctuation, with normal business operations continuing [4]. Strategic Initiatives - The company is enhancing its digital intelligence strategy, focusing on traditional industries such as rail transportation and national defense while accelerating expansion into emerging sectors like civil aviation and finance. The collaboration with Huawei aims to develop an "AI+" industry solution matrix, including significant upgrades to key products such as the "Feihong Cloud" platform and the intelligent knowledge Q&A assistant for rail transportation [7][8]. - The company is actively advancing the 5G-R initiative, having received approval from the Ministry of Industry and Information Technology for field trial frequencies. This initiative aims to upgrade existing railway wireless communication systems and establish a leading position in the 5G-R application [8]. Market Opportunities - The company is seizing opportunities in the civil aviation sector, focusing on domestic brand replacement and exploring low-altitude economic industries. In 2023, it established Beijing Jiexun Zhihang Technology Co., Ltd. to enhance its presence in the civil aviation air traffic control market. The civil aviation business is expected to benefit from domestic replacement opportunities and the development of low-altitude economic industries [9].