JSST(SZ:002609) Zheng Quan Zhi Xing·2025-05-13 10:40Core Viewpoint - The company has successfully transformed from a traditional parking equipment provider to a smart parking operator, with innovative business orders accounting for 64% of total new orders in 2024, despite a slight decline in overall revenue and profit due to traditional hardware sales drop [2][6]. Group 1: Financial Performance - In Q1 2025, the company reported a main revenue of 305 million, a year-on-year increase of 27.52%, and a net profit of 1.58 million, up 110.96% [8]. - The company experienced a slight decline in revenue by 0.1% and a net profit drop of 0.4% in 2024, primarily due to the decrease in traditional hardware sales and reduced non-operating income [2][6]. - R&D investment reached 5.4 billion in 2024, a 38% increase year-on-year, accounting for 77% of revenue [2]. Group 2: Business Transformation and Innovation - The company has shifted focus to innovative business areas, achieving new contract amounts of 7.9 billion in 2024, a 44% increase year-on-year, with growth in software, cloud services, and smart parking operations [3][6]. - The company aims to enhance its market presence by developing an open platform for parking operations, targeting a broader range of parking lots and users [3]. - The company is actively integrating AI technology into its services, providing real-time parking recommendations and operational insights for both car owners and parking lot operators [7]. Group 3: Market Strategy and Future Outlook - The company plans to expand its new energy business, focusing on destination charging, commercial energy storage, and energy-saving lighting solutions, which are expected to yield around 60% energy savings for users [5]. - The company is committed to attracting and nurturing talent in technology and operations to strengthen its competitive edge in the smart parking sector [6]. - The company anticipates maintaining high growth rates in its innovative business over the next three years, supported by a broad market space and ongoing optimization of its business strategies [2][6].