千方科技(002373)：产品化转型效果良好 智能物联业务与AI 融合潜力可期

Core Insights - The company reported a total revenue of 3.31 billion yuan for the first half of 2025, a year-on-year decrease of 7.21%, while net profit reached 170 million yuan, reflecting a significant year-on-year increase of 1287.12% due to growth in the smart IoT business and fair value changes [1] Smart Transportation - Transitioning from "project integration" to "technology products + ecological operation" with significant technological breakthroughs, including the launch of a domestic large model-driven urban traffic optimization platform and the first portable mobile terminal road patrol and intelligent monitoring solution for road diseases [1] - Successful project bids include the smart traffic command center integration project in Wuhan and the new smart city project in Changchun, reinforcing the provincial TOCC market [1] - Revenue from traffic cloud and industry software reached 250 million yuan, with a year-on-year growth rate exceeding 90%, indicating significant success in product transformation [1] Smart IoT - Deep integration of AIoT with industry large models, establishing a "cloud-edge-end" collaborative AIoT intelligent body, and launching the Agent Link computing chain technology [2] - Expansion of industry applications, including partnerships for smart logistics ports and digital twin platforms, with overseas revenue reaching 1.19 billion yuan, a year-on-year increase of approximately 10% [2] - New scene business developments include strategic collaborations for urban emergency and security patrols, along with the introduction of a digital health solution in partnership with Zhejiang Sports Science Institute [2] Investment Outlook - The company is a leader in the smart IoT and smart transportation sectors, with a strong market position and promising growth potential in these areas. Projected net profits for 2025-2027 are estimated at 303 million, 490 million, and 675 million yuan, respectively, with corresponding PE ratios of 61X, 38X, and 27X [2]