吉大通信:业务基本盘稳定 加大新业务研发投入未来可期

Core Viewpoint - Jida Communication (300597.SZ) is in a "strategic investment period" as it navigates short-term performance pressures while focusing on new business development, R&D innovation, and international expansion, which are expected to drive long-term growth [1] Group 1: Financial Performance - In the first half of 2025, Jida Communication achieved revenue of 219 million yuan, with communication network design service revenue at 95 million yuan, a year-on-year increase of 1.8% [1] - R&D investment reached 13.79 million yuan, up 23.27% year-on-year, indicating a commitment to innovation despite short-term revenue fluctuations [1][4] - The company reported stable cash flow, showcasing its strategic determination and growth potential during the industry's adjustment period [1] Group 2: Business Development - The telecommunications industry in China saw a 9.3% year-on-year growth in total telecom business volume, reaching 905.5 billion yuan, with 5G base stations totaling 4.55 million and mobile phone users at 1.118 billion, indicating a robust market environment [2] - Jida Communication is pursuing a "four-wheel drive" business model, focusing on communication technology services, information product integration, international business, and investment, while traditional core businesses remain significant [2][3] - Engineering service revenue was 116 million yuan, and design service revenue was 95 million yuan, although traditional business revenue saw a slight decline due to increased competition and reduced project bid discount rates [2] Group 3: Innovation and Technology - Jida Communication has maintained a consistent increase in R&D investment since its listing in 2017, with 137.9 million yuan in the first half of 2025, and has secured 129 patents and 210 software copyrights [4] - The company is actively exploring cutting-edge technologies such as AI, big data, and IoT, and has launched the upgraded "Smart Canteen 3.0" product, enhancing user experience and gaining recognition from government and enterprise clients [3][4] - Jida Communication's strategic focus on computing network infrastructure aligns with national initiatives, opening opportunities in the trillion-level computing infrastructure service market [4] Group 4: Project Achievements - In June 2025, Jida Communication won multiple segments of the "China Mobile 2025-2027 Communication Engineering Design and Feasibility Study Centralized Procurement Project," with an estimated service fee of approximately 788.08 million yuan [5] - This project spans five provinces and covers critical areas such as transmission networks and core networks, providing a stable revenue stream and valuable project experience for future market expansion [5] - The company's project wins from July to August 2025 have already exceeded the total amount from the first half of the year, indicating strong momentum [5] Group 5: Future Outlook - With accelerated project construction, further R&D outcomes, and expanding market share in new businesses, Jida Communication is expected to see a recovery in overall performance [6] - The company aims to leverage technological innovation and industrial upgrades, focusing on high-growth potential markets and enhancing profitability and competitive advantage through AI applications in key sectors [6]