智慧互通：押注高精度AI深水区，业务结构优化、财务状况稳健、订单趋势良好

Core Insights - The Chinese urban transportation sector is rapidly transitioning towards intelligence, driven by the maturity of technologies such as roadside, network, large models, and multimodal perception, alongside favorable policies promoting industry growth [1] - Companies with deep technical stacks, scenario accumulation, and scalable delivery capabilities are poised to transition from "project companies" to "city-level infrastructure platforms" [1] - Wisdom Interconnect, a leading provider of spatial intelligent solutions in China, is capitalizing on this industrial upgrade wave with its Hong Kong IPO process [1] Market Opportunity - The spatial intelligent solutions market in China is projected to grow from RMB 21.78 billion in 2024 to RMB 154.76 billion by 2029, with a compound annual growth rate (CAGR) of 47.2% [2] - Wisdom Interconnect ranks fourth among all spatial intelligent solution providers in China's smart transportation sector and holds the top position in the roadside solution segment with a market share of 19.3% [2] - The company has expanded its presence to over 70 cities in China and international markets, including Hong Kong, Southeast Asia, and the Middle East, showcasing its ambition for global expansion [2] Technological Leadership - Wisdom Interconnect has focused on developing high-precision AI technology, achieving breakthroughs in key areas such as computer vision and multimodal perception [3] - The company has applied for 1,225 domestic and international patents, including 977 invention patents, and holds 338 patents, along with 340 software copyrights [3] - Wisdom Interconnect has established three core solution brands: AITS for network space management, AIPARK for roadside solutions, and AIPILOT for diverse public spaces, with high accuracy rates in vehicle recognition [3] Business and Financial Performance - The company has shown a clear upward trend in revenue, with figures of approximately RMB 538 million, RMB 618 million, and RMB 699 million for 2022, 2023, and 2024, respectively [6] - Gross profit has nearly doubled from approximately RMB 128 million to RMB 209 million, with gross margin increasing from 23.7% to 29.9% during the same period [6] - Adjusted losses have decreased from approximately RMB 187 million in 2022 to RMB 9.4 million in 2023, and further to RMB 2.06 million in 2024, indicating a trend towards improved financial health [6] Customer Structure and Strategy - The total number of customers decreased from 257 to 120 between 2022 and 2024, yet revenue continued to grow, reflecting a strategic shift towards high-quality clients [8] - The number of clients with over five years of cooperation increased from 10 to 35, indicating enhanced customer loyalty and retention [8] Conclusion - Wisdom Interconnect's financial stability, improved customer structure, and optimized business model position it favorably within the smart transportation sector, which is entering a mature phase in China's digital city construction [9] - The long-term outlook for infrastructure-type enterprises like Wisdom Interconnect is not solely based on quarterly profits but on their alignment with irreversible long-term trends and their depth and resilience in the market [9]