佳都科技：盈利能力改善，AI场景赋能加速

Investment Rating - Maintain "Overweight" rating [2] - The stock's PE ratio for 2024 is 97.8x, expected to decrease to 42.2x in 2025 and 26.3x in 2026 [2] Core Views - The company's profitability improved in Q2 2024, with revenue reaching 1.885 billion yuan, a 32.07% YoY increase [1] - Non-GAAP net profit turned positive at 37 million yuan in Q2 2024, compared to a loss in the same period last year [1] - Gross margin improved to 14.75% in Q2 2024 from 11.81% in Q2 2023 [1] - The company launched its JiaDu ZhiXing Transportation Large Model V2.0, covering multiple AI applications in urban rail scenarios [1] - AI transformation capabilities are accelerating, with several products achieving over 95% accuracy in real-world applications [1] Financial Performance - 2024 H1 revenue reached 2.978 billion yuan, an 18.40% YoY increase [1] - 2024 H1 net profit was -192 million yuan, with non-GAAP net profit at 4 million yuan [1] - Revenue is expected to grow from 6.88 billion yuan in 2024 to 8.462 billion yuan in 2026 [6] - Net profit is forecasted to increase from 83 million yuan in 2024 to 309 million yuan in 2026 [6] - EPS is projected to grow from 0.04 yuan in 2024 to 0.14 yuan in 2026 [6] Product Development - The company has developed a comprehensive AI product matrix, including natural language, vision, multimodal, and spatiotemporal decision-making models [1] - JiaDu ZhiXing Transportation Large Model V2.0 has been applied in multiple urban rail scenarios, including intelligent customer service and passenger flow prediction [1] - The company has launched a joint product with Huawei, the "ZhiXing Transportation Large Model Training and Inference Integrated Machine" [1] Market Position - The company is a leader in the smart transportation industry, with strong AI capabilities [5] - Its products have been successfully implemented in Guangzhou's traffic management systems [1] - The company's self-developed traffic signal controllers have passed safety reviews and are being piloted [1]