JSST(SZ:002609) Minsheng Securities·2025-08-28 03:25Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][12]. Core Insights - The company achieved a revenue of 744 million yuan in the first half of 2025, representing a year-on-year growth of 21.44%. The net profit attributable to shareholders reached 41.48 million yuan, up 143.75% year-on-year, with a non-recurring net profit of 39.54 million yuan, marking a 241.01% increase [1]. - The growth was driven by significant increases in new orders and innovation business, with new signed orders totaling 1.403 billion yuan, a 46.30% increase year-on-year. The innovation business generated 411 million yuan in revenue, up 39.85%, accounting for 55.29% of total revenue [1][2]. - The traditional business showed signs of recovery, with smart hardware revenue reaching 291 million yuan, a 4.02% increase, indicating the effectiveness of the company's "de-real estate" strategy [1]. Summary by Sections Business Model and Operations - The company has structured its parking operations into three levels: transaction settlement for parking fees, parking space operation, and self-operated business. The parking asset operation business generated 207 million yuan in revenue, a 49.86% increase, with a backlog of orders amounting to 1.586 billion yuan [2]. - The company leverages AI to enhance both B-end and C-end services, providing parking advisory services to car owners and operational consulting to parking lots, which has led to improved operational efficiency and user experience [3]. Financial Forecast - The financial projections for the company indicate a revenue forecast of 1.947 billion yuan for 2025, with a growth rate of 23.3%. The net profit attributable to shareholders is expected to be 208 million yuan, reflecting a substantial growth of 562.3% [4][10]. - The earnings per share are projected to increase from 0.05 yuan in 2024 to 0.32 yuan in 2025, with a price-to-earnings ratio (PE) decreasing from 233 to 35 over the same period [4][10]. Market Position and Growth Potential - The company is positioned as a leader in the smart parking sector, with its innovative business and AI integration expected to drive continued high growth and significant future potential [3][4].