Investment Rating - The report does not explicitly state an investment rating for the company Core Viewpoints - The company, Yunxingyu, is a comprehensive service provider in smart transportation, with its main business including smart transportation system integration, smart transportation technology services, and sales of goods and other services. The company has established a nationwide business network centered in Beijing, covering all provincial-level administrative regions except Hong Kong, Macau, and Taiwan [25][42] - The company has experienced a decline in revenue and profit due to the spin-off of its subsidiary, Su Tong Technology, which was involved in high-margin highway toll clearing services. The expected revenue for 2023 is projected to decrease by 8.14%, while net profit is expected to increase by 16.55% [34] Summary by Sections 1.1 Main Business - The company is primarily engaged in smart transportation system integration, smart transportation technology services, and sales of various hardware and rental services. Its major client is the controlling shareholder, Shoufa Group, which significantly contributes to its revenue [25][29] 1.3 Shareholding Structure - The controlling shareholder of the company is Beijing Capital Highway Development Group Co., Ltd., which is fully owned by Beijing State-owned Capital Operation Management Co., Ltd. [1][2] 1.4 Financial Situation - The company has a large revenue scale, with annual operating income exceeding 2.3 billion. However, the revenue and profit have declined due to the spin-off of Su Tong Technology. The company has made significant investments in research and development, with total R&D expenses amounting to 391.42 million from 2020 to 2022, maintaining an R&D expense ratio of 5% [4][11][13][34] - The company's gross profit margin was 16.20% in 2022, a decrease of 2.96 percentage points from 2020. However, due to a continuous decline in operating expense ratio, the net profit margin has improved in the third quarter of 2023 [11][34] 2.1 Industry and Industry Chain - The smart transportation industry is experiencing rapid growth, driven by increasing demand for intelligent solutions in highway and urban transportation. The market size for smart transportation in China is expected to reach 243.2 billion in 2023 [17][47] 2.2 Highway Construction Situation - In 2022, China's transportation fixed asset investment reached 385.45 billion, with highway fixed asset investment accounting for 285.27 billion, representing 74.01% of the total [43][44] 2.4 Peer Comparison - The report compares Yunxingyu with peers in the smart transportation sector, highlighting its market position and financial metrics relative to competitors [54]
北交所个股研究系列报告：智慧交通综合服务提供商