Core Viewpoint - Shenzhen's service trade development support policy aims to promote high-quality growth in the service trade sector through ten key initiatives, including digital trade, international service outsourcing, and enhancing financial service exports [1][2]. Group 1: Digital Trade Development - The policy supports service trade enterprises in cross-border data transmission and digital service exports, offering up to 1 million yuan in rewards for qualifying companies [1]. - It encourages the development of high-value outsourcing services, particularly in IT and knowledge process outsourcing, with similar financial incentives for eligible firms [1]. Group 2: Professional Services and Market Expansion - The initiative aims to cultivate high-end professional service exports, including accounting and legal services, by attracting and nurturing internationally competitive firms, providing rewards of up to 1 million yuan [1]. - There is a focus on expanding the market for high-end professional services, with specific support for companies achieving growth in revenue [2]. Group 3: Financial Services and Risk Management - The policy promotes the innovation of cross-border financial services, with rewards of up to 2 million yuan for qualifying financial service trade enterprises [2]. - It also supports service trade companies in enhancing their risk management capabilities through export credit insurance, offering financial assistance based on actual premium payments [2]. Group 4: Overall Growth of Service Trade - Shenzhen's service trade has shown a positive trend of "increased quantity and improved quality," with a growing number of knowledge-intensive service trade enterprises and enhanced international competitiveness [3]. - The city has developed a robust service marketing network and supply system, fostering a diverse range of innovative companies, including major players like Huawei and Tencent [3].

Financial Data and Key Metrics Changes - Net service billing grew by almost 17% to surpass $100 million, compared to $85.7 million last year [7][8] - Gross revenue increased by 19% to $112.9 million from $94.9 million last year [8] - Adjusted EBITDA rose by 19.6% to $14.5 million, with an adjusted EBITDA margin of 14.5%, up from 14.2% last year [10] - Gross margin slightly increased to 51.4% from 50.6% last year, indicating improved labor efficiency [9] - Cash flow from operations improved significantly to $12 million from $2.5 million last year, with an operational cash flow conversion rate of 83% [13] Business Line Data and Key Metrics Changes - Transportation revenue grew by 30%, accounting for approximately 21% of total revenue, up from 19% last year [11] - Power and Utilities revenue increased by 16%, making up 19% of revenue, down slightly from 19.5% last year [11] - Building Infrastructure revenue grew by 6%, accounting for roughly 49% of total revenue, down from 56% last year [11] - Emerging Markets revenue surged by 118%, now representing 11% of total revenue, up from 6% last year [11] Market Data and Key Metrics Changes - Organic net revenue growth was approximately 6%, doubling last year's growth rate [12] - The backlog at the end of Q1 was $419 million, a year-over-year increase of nearly $90 million [15] Company Strategy and Development Direction - The company maintains a three-pronged capital allocation strategy focusing on internal initiatives, acquisitions, and share repurchases [16] - The company emphasizes an asset-light business model, avoiding heavy equipment investments, which allows for lower capital expenditures and better cash efficiency [22][23] - The company is committed to innovation in technology, automation, and geolocation to enhance productivity and project execution [24][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong new order activity and reaffirmed full-year guidance of net revenues between $428 million and $440 million [29] - The company is well-positioned to benefit from U.S. infrastructure demands and federal investments, particularly in defense and maritime sectors [26][28] - Management acknowledged the potential impact of macroeconomic conditions but remains confident in the strength of their order book and market demand [42] Other Important Information - The company repurchased $6.7 million of common stock during the quarter, with an additional $5.3 million repurchased since the end of the quarter [14] - The balance sheet remains under-leveraged with a net debt of $97 million, providing sufficient access to capital for future investments [14] Q&A Session Summary Question: Transportation order activity outlook - Management indicated that while Q1 order activity was lighter, the outlook remains strong with large orders in the pipeline [32][33] Question: Drivers of growth in Power segment - Growth drivers include data centers, grid capacity expansion, and weather-related infrastructure fortification [34] Question: M&A market conditions - Management noted that while valuations remain strong, they are actively pursuing larger acquisitions to drive inorganic growth [36] Question: Macro conditions and end market strength - Management reported strong new bookings across all verticals, reaffirming guidance despite macroeconomic uncertainties [42] Question: Technology investment and staffing - Management believes the current workforce is stable enough to handle expected revenue growth, with plans for increased technology investments [49][50] Question: Trends in Building Infrastructure - The company sees robust growth in both residential and commercial sectors, with a solid flow of backlog to start projects [57][58]

Investment Rating - The investment rating for the company is "Accumulate" [1][3] Core Views - The company reported a decrease in revenue and profit for the year 2024, with total revenue of RMB 579 million, down 14.42% year-on-year, and a net profit attributable to shareholders of RMB 41.77 million, down 68.94% year-on-year. The first quarter of 2025 showed a significant revenue increase of 171.12% year-on-year, indicating a potential recovery [3][8] - The report maintains an "Accumulate" rating, anticipating growth driven by the recovery of B&G market demand and the expansion of C-end business [5][8] Financial Summary - For 2024, the company achieved total revenue of RMB 579 million, with a year-on-year growth rate of -14.4%. The EBITDA was RMB 28 million, and the net profit attributable to shareholders was RMB 42 million, reflecting a significant decline [7][11] - The forecast for 2025 estimates revenue to be RMB 577 million, with a slight decrease of 0.3%, and a net profit of RMB 141 million, representing a growth of 237.2% compared to 2024 [7][11] - The company has a projected EPS of RMB 0.74 for 2025, with a P/E ratio of 34.3 times [5][11] Order Backlog and Market Position - As of the end of 2024, the company had an order backlog of approximately RMB 368 million, which has decreased from RMB 550 million at the end of 2023. This backlog includes RMB 87.88 million from large cultural performance projects and RMB 280 million from cultural tourism performance projects [8][11] - The company has demonstrated its competitive advantage in large event creative planning, successfully completing significant projects in 2024, and is focusing on expanding its C-end business to enhance overall business stability [8][11]

Group 1: Report Industry Investment Rating - No information provided in the report Group 2: Core Viewpoints of the Report - In the primary market, 7 green bonds were newly issued in the inter - bank and exchange markets from April 28, 2025, to May 2, 2025, with a total issuance scale of about 8.475 billion yuan, a decrease of 27.725 billion yuan from the previous week. The issuance terms were mostly 3 years, and the issuers included local state - owned enterprises, central enterprise subsidiaries, central state - owned enterprises, and other state - owned enterprises. The bond types included medium - term notes, enterprise ABS, private corporate bonds, etc. [1] - In the secondary market, the total weekly trading volume of green bonds from April 28, 2025, to May 2, 2025, was 41.4 billion yuan, a decrease of 8.9 billion yuan from the previous week. The top three bond types in terms of trading volume were non - financial corporate credit bonds, financial institution bonds, and interest - rate bonds. Green bonds with a term of less than 3 years had the highest trading volume, accounting for about 83.49%. The top three industries in terms of trading volume were finance, public utilities, and non - ferrous metals. The top three regions in terms of trading volume were Beijing, Guangdong, and Hubei. [2] - The overall deviation of the weekly average trading price valuation of green bonds from April 28, 2025, to May 2, 2025, was not large. The discount trading amplitude was smaller than the premium trading amplitude, and the proportion of discount trading was greater than that of premium trading. [3] Group 3: Summary According to Relevant Catalogs Primary Market Issuance Situation - 7 green bonds were newly issued, with a total scale of about 8.475 billion yuan, a decrease of 27.725 billion yuan from the previous week. The issuance terms were mostly 3 years. The issuers' nature included local state - owned enterprises, central enterprise subsidiaries, etc. The issuers were located in Beijing, Yunnan, Guangdong, and Henan. The bond types included medium - term notes, enterprise ABS, etc. [1] Secondary Market Transaction Situation - The total weekly trading volume was 41.4 billion yuan, a decrease of 8.9 billion yuan from the previous week. By bond type, non - financial corporate credit bonds, financial institution bonds, and interest - rate bonds had the highest trading volumes. By issuance term, bonds with a term of less than 3 years had the highest trading volume, accounting for about 83.49%. By issuer's industry, finance, public utilities, and non - ferrous metals had the highest trading volumes. By issuer's region, Beijing, Guangdong, and Hubei had the highest trading volumes. [2] Valuation Deviation of the Top 30 Individual Bonds - **Discount Bonds**: The top two discount - rate bonds were "20 Henan 39" (- 0.7464%) and "19 Yiling Great Protection Green NPB" (- 0.5155%). The main industries of the issuers were finance, real estate, and public utilities. The Zhongzheng implicit ratings were mainly AA +, AAA, and AA. The regions were mainly Hubei, Beijing, and Tianjin. [3] - **Premium Bonds**: The top three premium - rate bonds were "25 Conch Environmental Protection GN001" (0.8516%), "25 China Resources Leasing GN002 (Carbon - Neutral Bond)" (0.5156%), and "Port and Shipping 1 Preferred" (0.2596%). The main industries of the issuers were finance, construction, transportation, etc. The Zhongzheng implicit ratings were mainly AA + and AA. The regions were mainly Guangdong and Beijing. [3]

Financial Data and Key Metrics Changes - Reported revenues for Q1 2025 increased by 7.4% to $1.72 billion compared to $1.6 billion in the prior year period [20] - Organic growth of approximately 2% was driven by pricing improvements and strong growth in safety services [20] - Adjusted gross margin for Q1 2025 grew to 31.7%, a 100 basis point increase year-over-year [20] - Adjusted EBITDA increased by 10.3%, with an adjusted EBITDA margin of 11.2%, a 30 basis point increase compared to the prior year [21] - Adjusted diluted earnings per share for Q1 was $0.37, an increase of 8.8% compared to the prior year [21] Business Line Data and Key Metrics Changes - Safety services reported revenues increased by 13.4% to $1.27 billion, with organic growth of 5.6% driven by double-digit inspection revenue growth in North America [21] - Specialty services reported revenues decreased by 6.8% to CAD 453 million, with organic revenue declining 6.6% due to anticipated decreases in project and service revenues [22][23] - Backlog for specialty services grew 7% organically, with expectations for positive organic growth in Q2 [11][36] Market Data and Key Metrics Changes - The company expects to achieve full-year net revenues of $7.4 billion to $7.6 billion, representing organic growth of 2% to 5% [25] - Adjusted EBITDA guidance for the full year is increased to $985 million to $1.035 billion, reflecting an adjusted EBITDA margin of 13.4% at the midpoint [25] Company Strategy and Development Direction - The company is focused on building a robust line of businesses around statutorily mandated recurring life safety services [18] - The strategic plan includes achieving an adjusted EBITDA margin of 13% or more in 2025 and targeting long-term revenues of 60% from inspection, service, and monitoring [15][18] - The company is committed to disciplined M&A and opportunistic share repurchases, with a new $1 billion share repurchase program authorized [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the evolving macro environment, including tariff impacts, and noted that 54% of net revenues come from recurring inspection services [12][14] - The company anticipates increased investment in U.S. infrastructure and onshoring of advanced manufacturing to benefit target end markets [13] - Management highlighted a strong backlog and the ability to pass on material cost increases due to tariffs, indicating a proactive approach to cost management [12][39] Other Important Information - The company has launched a three-year investment in systems and technology to enhance operational efficiency and customer service [27] - The total recordable incident rate (TRIR) for safety was below 1.0, significantly below the industry average, reflecting the company's commitment to safety [9] Q&A Session Summary Question: Can you provide more color on the backlog and visibility toward growth in both segments? - Management confirmed the backlog is around $3.5 billion, up year-over-year, and expects continued momentum in the second quarter [35][36] Question: Can you elaborate on the tariff-related impacts on the business? - Management indicated proactive measures were taken to mitigate tariff impacts, including contractual provisions to recapture costs [38][39] Question: What drove the variance in organic growth relative to expectations? - The primary driver was the pre-purchasing of materials to avoid potential price increases due to tariffs [46] Question: How is demand in the projects business amid macro uncertainty? - Management reported no significant delays or pullbacks in project demand, with backlog continuing to build [50] Question: Can you discuss the impact of weather on specialty services? - Management noted approximately five weather days lost in Q1, which had a mid-single-digit impact on organic revenue growth [66] Question: What are the margin expansion opportunities for the year? - Management highlighted improving revenue mix, disciplined customer selection, and pricing as key drivers for margin expansion [91]

Financial Data and Key Metrics Changes - Reported revenues for Q1 2025 increased by 7.4% to $1.72 billion compared to $1.6 billion in the prior year period [18] - Organic growth of approximately 2% was driven by pricing improvements and strong growth in safety services, partially offset by a decrease in specialty services revenue [18] - Adjusted gross margin grew to 31.7%, representing a 100 basis point increase compared to the prior year [18] - Adjusted EBITDA increased by 10.3%, with an adjusted EBITDA margin of 11.2%, a 30 basis point increase from the prior year [19] - Adjusted diluted earnings per share for Q1 was $0.37, an increase of 8.8% compared to the prior year [19] Business Line Data and Key Metrics Changes - Safety services reported revenues increased by 13.4% to $1.27 billion, with organic growth of 5.6% driven by double-digit inspection revenue growth in North America [19][20] - Specialty services reported revenues decreased by 6.8% to CAD 453 million, with organic revenue declining 6.6% due to anticipated decreases in project and service revenues [20][21] - Backlog for specialty services grew 7% organically, with expectations for positive organic growth in the second quarter [10][36] Market Data and Key Metrics Changes - The company expects to achieve full-year net revenues of $7.4 billion to $7.6 billion, representing organic growth of 2% to 5% [24] - The adjusted EBITDA guidance for the full year is increased to $985 million to $1.035 billion, reflecting an adjusted EBITDA margin of 13.4% at the midpoint [24] Company Strategy and Development Direction - The company is focused on building a robust line of businesses around statutorily mandated recurring life safety services, with a long-term goal of achieving 60% of total net revenues from inspection, service, and monitoring [6][14] - The company is committed to margin expansion initiatives, targeting an adjusted EBITDA margin of 13% or more in 2025 [14][27] - A new $1 billion share repurchase program has been authorized to enhance shareholder value [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the evolving macro environment, including the impact of tariffs, and noted that 54% of net revenues come from recurring inspection services that are less affected by tariffs [11][12] - The company anticipates increased investment in U.S. infrastructure and onshoring of advanced manufacturing to benefit target end markets [12] - Management highlighted a strong backlog and a commitment to safety, with a total recordable incident rate significantly below the industry average [7][8] Other Important Information - The company has made significant progress since becoming public, completing over 50 acquisitions and focusing on margin expansion strategies [6] - A three-year investment in systems and technology has been launched to improve efficiency and customer service [26] Q&A Session Summary Question: Can you provide more color on the backlog and visibility toward growth in both segments? - The backlog is approximately $3.5 billion, up year-over-year, with expectations for continued growth in the second quarter [34][36] Question: Can you elaborate on the tariff-related impacts on the business? - The company has proactively included language in contracts to recapture costs due to tariffs, primarily affecting project work [37][38] Question: What was the primary driver of the variance in organic growth? - The main driver was pulling forward materials into the first quarter ahead of projected price increases due to tariffs [46][47] Question: How is the international business performing? - The international business has shown organic growth in line with expectations, with a focus on high single-digit growth in inspection services [65] Question: What are the margin expansion opportunities for the year? - Margin expansion will be driven by improving the revenue mix, disciplined customer selection, and ongoing integration efforts [95][96]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company experienced a significant revenue increase in Q1 2025, driven by the completion of the Harbin Winter Games project, which contributed 87.88 million yuan to revenue. The net loss for Q1 2025 was reduced by 77.58% year-on-year [4] - The company is optimistic about the continuous expansion of its C-end projects, which are expected to provide growth opportunities [4] Financial Performance Summary - In 2024, the company's operating revenue was 579 million yuan, a decrease of 14.42% year-on-year, while the net profit attributable to the parent company was 41.77 million yuan, down 68.94% year-on-year. For Q1 2025, the operating revenue was 94 million yuan, an increase of 171.12% year-on-year, with a net loss of 1.32 million yuan [4][5] - The company forecasts net profits for 2025-2027 to be 117 million, 168 million, and 204 million yuan respectively, with corresponding EPS of 0.61, 0.88, and 1.07 yuan [4][7] Revenue Structure and Profitability - The revenue from large-scale performance activities in 2024 was 217 million yuan, a decrease of 52.06% year-on-year, while the revenue from cultural tourism performances was 352 million yuan, an increase of 65.45% year-on-year, accounting for 60.83% of total revenue [5] - The gross profit margin for cultural tourism performances was 34.22%, showing a slight decrease of 0.96 percentage points year-on-year [5] Order Backlog and Technological Innovation - As of the end of 2024, the company had a total order backlog of 368 million yuan, including several significant projects [6] - The company is leveraging innovative technologies such as motion capture and 3D displays to enhance its performance offerings, which is expected to improve the immersive experience [6] Valuation Metrics - The company's projected P/E ratios for 2025, 2026, and 2027 are 40.4, 28.2, and 23.2 respectively, indicating a potential for valuation improvement as earnings grow [7]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company is expected to see a significant improvement in its fundamentals, driven by the growth in flexible employment services, with a projected revenue increase of 22% in 2024 and a net profit growth of 42% in Q1 2025 [3][4] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 285 million, 342 million, and 410 million yuan respectively, with corresponding P/E ratios of 24, 20, and 16 [4] Financial Performance Summary - In 2024, the company is projected to achieve a revenue of 11.78 billion yuan, a year-on-year increase of 21%, and a net profit of 205.35 million yuan, a year-on-year increase of 2.42% [5] - The gross profit margin is expected to be 6.4%, reflecting a decrease of 1.0 percentage points year-on-year, primarily due to a decline in the gross margin of flexible employment services [5] - The company reported a significant increase in revenue from its top five clients, contributing 6.3 billion yuan, which is a 46% year-on-year increase [2] Business Segment Analysis - The flexible employment segment is the main growth driver, with a revenue increase of 22% in 2024 compared to 12% in 2023, and an expected growth rate of over 20% in 2025 [3] - The company has seen a net increase of approximately 10,000 outsourced employees in 2024, compared to 2,800 in 2023, indicating a strong demand for its services [3] Regional Performance - Revenue from mainland China is expected to reach 9.5 billion yuan in 2024, a year-on-year increase of 29%, while overseas revenue is projected to decline by 4.4% [2] Shareholder Returns - The company plans to distribute a dividend of 1.6 yuan per 10 shares (including tax), resulting in a dividend payout ratio of 15.33% [2]

公司发布 2025 年一季报，业绩同比小幅下降。公司 2025 年一季度实现 营业收入 4.29 亿元，同比下降 2.96%；实现归母净利润 0.41 亿元，同比 下降 2.99%；实现扣非归母净利润 0.40 亿元，同比下降 1.43%。受制于 下游客户资本开支需求减弱、下游产业链终端市场的竞争加剧，公司业绩 短期承压，但我们认为公司已渡过低谷期，看好未来公司需求恢复。 证券研究报告 | 季报点评 gszqdatemark 2025 04 28 年 月 日 苏试试验（300416.SZ） 25Q1 业绩同比小幅下降，期待公司后续拐点往上 公司费率整体较为稳定，高研发投入为后续公司增长蓄力。公司 2025 年 一季度期间费用率 31.41%，同比上行 0.28pct；其中，销售费用率为 8.48%，同比增长 0.37pct；管理费用率为 12.46%，同比下降 0.71pct； 财务费用率为 1.57%，同比下降 0.36pct；研发费用率为 8.89%，同比增 长 0.96pct，公司期间费用率稳健。公司 2025 年一季度毛利率为 40.44%， 同比下降 2.03pct，我们认为，公司在市场竞争加剧的背 ...

墨尔本大学和专业服务公司毕马威的一项重大调查发现，新兴经济体的人们比发达经济体的人们更愿意 信任人工智能，对其带来的好处也更加乐观和兴奋。这项全球研究显示，三分之二的受访者现在经常使 用人工智能，甚至更多(83%)的人认为这将带来广泛的好处。但58%的受访者认为这项技术不值得信 任，这比2022年ChatGPT问世之前的一项研究发现的水平有所提高。调查还发现，新兴经济体五分之三 的人信任人工智能，而发达国家只有五分之二的人信任人工智能。该研究的负责人吉莱斯皮认为，新兴 经济体对人工智能的接受度和信任度较高，是因为这项技术为这些国家的人们提供了更大的相对利益和 机会，以及它在经济发展中发挥的越来越重要的作用。 ...