2025年3月1日，《新能源汽车运行安全性能检测规程》正式实施。作为车检新规的参与起草单位之一， 多伦科技推出创新产品"充电卫士"， 可在新能源汽车充电过程中监控充电实时数据流并进行分析，其 分析数据将为新能源汽车管理、维修、鉴定、续保、二手车交易等环节提供技术支撑，目前已在山东、 江苏投入试运行。 随着智能机器人技术快速迭代创新，多伦科技为推动具身智能在大交通应用场景的快速落地，计划打造 基于轮式、履带、四足、人形机器人等适用不同应用场景的具身智能机器人，用于实现交通巡查、警务 互动、交通疏导、应急处置、车辆查验等多场景下的智能化应用。除自身发力外，公司与小鹏汽车发起 的广东星航新创私募基金管理有限公司等优质合作伙伴共同参与建立珠海星芯创业投资基金合伙企业 （有限合伙），该基金将专注于国内人形机器人头部企业的投资。 布局产业链关键环节 新能源和智慧交通并行蓄势 多伦科技全力推进AI与行业机器人融合体的应用落地，在新能源和智慧交通领域发力创造未来业绩增 长点。 多伦科技控股子公司金电科技在国内优势区域逐步建立稳固的市场地位，以各区县为切入点，结合政府 单位搭建多个农村充电桩项目，逐渐完善充电基础设施建设；同时 ...

Core Viewpoint - Q1 2025 financial report of Qianfang Technology shows a total revenue of 1.609 billion yuan, a year-on-year increase of 1.83%, and a net profit attributable to shareholders of 0.221 billion yuan, a significant year-on-year increase of 481.99% [2] Group 1: Business Transformation and AI Integration - The company is transitioning its business model from "project-driven" to "technology product-driven," focusing on "AI + transportation" and "transportation new energy" as its main business lines [2] - Qianfang Technology has achieved breakthroughs in the large-scale application of AI technology in traffic governance, congestion relief, and vehicle-road collaboration [2][3] - The launch of the DeepSeek urban traffic optimization platform is expected to reduce traffic survey cycles by 30%, improve traffic simulation efficiency by 50%, and enhance governance solution generation efficiency by 60% [3] Group 2: Intelligent IoT Developments - Subsidiary Yushi Technology has upgraded its "Wutong" model to release the "Wanwu X" intelligent engine, enhancing multimodal understanding and reasoning capabilities [4] - The "Wanwu X" engine includes functionalities such as multimodal vehicle trajectory retrieval and natural language event control, contributing to intelligent traffic management [4] Group 3: New Energy Transportation Solutions - The company is accelerating the development of new energy transportation in response to national "dual carbon" goals, with a focus on the growing demand for new energy charging networks [5] - The newly launched integrated charging station combines photovoltaic, energy storage, and charging systems, providing stable and efficient energy for new energy vehicle owners [5] - Qianfang's charging pile products cover a full range from 7kW to 960kW, focusing on intelligent AI charging pile development and enhancing charging efficiency and safety [5]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 50.39 CNY [7]. Core Insights - The company achieved significant revenue growth in 2024, with total revenue reaching 2.777 billion CNY, a year-on-year increase of 63.45%. The net profit attributable to shareholders was 290 million CNY, up 184.50% year-on-year [1]. - In Q1 2025, the company reported revenue of 515 million CNY, a 2.53% increase year-on-year, and a net profit of 101 million CNY, reflecting an 89.60% year-on-year growth [1]. - The company has strategically divested its low-margin electronic product processing subsidiary, leading to a notable increase in gross margin, which reached 47.7% in Q1 2025, up 4.2 percentage points year-on-year [2]. - The company is actively embracing AI technology, launching the "Vision Zero Booster" safety solution, which integrates AI with hardware for comprehensive safety management [3]. - The dual policy drive from domestic and international markets is accelerating the company's global market expansion, particularly in the commercial vehicle safety and information sectors [4]. - The company is expected to benefit from the integration of AI technology and its extensive industry experience, with projected net profits of 449 million CNY, 611 million CNY, and 793 million CNY for 2025, 2026, and 2027, respectively [4]. Financial Summary - For 2024, the company reported total revenue of 2,777 million CNY, with a projected revenue decrease of 8.7% to 2,536 million CNY in 2025, followed by a recovery to 3,217 million CNY in 2026 and 4,005 million CNY in 2027 [6][10]. - The net profit attributable to shareholders is forecasted to grow from 290 million CNY in 2024 to 449 million CNY in 2025, 611 million CNY in 2026, and 793 million CNY in 2027, indicating a strong growth trajectory [6][10]. - The earnings per share (EPS) are projected to increase from 1.64 CNY in 2024 to 2.53 CNY in 2025, reaching 3.45 CNY in 2026 and 4.47 CNY in 2027 [6][10].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 50.39 CNY [7]. Core Insights - The company achieved significant growth in 2024, with revenue reaching 2.777 billion CNY (up 63.45% year-on-year), and net profit attributable to shareholders at 290 million CNY (up 184.50% year-on-year) [1]. - In Q1 2025, the company reported revenue of 515 million CNY (up 2.53% year-on-year) and a net profit of 101 million CNY (up 89.60% year-on-year) [1]. - The company is actively embracing AI technology, launching the "Vision Zero Booster" solution aimed at enhancing safety through AI and hardware integration [3]. - The company has divested its low-margin electronic product processing subsidiary, leading to a significant increase in gross margin, which reached 47.7% in Q1 2025, up 4.2 percentage points year-on-year [2]. - The company is positioned to benefit from domestic and international policy support, particularly in the commercial vehicle safety and information technology sectors, with a focus on expanding its global market presence [4]. Financial Summary - The company forecasts net profits of 449 million CNY, 611 million CNY, and 793 million CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.53 CNY, 3.45 CNY, and 4.47 CNY [4][6]. - The projected PE ratios for the company are 20, 15, and 11 for the years 2025, 2026, and 2027 respectively [4][6]. - The company’s revenue is expected to decline to 2.536 billion CNY in 2025 before rebounding to 3.217 billion CNY in 2026 and 4.005 billion CNY in 2027 [6][11].

在智能轨道交通和智能城市交通"主赛道"方面，2025年第一季度佳都科技智慧交通业务版图持续扩张， 截至目前，公司轨交业务持续为广州、成都、东莞、武汉、宁波等城市的地铁新线建设和旧线改造项目 赋能。此外，其自有IDPS交通大脑已经为上海、成都、佛山等10余个城市的智能交通建设提供有力支 撑。 在企业数字化升级"辅赛道"方面，佳都科技专注于ICT产品的渠道、设计、集成服务，目前已成功跻身 新华三核心合作伙伴行列，位列惠普和新华三等厂商授权服务的第一梯队。同时，该公司充分利用自身 资源，已逐步实现服务业务与交通主赛道深度融合，为交通行业客户量身打造高品质、定制化的企业数 字化升级服务解决方案，实现各业务种类良性促进发展。 4月24日晚，佳都科技（600728.SH）发布2025年一季度报告，公告显示，一季度公司实现营业收入 22.54亿元，同比增长106.26%，归属于上市公司股东的净利润1.2亿元，同比扭亏为盈。 对于一季度业绩增长的原因，佳都科技表示主要是因为公司扎实推进广州、成都、东莞、武汉、宁波等 地轨道交通智能化项目的有序完工交付，持续加码地铁智慧化建设和ICT产品与服务业务拓展，总体保 持稳健发展，以及 ...

标志着时的科技正式进军海外市场。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，在11月6日第七届中国国际进口博览会现场，TCab Tech时的科技与海外战略合 作伙伴Autocraft共同签署合作协议。双方将共同探索和开拓E20 eVTOL在阿联酋低空旅游、空中 出行等多元化的商业应用市场。 作为中东商贸中枢和海湾开放门户，eVTOL有着广阔的应用场景和市场需求。 同时，阿联酋积极推 动创新，出台了一系列支持高科技领域发展的政策。其中，引入eVTOL空中出租车服务的计划是 2030智慧自主交通战略的一部分，这些政策不但强调了现代化交通系统的重要性，更为新技术的引 入创造了良好的环境。 阿联酋，是全球知名的金融、贸易和交通中心之一。总部位于阿布扎比的Autocraft依托地理和政策 优势，致力于可持续的城市交通解决方案，布局投资智能交通相关项目，并与多个国际机构和企业合 作，推动技术创新。 双方达成合作，将时的科技在eVTOL研发制造的优势与Autocraft在阿联酋本土的政策、地理、运营 以及市场优势相结合，共同推动"空中的士"的发展，打造更高效 ...

车路协同建设规模或超预期，车、路、云三端智能化市场前景广阔。 在我们6月11日发布的行业专题报告《车路协同产业即将进入爆发期》中，仅考虑示范区 城市，依据北京订单规模与GDP比例，我们测算车路协同市场空间超千亿，其中上海、深圳、广州超90亿元，重庆、成都、武汉等超50亿元。此次武汉车路 云大单总体金额达到171亿元，虽然项目建设方向不尽相同，但也意味着后续全国各地车路协同建设整体订单规模或超市场预期，车、路、云三端智能化市场 前景广阔。此外，从长期来看，车路云建设也为ETC2.0和低空经济运营等构筑了基础设施条件，将对交通领域的新业态进行深度赋能。 武汉车路云大单金额更大，拟立即开工。 2024年6月14日，湖北省投资项目在线审批监管平台显示，武汉市智能网联新能源汽车"车路云"一体化重大示范项 目获得市发改委同意批复，项目单位为国有企业武汉车网智联测试运营管理有限公司，总投资170.84亿元，与5月31日北京市车路云一体化新型基础设施建设 项目（初步设计、施工图设计）招标公告显示的99.39亿元投资额相比，金额更大，且拟开工时间为2024年6月，意味着完成备案后立即开工。 项目建设范围相对较广，提升智慧道路覆 ...

车路协同是新质生产力在交通领域的重要表现形式，市场空间超千亿。 发展新质生产力是2024年政府十大任务之首，车路协同是新质生产力在交通领 域的重要表现形式，其重要性不言而喻，且相对于量子计算等未来技术，短期落地的可能性高，在政策端受到大力支持。随着北京车路云一体化项目大 单落地，车路协同行业将进入爆发期。我们测算，城际高速信息化市场空间超千亿，城市内部道路信息化试点城市市场空间也达千亿。 车路协同串联人车路云。 车路协同是指车辆与道路基础设施之间通过无线通信技术进行信息交换和共享，实现协同工作的一种智能交通系统。 其目的是优化系统资源、提高道路交通安全、缓解交通拥堵，构建更加安全、高效、环保的交通出行。主要包括四大关键技术：智能车载技术、 智能路侧技术、通信技术、云控技术。 车、路、云三端智能化市场前景广阔。 单车智能化方面，智能车载终端是车路协同中安装在汽车中的与路侧单元进行通讯交互的核心设备，通过 C-V2X车载终端可以实现包括车与车、路、人、网络之间的交互，政策催化下预计未来将迎来大规模装车。路端智能化方面，包括激光雷达、毫 米波雷达、摄像头在内的传感器相互融合是实现车路协同的必要条件。云端智能化方面， ...