捷顺科技 20250709 摘要 捷顺科技 AI 战略聚焦"AI 加停车经营"，推出车主停车顾问和停车经营 顾问，前者通过大数据和 AI 模型优化停车方案，后者为 B 端提供经营数 据分析和增收建议，助力智慧停车发展。 公司积极布局 RWA 领域，与蚂蚁金服团队探讨充电桩产业链合作，虽 处于探索阶段，但已取得进展，有望在未来实现新的增长点。 捷顺科技在智慧城市数字生态领域，核心业务为智慧停车，已在五六十 个城市建立平台，并推出共享停车平台优化车位利用，同时布局目的地 充电业务，打造停充一体化场景。 与华为鸿蒙合作顺利推进，鸿蒙设备内置捷停车应用，提供找车位、支 付等功能。华为引望和鸿蒙已开始商业化合作，为捷顺科技的数据和服 务付费，并与其他智能汽车系统展开类似合作。 车位代运营业务（共享车位平台）增速最快，目标今年流水达 2 亿元， 计划支持错峰停车的车场增至 1 万个，通过跨品牌模式实现更广泛覆盖， 市场空间巨大。 Q&A 捷顺科技在 2025 年上半年的业绩表现如何？ 2025 年上半年，捷顺科技的业绩表现非常出色，扣非利润同比增长接近 200%。公司聚焦于停车业务的转型，主要包括 SaaS 服务和停车经 ...

Core Viewpoint - The company is expected to achieve a net profit attributable to shareholders of 35 million to 50 million yuan, representing a year-on-year growth of 105.68% to 193.82% [1] - The company has turned profitable in Q1 2025 for the first time since 2018, with a revenue of 305 million yuan, a year-on-year increase of 27.52% [1] Group 1: Financial Performance - The company's net profit after deducting non-recurring items is projected to be between 33.45 million and 48.45 million yuan, with a year-on-year growth of 188.49% to 317.86% [1] - In Q1 2025, the company achieved a net profit of 1.58 million yuan, marking a turnaround from losses [1] - The company anticipates that the growth rate of new business will exceed the overall growth rate of new signed orders due to the slow growth of traditional business [1] Group 2: Business Segments - Cloud hosting business is in a rapid growth phase, with a revenue of 157 million yuan in 2025, a year-on-year increase of 23.29% [2] - The smart parking operation business has seen significant progress, with online transaction volume reaching 13.3 billion yuan, a year-on-year growth of 13% [2] - The parking asset operation business achieved a revenue of 305 million yuan, reflecting a year-on-year growth of 38.67% [2] Group 3: Strategic Developments - The company has entered the HarmonyOS ecosystem, enhancing its smart parking capabilities through collaboration with Huawei [3] - The integration of smart parking services into Huawei's ecosystem allows users to easily find parking spaces and make payments [3] - The company is expected to see substantial revenue growth, with projections of 2.039 billion, 2.474 billion, and 3.166 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 195 million, 304 million, and 471 million yuan [3]

事实上，捷停车的生态开放模式也获得多家"大厂"战略协同，打造更智能、更高效的出行服务闭环，实 现停车服务从"可用"到"智享"的跨越。 在这一背景下，捷停车依托母公司捷顺科技（002609）在智能硬件领域的先发优势，通过构建"人-车- 场-位-桩"五维数据基座，正成为车企及车机厂商在智慧停车领域不可替代的合作伙伴。 最新的公开数据显示，捷停车业务已覆盖全国400个城市，注册用户突破1.4亿。在经过8年运营后，平 台沉淀了包括动态车位周转率、高峰时段车流规律、用户支付偏好等垂直场景私有数据，这些数据成为 训练停车专属AI模型的稀缺资源。 "'大厂'虽然在AI大模型、云计算等通用技术领域占据优势，但对停车场景的深度理解和行业数据积累 仍需时间沉淀。"行业观察人士表示，"停车产业生态的构建需要扎实的行业经验，多方协同、各展所 长。捷停车凭借动态车位数据、用户行为标签及经营决策模型，形成了区别于通用平台的核心竞争 力。" 利用捷停车这些场景及数据，车企及车机厂商可以更加深入探索智能化的车主用户服务场景，比如AI 智能建议、自动驾驶泊车、服务主动找人等等。比如平台可以将充电预约、车位导航等能力模块化输 出，支持车机、车企 ...

Group 1: Company Performance - In 2024, the company's innovative business new signed orders accounted for 53.64% of total new signed orders, indicating a successful transition from a traditional parking equipment provider to a smart parking operator [2][7] - The total new signed orders for innovative businesses reached 1.279 billion yuan, representing a year-on-year growth of 44.1% [2][7] - The company's operating revenue decreased by 4.01%, and net profit dropped by 72.04% due to several factors, including a decline in traditional hardware sales and reduced non-operating income [3][4] Group 2: Innovation and R&D - R&D investment in 2024 amounted to 154 million yuan, a year-on-year increase of 5.38%, accounting for 9.77% of operating revenue [3][4] - The company focuses its R&D on AI analysis technology, fee evasion recognition, and smart management platforms, enhancing the intelligence of the parking industry [3][4] - The innovative business is expected to maintain high growth rates over the next three years, driven by expanding market opportunities [2][7] Group 3: Market Strategy and Future Plans - The company is shifting from new project demands to existing market opportunities, having largely completed its de-real estate strategy [4][6] - Future growth in innovative business will be driven by a focus on "AI + parking operations," aiming to create an open industry platform [4][6] - The company plans to expand its renewable energy business, targeting existing parking customers with services like destination charging and energy-saving solutions [6][7] Group 4: Challenges and Responses - The traditional smart hardware business saw an 18% decline in revenue in 2024, prompting the company to adapt its strategy to focus on existing market needs [4][6] - The company is actively recruiting and training talent in technology and operations to enhance its competitive edge in the smart parking sector [8][9] - AI technology is being integrated into the parking business to improve customer experience and operational efficiency [8][9]

Group 1: Performance Overview - In 2024, the company achieved a revenue of 671 million CNY from innovative businesses, marking an 18.70% year-on-year increase, accounting for 42.48% of total revenue [2] - The total new contracts signed for innovative businesses reached 1.279 billion CNY, representing a 44% increase, with innovative contracts making up a larger share of total new contracts [2] - The company reported a net operating cash flow of 218 million CNY in 2024, indicating a strong cash flow position [4] Group 2: Business Transformation - The company has largely reduced its reliance on the real estate sector, with most new contracts in 2024 coming from existing projects rather than new real estate developments [2] - Since 2021, the company has accumulated over 200 million CNY in bad debt provisions related to real estate clients, with 52 million CNY provisioned in 2024 [2][3] Group 3: Challenges and Financial Impact - Despite growth in innovative business orders and revenue, overall revenue slightly declined due to a drop in traditional hardware sales, leading to a significant profit decrease [3] - Non-operating income decreased by over 43 million CNY compared to the previous year, impacting overall profitability [3] Group 4: Q1 2025 Performance - In Q1 2025, the company saw a 64% increase in new orders, with innovative business orders growing by 188% year-on-year [5] - The overall revenue for Q1 2025 increased by 27%, with innovative business revenue contributing 57% of total revenue [5] Group 5: Future Business Strategy - The company plans to focus on the "AI + Parking Management" strategy in 2025, aiming to enhance its innovative business growth through various initiatives [6] - Key initiatives include promoting the "Revenue +" model and developing a "Cross-Brand E-commerce" model to optimize parking space utilization [6][8] Group 6: Parking Business Insights - The company’s parking revenue growth is expected to range from 5% to 20% depending on the location and surrounding conditions [7] - The cloud management service for parking has over 16,000 lanes under management, with a target to add over 4,000 lanes in the current year [9] Group 7: Collaborations and Innovations - The company has partnered with Tencent Maps to integrate parking information, enhancing user experience by providing seamless access to parking options [10]