捷顺科技 事件概述：2025年8月25日公司发布2025年半年度报告，实现营业收入7.44亿元，同比增长21.44%；实现 归母净利润4148万元，同比增长143.75%；扣非后归母净利润3,954万元，同比增长241.01%。 民生证券股份有限公司吕伟,郭新宇近期对捷顺科技（002609）进行研究并发布了研究报告《2025年半年 报点评：创新业务实现高增，智慧停车龙头转型成果不断显现》，给予捷顺科技买入评级。 该股最近90天内共有2家机构给出评级，买入评级1家，增持评级1家。 创新业务驱动高增长，传统业务企稳回升。1)订单增长显著：上半年公司整体新签订单14.03亿元，同比 增长46.30%，为业绩持续增长提供坚实基础。2)创新业务增长强劲：上半年创新业务实现收入4.11亿元， 同比增长39.85%，占总收入比重提升至55.29%，成为公司增长的核心引擎。上半年创新业务新签订单9.41 亿元，同比大幅增长126.50%。3)传统业务回暖：上半年智能硬件业务实现收入2.91亿元，同比增长 4.02%，扭转了近年来的下滑势头，表明公司"去地产化"战略正在加速推进，业务结构更趋健康。 停车经营业务逻辑清晰，三层级 ...

2025 年上半年，捷顺科技实现了显著的业务转型和增长。公司整体收入达到 7.44 亿元，同比增长 21%。其中，传统业务收入增长约 4%，而创新业务收 入增长接近 40%，占总收入的比例已达 55%。订单方面，公司签订了 14 亿元 的新订单，同比增长 46%，其中创新业务订单达到 9.4 亿元，增速高达 126%。净利润方面，上半年实现净利润超过 4,000 万元，同比增幅超过 100%。毛利率提升至接近 38%，经营性现金流为 1.2 亿元，同比增长 16%。 捷顺科技在创新业务方面有哪些具体进展？ 捷顺科技 20250827 摘要 捷顺科技 2025 年上半年总收入增长 30%，创新业务收入占比达 55%，成为主要增长动力，新签订单 14 亿元，同比增长 46%，创新业 务订单增速高达 126%。 公司净利润同比增幅超 100%，毛利率提升至接近 38%，经营性现金流 同比增长 16%，表明盈利能力显著增强。 云托管 SaaS 服务收入增长 26%，管理的云托管车道数量达 1.66 万条， 毛利率接近 70%，客户续费率超 90%，显示出强劲的市场竞争力和客 户粘性。 智慧停车运营业务"捷停车"收入增 ...

Summary of Jieshun Technology Conference Call Industry and Company Overview - **Company**: Jieshun Technology - **Industry**: Smart Parking and AI Integration Key Points and Arguments 1. **AI Strategy**: Jieshun Technology focuses on "AI plus parking operations," launching two advisory services: a car owner parking advisor and a parking operation advisor, leveraging big data and AI models to optimize parking solutions [2][4] 2. **RWA Collaboration**: The company is actively exploring the RWA sector, collaborating with Ant Financial on the charging pile industry chain, which is still in the exploratory phase but has shown progress [2][6] 3. **Smart City Initiatives**: Jieshun has established smart parking platforms in 50-60 cities and launched a shared parking platform to optimize space utilization, while also venturing into destination charging services [2][7] 4. **Partnership with Huawei**: The collaboration with Huawei's HarmonyOS is progressing well, integrating Jieshun's parking application into HarmonyOS devices, enhancing functionalities like parking space search and payment [2][8] 5. **Rapid Growth in Shared Parking**: The shared parking platform is the fastest-growing segment, targeting a revenue of 200 million yuan this year, with plans to support 10,000 parking lots for staggered parking [2][9] 6. **Financial Performance**: In the first half of 2025, Jieshun's non-recurring profit grew nearly 200% year-on-year, with innovative business orders increasing over 100% and revenue growth between 30% to 40% [3] 7. **AI Applications**: The company is developing AI applications for both C-end and B-end users, aiming to enhance efficiency through cloud hosting and SaaS services, and has invested significantly in visual AI technology [4][13] 8. **Charging Business Growth**: The charging business saw over 60% growth in orders and revenue in the first half of 2025, integrating charging services with parking operations [2][12] 9. **De-emphasizing Real Estate**: Jieshun is shifting focus from real estate to upgrading existing projects, with over 90% of equipment sales coming from existing project updates [4][10] 10. **Ecosystem Collaborations**: The company collaborates with major ecosystems, including Tencent Maps and Alipay, with plans for international expansion starting in Hong Kong [2][11] Other Important Insights - **Cash Flow**: The company reported strong cash flow growth, expecting to exceed last year's figures [3] - **Innovative Business Models**: Jieshun is transitioning to a SaaS model to enhance revenue scalability and maintain stable growth [4][10]

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]

Core Insights - The digital upgrade of parking infrastructure is crucial for the high-quality development of China's automotive industry, which is transitioning towards electrification and intelligence [1] - Traditional parking management faces challenges such as low resource utilization and information silos, hindering the implementation of autonomous driving technology and user experience [1] Group 1: Company Overview - Jie Parking, leveraging its parent company Jie Shun Technology's advantages in smart hardware, is becoming an indispensable partner for automotive and vehicle manufacturers in the smart parking sector [1] - Jie Parking has expanded its services to cover 400 cities nationwide, with over 140 million registered users, accumulating valuable private data for training dedicated AI models [1] Group 2: Competitive Advantage - Jie Parking's core competitiveness lies in its dynamic parking data, user behavior tags, and operational decision-making models, differentiating it from general platforms [1] - The company is collaborating with major tech firms to enhance smart and efficient travel services, transitioning parking services from "available" to "intelligent enjoyment" [2] Group 3: Strategic Collaborations - Partnerships with companies like Huawei, Alipay, and Tencent are enhancing Jie Parking's service capabilities, integrating features such as real-time billing and facial recognition payments into various platforms [2] - The collaboration with Huawei aims to develop optimized automatic parking solutions, showcasing the potential of parking data in the evolving automotive landscape [2] Group 4: Industry Impact - The value of parking data is accelerating, with Jie Parking driving a transformation in parking operations and providing critical support for the last mile of autonomous driving [2] - Analysts suggest that Jie Parking is well-positioned to lead the smart parking industry, supported by its data accumulation and collaborative ecosystem amid ongoing policy support for digital upgrades in parking facilities [2]

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]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 9.13 yuan [8]. Core Viewpoints - The company is experiencing significant performance improvement, with a forecasted net profit for Q1 2025 expected to be between 0.00 to 3 million yuan, compared to a loss of 14.42 million yuan in the same period last year [3]. - New business segments are showing strong growth, with overall new orders increasing by 64% year-on-year, indicating effective strategic positioning and innovation capabilities [3][4]. - The traditional hardware business has rebounded, reversing last year's decline and achieving growth in Q1, demonstrating the effectiveness of the company's measures to consolidate its traditional business advantages [3]. Summary by Relevant Sections Business Performance - The company anticipates a turnaround in Q1 2025, with net profit projections significantly improving from a loss of 14.42 million yuan in the previous year [3]. - New signed orders for 2024 reached 2.385 billion yuan, a 13.5% increase year-on-year, with innovative business orders growing by 44.1% [4]. Innovation and AI Integration - The company is leveraging AI to enhance its parking operations, structured into three levels: transaction settlement, revenue generation through parking space operations, and self-operated services [4][6]. - AI services are being utilized to provide both C-end (consumer) and B-end (business) solutions, enhancing operational efficiency and customer engagement [6][7]. Financial Projections - Expected net profits for 2024-2026 are projected at 31 million, 206 million, and 303 million yuan respectively, with corresponding PE ratios of 188X, 29X, and 19X [8][9]. - Revenue forecasts indicate a slight decline in 2024, followed by a recovery and growth in subsequent years, with total revenue expected to reach 2.183 billion yuan by 2026 [9][12].