Group 1 - The company received an "AA+" rating for its bond issuance aimed at professional investors, indicating a strong credit quality [1] - The company's main revenue sources are from digital systems and data operation services, with a gradual shift away from its original data lake business towards smart transportation and data element integration [2] - As of March 2025, the company has seen a steady increase in its contract amounts, providing a foundation for revenue [2] Group 2 - The company experienced a significant decline in total operating revenue due to the contraction of its data lake business and revenue adjustments in certain projects, which could not be compensated by the growth in smart transportation and data element businesses [2] - The company reported substantial losses in total profit due to large impairment provisions for accounts receivable and contract assets, as well as investment losses related to long-term equity investments [2] - The company faces high asset restrictions and limited financing channels, leading to a significant increase in debt burden and a net cash outflow situation, which does not provide adequate support for its debt [2] Group 3 - The company has a risk of impairment for accounts receivable and contract assets, as well as potential contingent liabilities, raising concerns about the continued decline in equity [2] - China Hualu Group Co., Ltd. provides unconditional and irrevocable joint liability guarantees for the company's bond, significantly enhancing its credit level [2]

2025 年 5 月 6 日 公司研究 ——深城交（301091.SZ）2024 年年报及 2025 年一季报点评 增持（维持） 当前价：33.85 元 作者 分析师：孙伟风 执业证书编号：S0930516110003 021-52523822 分析师：吴钰洁 执业证书编号：S0930523100001 021-52523879 wuyujie@ebscn.com 市场数据 | 总股本(亿股) | 4.06 | | --- | --- | | 总市值(亿元)： | 137.30 | | 一年最低/最高(元)： | 23.10/66.00 | | 近 3 月换手率： | 149.50% | 股价相对走势 新签合同高增，业务转型下增长可期 -30% -1% 29% 58% 87% 04/24 07/24 10/24 01/25 深城交 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 9.12 | -22.94 | 8.56 | | 绝对 | 14.17 | -23.59 | 11.65 | 资料来源：Wind 相 ...