Core Viewpoint - Yunda Technology, a national-level specialized "little giant" in the rail transit intelligent system sector, reported a more than 15% year-on-year increase in net profit excluding non-recurring items for 2024, showcasing a significant improvement in its core business profitability [1] Business Performance - Yunda Technology achieved an operating revenue of 985 million yuan in 2024, with a slight decline in revenue scale but an optimized revenue structure [3] - The revenue from the smart training business reached 354 million yuan, a substantial increase of 39.61% year-on-year, making it the largest revenue contributor with a revenue share of 35.96% [3] - The intelligent operation and maintenance business also saw an 11.13% growth, reaching 230 million yuan, accounting for 23.34% of total revenue [3] Strategic Planning - The company adheres to the "3351" strategic plan, focusing on three major customer groups (national railways, urban rail, and educational institutions) and three major business segments (locomotive vehicles, traction power supply, and railway transportation) [2] - Yunda Technology aims to develop five major system solutions and establish a key maintenance service business [2] Profitability and Cost Management - The overall gross margin for 2024 rose to 37.20%, an increase of 2.23 percentage points from 2023, primarily due to a 12-point increase in the gross margin of the smart vehicle segment [6] - The company implemented various cost-reduction measures, achieving over 10 million yuan in procurement cost savings [6] - Total expenses for 2024 were 261 million yuan, with a cost rate of 26.56%, the lowest level in the past seven years [6][8] Financial Highlights - The net profit attributable to shareholders was 48.81 million yuan, with a 15.22% year-on-year increase in net profit excluding non-recurring items, reaching 42.91 million yuan [10] - The net cash flow from operating activities was 162 million yuan, a 10.84% increase year-on-year, marking a historical high [11] Technological Strength - Yunda Technology has a strong research and development foundation, with over 450 R&D personnel, accounting for nearly 50% of the workforce [12] - The company maintains a high level of R&D investment, with 78.86 million yuan allocated in 2024, representing over 8% of operating revenue [12] Future Outlook - The company is well-positioned to benefit from the ongoing digitalization and intelligent transformation trends in the rail transit industry, with significant growth opportunities in smart operation and maintenance solutions [15][16] - Yunda Technology plans to continue focusing on high-tech fields within rail transit, exploring new business opportunities while leveraging its technological expertise and talent resources [17]

Core Viewpoint - Company demonstrated strong operational resilience and steady development in a complex market environment, with a slight decline in revenue but growth in gross margin and net profit [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 985 million yuan, a slight year-on-year decrease; however, the comprehensive gross margin increased to 37.20% and the net profit attributable to shareholders after deducting non-recurring gains and losses rose to 43 million yuan [1]. - The company's equity balance reached a historical high of 1.628 billion yuan by the end of 2024, and it plans to distribute a cash dividend of 0.58 yuan per 10 shares [2]. Revenue Structure - The smart training product segment performed exceptionally well, generating revenue of 354 million yuan, accounting for 35.96% of total operating revenue, with a growth rate of 39.61% [1]. - The intelligent operation and maintenance business saw a year-on-year revenue increase of 11.13%, reaching 230 million yuan, with significant market expansion and new product development [2]. R&D Investment - In 2024, the company invested 78.856 million yuan in R&D, with the average proportion of R&D investment to operating revenue exceeding 10% over the past three years [2]. - Significant progress was made in R&D projects across various fields, including smart training systems and intelligent operation and maintenance equipment training systems, laying a solid technical foundation for future business growth [2]. Market Opportunities - The rail transit sector is experiencing a new round of development opportunities due to national policies promoting digital transformation and equipment upgrades [3]. - The company's technological advantages and market breakthroughs in intelligent operation and maintenance and smart training will provide a strong growth foundation and development momentum on the international stage [3].