Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company is focusing on autonomous driving in trunk logistics, which is expected to open new development opportunities. The market for road transportation in China exceeds 5 trillion yuan, with trunk logistics accounting for approximately 3.9 trillion yuan. The advancement of AI and Level 4 autonomous driving technology is seen as a key area for commercialization [7] - The strategic shift towards trunk logistics autonomous driving is supported by the company's strong industry foundation, including partnerships with provincial transportation groups and a robust understanding of road freight scenarios. This positions the company well for obtaining testing licenses and operational permits [7] - The business model is anticipated to transition from project-based revenue to transportation service income, leveraging autonomous fleets and SaaS offerings for higher-margin, recurring revenue streams [7] Financial Forecasts and Indicators - Projected revenue for 2024 is 7,249 million yuan, with a growth rate of -7.0%. By 2027, revenue is expected to reach 9,331 million yuan, maintaining a growth rate of 10.3% [8] - The net profit attributable to shareholders is forecasted to be -1,193 million yuan in 2024, improving to 651 million yuan by 2027, with a corresponding growth rate of 37.0% [8] - Earnings per share (EPS) is expected to be -0.75 yuan in 2024, turning positive to 0.41 yuan by 2027 [8] - The company’s EBITDA is projected to grow significantly from 82 million yuan in 2024 to 1,087 million yuan in 2027, indicating a strong recovery and growth trajectory [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on the development of key technologies for logistics automation, which is expected to open a second growth curve [1] - The logistics automation sector is entering a golden development period, with significant market potential due to low penetration rates [8] - The company has a strong positioning advantage and is expected to benefit from its deep collaborations with over 30 provincial transportation investment groups [8] - The core profit model will focus on automated transportation services and SaaS subscription software, which is anticipated to drive future growth [8] - The company's main business is gradually recovering, with a focus on improving profitability and expanding overseas operations [8] - The company has announced a mid-term cash dividend of 0.2 yuan per 10 shares, balancing shareholder returns with transformation investments [8] - Earnings forecasts for 2025-2027 are projected at 3.40 billion, 4.96 billion, and 6.80 billion yuan for net profit, with EPS of 0.22, 0.31, and 0.43 yuan respectively [8] Financial Summary - Total revenue for 2023 is projected at 7.794 billion yuan, with a year-on-year growth of 11.28% [1] - The company expects a net profit of 542.40 million yuan in 2023, with a significant increase of 212.39% year-on-year [1] - The P/E ratio is expected to be 34.81 in 2023, dropping to 27.79 by 2027 [1] - The company’s operating cash flow is projected to be 143 million yuan in 2024, increasing to 763 million yuan by 2027 [9]

编辑 岳彩周 千方科技表示，此次将干线物流自动驾驶确立为战略升级的关键新赛道，是公司整体战略升级的重要组 成部分。早在2023年，公司敏锐洞察到行业逻辑正从"大规模建设"向"精细化运营"深刻转变。顺应行业 深度数字化与全面绿色化发展趋势，公司自2024年起全面推动原有业务模式从项目集成向标准化技术产 品升级、从提供系统建设向运营服务升级，同时深化全球化市场布局，积极推动交通与AI、新能源的 深度融合。此次进军干线物流自动驾驶，是公司"技术产品+生态运营"驱动模式的融合载体，也是基于 公司在智慧交通与AIoT领域，特别是在物联感知、公路信息化、车路协同等深厚积淀进行的战略延 伸。 随着AI大模型跨越式发展与感知、算力等智能硬件产品迭代升级，L4级自动驾驶技术已在Robotaxi、末 端无人小车、无人矿卡等开启示范运营与商业化尝试。2024年底以来，《交通物流降本提质增效行动计 划》《关于"人工智能＋交通运输"的实施意见》等政策密集发布，进一步推动自动驾驶产业全面提速。 在市场、技术、政策三重驱动下，2025年，国内自动驾驶物流领域正从"试点示范"迈向"规模化商用"的 关键阶段。在干线物流场景，以自动驾驶编队方式 ...