综合应用及车路云产品

Search documents
佳都科技:盈利能力持续提升,AI赋能继续加速-20250507
GOLDEN SUN SECURITIES· 2025-05-07 02:55
Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company's profitability continues to improve, with significant revenue growth driven by AI empowerment [1][2] - The company has achieved a year-on-year revenue increase of 106.3% in Q1 2025, reaching 2.25 billion yuan, and has turned a profit with a net profit of 120 million yuan [1] - The company is focusing on enhancing its self-developed product coverage to increase operational profits [3] Financial Performance - In 2024, the company reported a revenue of 7.95 billion yuan, a year-on-year increase of 27.6%, but a net loss of 115 million yuan [1][6] - The projected net profits for 2025, 2026, and 2027 are estimated at 168 million yuan, 229 million yuan, and 343 million yuan respectively, with corresponding P/E ratios of 69.9, 51.3, and 34.3 [4][6] - The company’s R&D investment in 2024 was 240 million yuan, with 89 patents applied for and 41 patents granted [2] Product Development and Market Position - The company has developed a full-stack AI product system, including various large models for traffic management and smart city solutions [2][3] - The self-developed product coverage in smart rail transit continues to increase, providing efficient and intelligent solutions for core scenarios [3] - The company is enhancing its capabilities in AI technology, which is expected to continue empowering its existing business scenarios [4]
佳都科技(600728):盈利能力持续提升,AI赋能继续加速
GOLDEN SUN SECURITIES· 2025-05-07 02:30
Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company's profitability continues to improve, with significant revenue growth and a return to profit in the first quarter of 2025, achieving operating revenue of 2.25 billion and a net profit of 120 million [1] - The rapid iteration of large models and their accelerated application in the transportation sector, supported by high R&D investment, is expected to enhance competitive barriers [2] - The company is focusing on increasing the coverage of self-developed products to enhance operational profits, particularly in smart rail transit and urban traffic management [3] Financial Summary - In 2024, the company achieved operating revenue of 7.95 billion, a year-on-year increase of 27.6%, with a net profit of -115 million [6] - The projected net profits for 2025, 2026, and 2027 are estimated at 168 million, 229 million, and 343 million respectively, with corresponding P/E ratios of 69.9, 51.3, and 34.3 [4][6] - The company’s R&D investment in 2024 was 240 million, with 89 patents applied for and 41 patents granted, reinforcing its intellectual property barriers in AI [2]