捷顺科技20250428

Summary of Key Points from the Conference Call of Jieshun Technology Industry and Company Overview - The conference call pertains to Jieshun Technology, a company focused on innovative parking solutions and technology integration in the parking industry [1][2][3]. Core Insights and Arguments - Innovation Business Growth: Jieshun Technology's innovative business segment has increased its share to 57%, achieving profitability for the first time. The backlog of innovative business orders reached 1.8 billion yuan by the end of Q1, supporting future growth [2][3]. - De-risking from Real Estate: The company has completed its de-risking from the real estate sector, with over 90% of new orders coming from existing projects. Historical bad debt issues have been largely resolved, significantly reducing exposure to real estate risks [2][4][14]. - Strong Cash Flow: Since 2022, the company has maintained positive cash flow, with inflows expected to exceed 200 million yuan in 2024, indicating strong cash generation capabilities from innovative business operations [2][7]. - E-commerce Model Launch: Jieshun Technology has introduced an e-commerce model that enhances revenue from parking space operations by breaking equipment limitations. The company takes a 20% share of the revenue generated through this model [2][7]. - AI Integration: The company is leveraging AI technology to create "Parking Advisors" for consumers and "Parking Operation Advisors" for businesses, optimizing parking routes and operational strategies to improve efficiency and customer satisfaction [2][9][12]. - Cloud Hosting Business: The cloud hosting segment is experiencing stable growth, with a renewal rate close to 90% and a gross margin nearing 70%, providing solid support for the parking operation strategy [2][15]. Financial Performance Highlights - Record Profitability: In Q1 of 2024 and 2025, Jieshun Technology achieved a historic profit breakthrough, with new orders for innovative business reaching 1.28 billion yuan, a 44% year-on-year increase, and innovative business accounting for 53% of total orders [3][4]. - Revenue Composition: By the end of 2024, innovative business orders are expected to exceed 1.6 billion yuan, with innovative business contributing 42% to revenue, nearly equal to traditional business [3][4]. - Impact of Traditional Business Decline: Although traditional business has seen a decline affecting gross margins, the strong order flow from innovative business provides a foundation for future performance [7][11]. Additional Important Insights - Government Collaboration: The company is actively collaborating with government entities for parking operations, such as managing public rental housing parking spaces, which generates stable income and reduces costs for the government [16][17]. - Future Strategy: Jieshun Technology plans to further scale its innovative business, focusing on AI-driven smart parking solutions, which will be structured into three layers: parking fee settlement services, parking space operation, and deeper smart parking solutions [5][6][18]. - Energy Storage Initiatives: The company has begun to explore energy storage solutions, targeting small to medium-sized commercial users, and aims to integrate charging and parking services to enhance user experience and operational efficiency [19][20]. This summary encapsulates the key points discussed in the conference call, highlighting Jieshun Technology's strategic direction, financial performance, and innovative initiatives within the parking industry.