JXFH(SZ:300213)2022-12-04 10:46Company Overview - Beijing Jiaxun Feihong Electric Co., Ltd. is a leading provider of comprehensive solutions for "smart command and dispatch" in China, focusing on innovation and technology application in various sectors such as transportation, national defense, and government [2][3]. - The company has achieved continuous revenue growth for 8 years, with a compound annual growth rate (CAGR) of 20.12% [3]. Financial Performance - In 2019, the company reported a revenue of CNY 1,339.49 million, a year-on-year increase of 10.11% [3]. - The net profit attributable to shareholders was CNY 153.13 million, up 17.70% year-on-year [3]. - The net cash flow from operating activities reached CNY 180.50 million, showing a significant increase of 3,143.28% [3]. - The company has maintained a net profit growth for 7 consecutive years, with an average CAGR of 35.80% [3]. Market Opportunities - In the first half of 2020, national railway fixed asset investment reached CNY 325.8 billion, exceeding the previous year's figure by CNY 3.8 billion [3]. - The Ministry of Transport plans to invest CNY 800 billion in railway fixed assets for 2020, with total investment expected to exceed CNY 820 billion [3]. - The company anticipates continued growth in the transportation sector, which accounts for over 60% of its revenue [3]. Technological Development - The company is focusing on integrating new ICT technologies to enhance its "smart command and dispatch" capabilities [3]. - In 2019, the company invested CNY 122.60 million in R&D, representing 9.15% of its revenue, with a year-on-year increase of 12.63% [5]. - The company holds 272 patents, including 197 invention patents, and has developed several innovative products in cloud computing, IoT, and AI [5][6]. Industry Trends - The demand for information technology in the railway sector is expected to grow, driven by the implementation of 5G and big data technologies [4][5]. - The company is actively participating in the development of a "5G application technology white paper" for rail transportation [5]. - The civil aviation sector is also a focus area, with the company expanding its presence through projects at multiple airports [6]. Impact of COVID-19 - The pandemic has caused delays in project bidding and order delivery, leading to significant fluctuations in the company's Q1 performance [7]. - The company has established an emergency response team to mitigate the impact of the pandemic and has developed a "pandemic prevention emergency command system" [7]. - Despite challenges, the company remains optimistic about achieving its annual business goals and future growth [7].