Jiadu Technology (600728) Quarterly Report Review: Faster Growth in Performance Concerns Landing of Track Delivery Orders and Development of AI Business

Jiadu Technology (600728) Quarterly Report Review: Faster Growth in Performance Concerns Landing of Track Delivery Orders and Development of AI Business

The event company released a quarterly report and achieved operating income in the first quarter of 20198.

50 ppm, an increase of 26 in ten years.

13%; net profit attributable to mothers1.

960,000 yuan, an increase of 571 in ten years.

37%; the net profit after deducting non-attributed mothers is 18.25 million yuan, an annual 返回码: 500 网站打不开?重查 increase of 10.


Opinion income grew rapidly, and expenses were well controlled. Unicorn participation in shares was reflected in the company’s revenue growth in the first quarter of the income statement.

13%, a faster growth rate, slightly higher than expected, it is expected that some income recognition rhythm will bring the impact.

Expenses were well controlled, with sales expenses of 34.29 million yuan in the first quarter, a decrease of 12 per year.

21%; administrative expenses 28.97 million yuan, an annual increase of 2.

53%, the growth rate is far lower than the growth rate of income.

Attributable net profit is 1.

960,000 yuan, an increase of 571 in ten years.

37%, mainly due to the impact of accounting treatment, and the item of change in fair value was 1.

91 ppm is expected to be reflected in the income statement for participation in AI-type companies.

If the relevant impacts are removed, the company’s operating profit growth rate will be close to 50% per year.

Concerned about the implementation of rail transit business orders and subsequent development space In March 2019, the company’s wholly-owned subsidiaries won the bid for the Guangzhou Metro 119 budget project. It is expected that this part of the revenue will gradually appear in the second half of this year, which will increase the company’s performance.

As an important part of the new infrastructure, rail transit has entered an intensive approval period in the second half of last year. In the future, there will still be orders for supplementary new construction in the country.

At the same time, according to the Guangzhou Municipal Development and Reform Commission’s three-year action plan to promote rail transit, Guangzhou Metro is planning to “go global” to expand the market.

The company cooperates closely with Guangzhou Metro, and it is expected to follow up with the expansion of Guangzhou Metro in the future and place follow-up orders.

R & D expenditure is actually relatively high. It is optimistic that the AI business generated results. The company’s R & D expenses in the first quarter were 17.07 million yuan, which slightly declined in the long term, mainly due to the capitalization of some R & D expenses.

Development expenditure items in the first quarter increased by 27.62 million yuan earlier than the end of 18 years. Combined with R & D expenses, the overall R & D investment in the first quarter should be more than 44 million yuan.

With high R & D investment, the company’s AI products are making good progress. In terms of public safety, the “Police Video Cloud” product has won bids for Guangdong, Shandong, Xinjiang and other provinces and cities for AI + security projects for 18 consecutive years.Depth (sinking in districts and counties) was expanded in two dimensions.

In urban transportation, the successful case of “City Traffic Brain” was approved by CCTV, and it is expected to start landing in large and medium-sized cities after continuous verification in the future, with results.

Investment suggestions continue to be optimistic about the company’s AI business and benefit from the new infrastructure wave. Due to changes in accounting standards, the 成都桑拿网 19-year net profit was raised to 6.

35 trillion, expected net profit for 2019-2021.



1.3 billion, corresponding to P / E 24.



35 times, maintain “Buy” rating.

Risk Warning: The project landed less than expected; the policy landed less than expected; rail transit investment was less than expected.