According to the GLONGHUI July 6 | Minsheng Securities Research Report on the 5th, Jieshun Technology (002609.SZ) expects to achieve net profit of 25 million yuan to 35 million yuan in the first half of 2023, turning a loss into a profit over the previous year. The company's business model was continuously optimized to achieve its own transformation, and the 2023Q2 single quarter results returned to the high of the same period in the past two years. The new business has become an important new driving force for the company's growth, and the value behind the transformation deserves more attention. New business revenue in 2022 accounted for more than 25% of the company's revenue for the first time. Along with the continuous increase in the revenue scale of the new business, there is a rapid increase in the company's operating business data. The company is a leading enterprise in the smart parking field. The cloud hosting business continues to grow rapidly and has broad future space. The advantages brought by its SaaS model are gradually being reflected. The potential for advertising, time procurement, replacement services, and charging can be expected, and it is expected to become an important long-term focus for the company. It is estimated that the company's net profit for 2023-2025 will be 243, 336, and 445 million yuan respectively. The corresponding PE will be 30X, 22X, and 16X respectively, maintaining the “recommended” rating.