The company's intelligent traffic electronic toll collection business has achieved relatively high-speed growth with the resumption of high-speed traffic. Mature products of intelligent transportation operation and management system will be promoted rapidly, and new businesses such as high-speed brain, AI video analysis cloud control platform and free cloud charging will also begin to be promoted and continue to transform into revenue. Intelligent transportation derivative business is developing rapidly based on the company's traffic data advantages, and the overall business space is broad. Maintain the "highly recommended" investment rating.
Event: the company released its 23-and-a-half annual report. The company's 23H1 realized revenue of 278 million yuan, YoY+ 27.61%; realized net profit of 98 million yuan, YoY+ 43.38%; realized deduction of non-net profit of 90 million yuan, and YoY+51.30%; realized gross profit of 53.02%, an increase of 2.40pct over the same period last year. Realize operating net cash flow-106 million yuan, compared with 194 million yuan in the same period last year. Among them, the company Q2 realized revenue of 144 million yuan in a single quarter, YoY + 39.48%; net profit of 57 million yuan, YoY + 51.69%; deduction of non-net profit of 49 million yuan, YoY + 66.73%; and net cash flow of 37 million yuan, YoY-95.31%.
Smart transportation cloud products have a broad space to expand, and intelligent transportation derivative business has maintained a high growth. In the first half of 23 years, the company realized revenue of 1.74 billion yuan respectively from intelligent traffic electronic toll collection / intelligent transportation operation management system / intelligent transportation derivative business, an increase of 37.95% 5.46% and 138.01% respectively over the same period last year. The growth of ETC business is the main driver of the company's 23H1 revenue growth. Due to 22 years of low base and 23 years of strengthening the issuance and promotion of ETC, the company newly developed 908000 ETC users in the first half of the year, with a year-on-year increase of 88.77%. The number of high-speed traffic of Ting 23H1 recovered significantly compared with the same period last year, driving the company's electronic charge settlement amount to increase by 32.02% to 23.6 billion yuan compared with the same period last year, driving the company's revenue growth. The company's intelligent traffic operation and management system has solid growth in mature business and broad space for new business. In terms of mature business, the revenue of dispatching cloud reached 36.9488 million yuan in the first half of the year, an increase of 47.57% over the same period last year. In addition, the company's new products, such as high-speed brain and AI video analysis cloud control platform, are expected to generate revenue in the second half of the year. Free flow cloud charging solution will be widely used in Jiangsu road network in the second half of the year, and it is expected that new product expansion will begin to bring new revenue increments to the company in the second half of the year.
In terms of intelligent transportation derivative business, the company further develops supply chain coordination business and cooperates with banks, factoring companies, truck transportation platforms and other institutions to achieve high growth of the business, reflecting the company's data advantage in high-speed transportation. the business is currently in a low base and high growth stage, and it is expected that the company's share of revenue will grow rapidly in the future.
The steady growth of the expense side drives the high increase of profits, and the cash flow related to the real operation of the company is stable. In terms of profits, it is expected that due to the continuous precipitation of the company's product-based business and the gradual completion of innovative business research and development, the cost side of 23H1 has maintained steady growth, and sales / management / R & D expenses have increased by 15.34%, 13.31% and 11.85% respectively compared with the same period last year, which has formed a scissors gap with income, driving the company's profit growth to exceed revenue growth. In terms of cash flow, the company's operating net cash flow in the first half of the year-106 million yuan, mainly due to the sharp reduction in the amount of split tolls compared with the end of 22 years, the normal fluctuation of the company's toll clearing and settlement business, does not affect the actual operation, after deducting collection and payment and clearing tolls, the operating net cash flow of the company at the end of 23H1 is 37.7413 million yuan, compared with-11.0717 million yuan in the same period last year, the company's cash flow level in the first half of the year is relatively healthy.
Maintain the "highly recommended" investment rating. The company's intelligent traffic electronic toll collection business grew at a relatively high speed with the resumption of high-speed traffic; mature products of intelligent transportation operation and management system were promoted rapidly, and new businesses such as high-speed brain, AI video analysis cloud control platform and free cloud charging were also promoted on a large scale and continuously converted to revenue; intelligent transportation derivative business developed rapidly based on the company's traffic data advantage, with broad overall business space.
It is estimated that the company's net profit in 2023-2025 is 2.22 billion yuan, corresponding to 2023-2025 PE44/33/25 times. Maintain a "highly recommended" investment rating
Risk tips: policy promotion is not as expected; intelligent transportation operation management system business development is not as expected; downstream demand fluctuations; high proportion of restricted shares may lead to stock price volatility risk.