Jiadu Technology (600728): Artificial Intelligence Product Revenue Increases Steady Advancement of AI + Security and Transportation Strategy

Jiadu Technology (600728): Artificial Intelligence Product Revenue Increases Steady Advancement of AI + Security and Transportation Strategy

The company released its 2019 Interim Report and achieved operating income16.

52 ppm, a decrease of 4 per year.

79%; net profit attributable to mother 2.

13 ppm, an increase of 210 in ten years.

71%; net profit attributable 杭州夜生活网 to mother after deduction is 0.

20 ppm, a reduction of 62 per year.

37%.

The company issued the highest stock incentive plan (budget), with a premium for expanding stocks to a minimum of 4.

69 yuan, the total number of shares to be awarded to the incentive object is not more than 31.9 million shares.

  Revenue reduction due to revenue recognition issues, rail transportation orders help future growth.

In the first half of 2019, the company’s revenue increased due to the pace of revenue recognition. At the same time, revenue and convertible bonds affected the company’s profit performance.

In the first half of the year, the company won the bid for “Guangzhou Rail Transit Line 11 and 13th New Line Station Equipment and Operation and Maintenance Service Procurement Project”, with a total amount of 118.

8.9 billion, guarantee 北京桑拿洗浴保健 the company’s future growth.

  Productization revenue has increased significantly, and AI + transportation and AI + security strategies have been steadily advancing.

The company’s AI products and operating services achieved operating income of 5,346.

140,000 yuan, an increase of 352 in ten years.

86%.

The company’s “smart station” system will realize new applications such as “brush face” pit stop, intelligent security check, voice ticket purchase, robot customer service, holographic station control, etc., to effectively improve the subway traffic experience and reduce the repeated labor of subway staff.

The company’s AI + security further combed to form segmented product lines such as “Famous Capture”, “Ming Yi” and “Honeycomb”. Products such as police video clouds will speed up product line conversion in the future.

  Large-scale equity incentives promote development.

The company issued the highest stock incentive plan (budget), with a premium for expanding stocks to a minimum of 4.

69 yuan, the total number of shares to be awarded to the incentive object does not exceed 31.9 million shares, including company executives and middle-level cadres.

The exercise target is no less than 4 net profit in 2019.

500 million, the cumulative net profit from 2019 to 2020 is not less than 1 billion, and the progressive growth of profit from 2019 to 2021 is not less than 1.8 billion.

  Investment suggestion: Through the long-term cultivation of rail transit business, the company’s artificial intelligence technology is extended to smart city business.

The EPS for 2019-2020 is expected to be 0.

28, 0.

35 yuan, buy-A rating, 6-month target price of 12.

5 yuan.

  Risk Warning: The target of equity incentive assessment is lower than expected; industry competition is intensifying.