JSST(002609)2022-12-05 02:36Group 1: Company Overview - Shenzhen Jieshun Technology Co., Ltd. aims to become China's most valuable smart parking operation enterprise, focusing on creating a comprehensive ecosystem for parking operations, services, and advertising [2][3]. - The company achieved over 42 million in revenue in 2019, with a focus on expanding new business areas such as parking space operations and data operations [2][3]. - As of now, Jieshun has connected over 12,000 parking lots and more than 46,000 lanes, reaching over 16 million online users and processing over 1.4 million transactions per day [2][3]. Group 2: Cloud Hosting Business Model - The cloud hosting service utilizes AI, big data, and smart management platforms to provide a SaaS model, significantly reducing labor costs and improving operational efficiency for clients [3][4]. - The average contract value for cloud hosting is 4-5 times larger than traditional hardware sales, with a target of adding 6,000 lanes this year [3][4]. - The company has secured over 1,800 new cloud hosting orders this year, primarily converting existing clients [3][4]. Group 3: Financial Performance and Cash Flow - The company has seen an increase in accounts receivable due to a shift to installment sales, amounting to approximately 300 million over the past two years [5]. - Major clients include large developers like Vanke and Evergrande, which have longer payment cycles, contributing to increased accounts receivable [5]. - Despite the high accounts receivable, the company maintains a low bad debt rate, with annual bad debts only in the tens of thousands compared to over 1 billion in revenue [5]. Group 4: Future Business Trends - The company anticipates that new business segments will account for 20% of total revenue this year, up from 10% last year [4]. - The overall gross margin is expected to remain stable, with a potential increase due to the higher margin of new business segments [4]. - The human access product line has seen a growth rate of nearly 40% in 2019, driven by the demand for smart upgrades in various environments [5].