Company Overview - Guangzhou Metro Design Institute Co., Ltd. is located in Baiyun District, Guangzhou, Guangdong Province, and was established on August 6, 1993. The company was listed on October 22, 2020. Its main business involves surveying and design, planning consulting, and general contracting in urban rail transit, municipal, and construction fields [1][2]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 1.317 billion yuan, representing a year-on-year growth of 5.31%. The net profit attributable to the parent company was 221 million yuan, with a year-on-year increase of 6.58% [2]. - Since its A-share listing, the company has distributed a total of 996 million yuan in dividends, with 572 million yuan distributed over the past three years [3]. Stock Performance - As of August 29, the stock price of Metro Design fell by 2.01% to 15.57 yuan per share, with a trading volume of 54.1844 million yuan and a turnover rate of 0.86%. The total market capitalization is 6.358 billion yuan [1]. - Year-to-date, the stock price has increased by 6.35%, with a 5-day increase of 5.20%, a 20-day increase of 4.71%, and a 60-day increase of 8.35% [1]. Shareholder Information - As of August 20, the number of shareholders is 13,500, a decrease of 0.41% from the previous period. The average circulating shares per person increased by 0.41% to 29,638 shares [2]. Capital Flow - In terms of capital flow, there was a net outflow of 1.7123 million yuan from main funds, with large orders buying 2.8385 million yuan (5.24% of total) and selling 4.5508 million yuan (8.40% of total) [1].

Group 1 - The core viewpoint of the news highlights the performance and financial metrics of Guangzhou Metro Design Institute Co., Ltd., including stock price movements and trading volumes [1][2] - As of August 27, the stock price of the company increased by 2.00% to 16.30 CNY per share, with a total market capitalization of 6.656 billion CNY [1] - The company has seen a year-to-date stock price increase of 11.34%, with notable gains over the past 5 days (10.14%), 20 days (9.18%), and 60 days (12.72%) [1] Group 2 - Guangzhou Metro Design Institute was established on August 6, 1993, and listed on October 22, 2020, focusing on urban rail transit, municipal engineering, and construction design [2] - The main business revenue composition includes 81.97% from design services, 16.07% from engineering contracting, and 1.90% from planning consulting [2] - As of August 20, the number of shareholders decreased by 0.41% to 13,500, while the average circulating shares per person increased by 0.41% to 29,638 shares [2] Group 3 - The company has distributed a total of 996 million CNY in dividends since its A-share listing, with 572 million CNY distributed over the past three years [3]

Group 1 - The stock price of the company is reported at 15.98 yuan, down 1.84% from the previous trading day, with a trading volume of 273 million yuan [1] - The company operates in the engineering consulting services industry, focusing on urban rail transit and municipal engineering design, headquartered in Guangzhou with operations across multiple cities in China [1] - As of mid-2025, the company has a contract backlog exceeding 10 billion yuan and emphasizes cash flow management through various measures to enhance receivables management [1] Group 2 - The company has established a joint venture, Fujian Kehui Energy Co., Ltd., which focuses on energy management contracts in Fujian and surrounding areas [1] - The company plans to continue monitoring the approval process for urban rail transit projects and expand into areas such as Transit-Oriented Development (TOD) and general contracting [1] - Data indicates that on August 26, the company experienced a net outflow of 32.97 million yuan in principal funds, with a total net outflow of 7.97 million yuan over the past five days [1]

Investment Rating - The report assigns a "Buy-A" rating to the company, maintaining this rating with a target price of 20 yuan over the next six months [6]. Core Insights - The company reported a robust performance in Q2 2025, with a year-on-year revenue increase of 5.31% to 1.317 billion yuan and a net profit increase of 6.58% to 221 million yuan [2][3]. - The core design business saw a slight revenue growth of 0.93% year-on-year, while the engineering contracting business experienced significant growth of 73.98%, increasing its revenue share to 16.07% [2]. - The company is focusing on expanding its business into energy-saving renovations and has begun to explore the integration of low-altitude economy with rail transit projects [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 1.317 billion yuan, with Q2 showing a remarkable growth of 15.76% compared to Q1, which had a decline of 5.60% [2]. - The gross profit margin for H1 2025 was 36.74%, with the main design business margin increasing to 41.68% [3]. - Operating cash flow improved, with a net outflow of 521 million yuan, which is a reduction of 75 million yuan compared to the previous year [3]. Business Development - The company is recognized as a leading urban rail transit design firm in A-shares, with strong competitive advantages and resilience in operations [4]. - It is actively pursuing new business lines, including low-altitude economy services, which encompass various areas such as aerial photography and data services [4]. Future Projections - The company is expected to achieve revenues of 3.008 billion yuan, 3.266 billion yuan, and 3.519 billion yuan from 2025 to 2027, with corresponding net profits of 543 million yuan, 598 million yuan, and 652 million yuan [11][12]. - The projected PE ratios for the next three years are 12.0, 10.9, and 10.0, indicating a favorable valuation outlook [10].

证券日报网讯地铁设计（003013）8月26日发布公告，在公司回答调研者提问时表示，公司总部地处广 州，在广东省内具有一定的地域优势，同时近年来随着广州、深圳等城市的轨道交通以及粤港澳大湾区 城际的投资建设，公司省内业务的收入占比有所提升。公司项目拓展策略保持持续性，稳定推进"立足 粤港澳大湾区、辐射全国，逐步走向海外"的市场拓展策略。 ...

Core Viewpoint - The company is actively engaged in energy management projects, with specific contracts in various cities, indicating a strategic focus on expanding its energy management business in the transportation sector [1] Group 1: Current Projects - The company has implemented energy transformation projects, including the "Guangzhou Line 3 and 5 Environmental Control System Pilot Application Contract Energy Management Project" and the "Shenzhen Line 4 Phase 1 Station Air Conditioning System Energy Management Project," with varying revenue scales [1] - The company is pursuing contract energy management projects in cities such as Ningbo, Wuxi, Nanchang, and Suzhou, showcasing its expansion efforts in the energy management sector [1] Group 2: Future Plans - In 2025, the company plans to establish a joint venture, Fujian Kehui Energy Co., Ltd., with Fuzhou Rail Transit Design Institute Co., Ltd., to focus on contract energy management business in Fujian and surrounding areas [1]

Core Viewpoint - The company emphasizes the importance of cash flow management and has implemented multiple measures to enhance collection efforts and maintain cash flow stability [1] Group 1: Cash Flow Management Measures - The company has integrated collection targets into the performance evaluation of business departments, in addition to operational performance [1] - Regular collection meetings are held to monitor collection progress and manage the collection process effectively [1] - The company is intensifying efforts to recover historical receivables, particularly focusing on long-aged accounts receivable [1] Group 2: Project Settlement and Collection - The company is actively clearing project settlement balances and strengthening the collection of project final payments [1] - Systematic tracking of project accounting and payment requests is being conducted, with a focus on contracts that meet collection conditions to expedite payment requests [1]

Group 1 - The company announced a decline in new orders in the first half of the year due to the overall industry background [1] - The company has a long contract cycle, ensuring a sufficient overall contract backlog [1] - As of mid-2025, the company's contract backlog is expected to exceed 10 billion yuan [1]

证券日报网讯地铁设计（003013）8月26日发布公告，在公司回答调研者提问时表示，公司拥有工程设 计综合甲级、工程勘察综合甲级、城乡规划编制甲级等多项高等级、多专业的业务资质，拥有较为全面 的综合设计能力和客户服务能力，除轨道交通核心业务外，也经营拓展市政、民建等领域业务。公司积 极拓展轨道交通既有线路的空调系统、通信系统、信号系统等领域的设备更新改造业务，也积极参与轨 道交通TOD开发、城中村改造等相关业务。 ...

Core Viewpoint - The company announced that the revenue share from engineering general contracting business is expected to increase in the first half of 2025, primarily due to the actual confirmation progress of projects in this category [1] Group 1: Engineering General Contracting Business - The increase in revenue share is linked to the operational confirmation of energy-saving transformation projects for rail transit air conditioning systems, which are implemented under the contract energy management model [1] - Currently, the revenue share from the engineering general contracting business stands at approximately 10% for the entire year [1]