Investment Rating - The report maintains an "Outperform" rating for the company [4]. Core Views - The release of the "Large-Scale Equipment Renewal Action Plan" by the Ministry of Transport and other departments is expected to create opportunities for the company's rail transit and shipping businesses [1][2]. - The company, Klait, is recognized as a "small giant" in ventilation equipment products and systems, focusing on high-end fields such as rail transit, new energy equipment, marine engineering, and cooling towers [1][39]. - The company reported a revenue of 508 million yuan in 2023, representing a 20% year-on-year increase, and a net profit attributable to the parent company of 60.57 million yuan, up 21% [1][39]. Financial Summary and Forecast - The company forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 69 million yuan, 83 million yuan, and 102 million yuan, respectively, with corresponding EPS of 0.95 yuan, 1.13 yuan, and 1.39 yuan per share [1][3]. - The projected P/E ratios for 2024, 2025, and 2026 are 11.7, 9.8, and 8.0 times, respectively [1][3]. - The company's revenue is expected to grow from 608 million yuan in 2024 to 885 million yuan in 2026, with a compound annual growth rate of approximately 21.6% [3]. Industry Context - The "Large-Scale Equipment Renewal Action Plan" aims to accelerate the replacement of high-energy consumption and high-emission old vessels and locomotives, promoting the development of new energy-powered vessels and locomotives [2][30]. - The plan includes specific measures for the scrapping and updating of old operational vessels and locomotives, which is anticipated to enhance the market position of companies like Klait as they increase their market share [2][30].
克莱特：北交所信息更新：《交通运输大规模设备更新行动方案》发布，公司轨交、船舶业务迎来机遇