Investment Rating - The report maintains a "Recommended" rating for the company [3][10]. Core Viewpoints - The operation of the Yangtze River Delta (Yancheng) intelligent connected vehicle testing ground is expected to open new growth opportunities for the company, which is a key project funded by its IPO [1][3]. - The company is positioned as a domestic third-party comprehensive testing ground operator, benefiting from high profitability, strong cash generation capabilities, and a strategic location in the Yangtze River Delta [2][3]. - The report forecasts net profits for the company to be 179 million, 223 million, and 293 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.14, 0.17, and 0.22 yuan [3][4]. Financial Performance Summary - The company’s revenue is projected to grow from 356.73 million yuan in 2023 to 692.85 million yuan in 2026, reflecting a compound annual growth rate [4][5]. - The gross profit margin is expected to remain robust, with estimates of 67.68%, 66.64%, and 70.71% for 2024, 2025, and 2026 respectively [4][5]. - The company’s net profit margin is projected to be 40.94%, 38.74%, and 42.31% for the years 2024, 2025, and 2026 respectively [4][5].
中汽股份：智能网联汽车试验场正式运行，有望打开新的增长空间