Investment Rating - The report assigns an "Outperform" rating to the company [1] Core Views - The company is a leading comprehensive service provider in the smart transportation industry, with extensive experience and a strong certification system [4] - The company has a solid profit performance and sufficient contracts in hand, with a net profit of 115 million yuan in 2023, a year-on-year increase of 16.55% [5] - The company holds a leading position in the smart transportation industry, benefiting from its location advantage in the capital city [7] - The smart transportation industry is supported by favorable policies, with a clear long-term growth trend [8] - The company is expected to benefit from the industry's development, with projected net profits of 111 million yuan, 127 million yuan, and 143 million yuan for 2024, 2025, and 2026, respectively [9] Financial Performance - In 2023, the company achieved revenue of 2.202 billion yuan, a year-on-year decrease of 8.14%, and a net profit of 115 million yuan, a year-on-year increase of 16.55% [5] - The company's basic earnings per share reached 0.53 yuan in 2023, the highest level in the past five years [5] - The company's total contract value at the end of 2023 was 2.443 billion yuan [5] - The company's revenue is expected to grow to 2.257 billion yuan, 2.538 billion yuan, and 2.797 billion yuan in 2024, 2025, and 2026, respectively [6] - The company's net profit is projected to be 111 million yuan, 127 million yuan, and 143 million yuan for 2024, 2025, and 2026, respectively [6] Industry Analysis - The smart transportation industry is a strategically important sector for the country, with policies such as the "Outline for Building a Strong Transportation Country" and the "National Comprehensive Three-dimensional Transportation Network Planning Outline" guiding its development [8] - By the end of 2023, China's total highway mileage reached 5.441 million kilometers, including 184,000 kilometers of expressways [8] - The industry is expected to maintain a growth trend, with the national expressway mileage projected to reach approximately 130,000 kilometers by 2027 [8] - The advancement of new-generation information technologies such as digital technology, artificial intelligence, and 5G communication will further drive the development of the smart transportation industry [8] Business Segments - The company's smart transportation system integration business is expected to grow by 2%, 15%, and 12% in 2024, 2025, and 2026, respectively [9] - The smart transportation technology service business is projected to grow by 2%, 10%, and 8% in 2024, 2025, and 2026, respectively [9] - The company's product sales business is expected to grow by 5% annually from 2024 to 2026 [9] Valuation - The report gives the company a 2024 dynamic PE range of 26-30 times, with a reasonable value range of 9.64-11.12 yuan [9]
云星宇：领先的智慧交通综合服务商，立足首都区位优势十足