地铁设计：公司信息更新报告：半年度业绩维持平稳，股权激励计划成功授予

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported stable revenue growth in the first half of 2024, with a revenue of 1.251 billion yuan, representing a year-on-year increase of 1.48%. However, the net profit attributable to shareholders decreased by 3.18% to 207 million yuan due to a decline in the gross margin of the surveying and design business [3][4] - The company is backed by its major shareholder, Guangzhou Metro, and has a strong technical advantage in the industry, focusing on the core business of rail transit design consulting [3] - The company has successfully implemented an employee stock incentive plan, granting 8.382 million restricted shares and 3.592 million stock options, which is approximately 2.1% and 0.9% of the total share capital, respectively [6] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 1.251 billion yuan, with a net profit of 207 million yuan and earnings per share (EPS) of 0.52 yuan. The operating cash flow was negative at -596 million yuan, with a year-on-year growth of 0.62% [4] - The gross margin and net margin decreased by 2.81 percentage points and 0.73 percentage points to 36.52% and 16.80%, respectively [4] - The gross margin for the surveying and design business fell by 4.23 percentage points to 38.08%, while asset impairment losses increased by 22.5% [4] Business Development - The company actively undertook design tasks for 30 total package and design contracts across 50 cities, including new projects in Guangzhou, Changsha, Xi'an, Beijing, and Hangzhou [5] - The company is expanding into low-altitude economy sectors and has established a working group to explore innovative integration between urban rail transit and low-altitude businesses [5] Profit Forecast - The profit forecast for the company remains unchanged, with expected net profits attributable to shareholders of 593 million yuan, 625 million yuan, and 642 million yuan for 2024, 2025, and 2026, respectively. The corresponding EPS is projected to be 1.48 yuan, 1.56 yuan, and 1.61 yuan [3][7]