地铁设计：Q3业绩同比高速增长，经营性现金流明显改善

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 18.9 CNY, maintaining the rating [4][8]. Core Views - The company has shown strong performance in Q3 2024, with revenue reaching 6.66 billion CNY, a year-on-year increase of 6.14%, and net profit of 0.89 billion CNY, up 23.70% year-on-year [1][2]. - The company is recognized as a leading urban rail transit design firm in A-shares, with high business barriers and competitive advantages, demonstrating strong operational resilience [4][8]. - The company is expected to achieve revenue growth of 10.8%, 9.6%, and 8.7% for the years 2024, 2025, and 2026, respectively, with net profit growth of 11.9%, 10.8%, and 10.1% [4][9]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 19.17 billion CNY, a year-on-year increase of 3.05%, and a net profit of 2.96 billion CNY, up 3.61% year-on-year [1][2]. - The gross margin for Q3 2024 improved significantly by 4.72 percentage points to 35.29%, contributing to the high growth in net profit [3]. - The operating cash flow for Q3 2024 turned positive at 0.67 billion CNY, indicating improved cash collection [3]. Earnings Forecast - The company is projected to generate revenues of 28.5 billion CNY, 31.3 billion CNY, and 34.0 billion CNY for 2024, 2025, and 2026, respectively [4][9]. - The expected net profits for the same years are 4.83 billion CNY, 5.35 billion CNY, and 5.89 billion CNY, reflecting a strong growth trajectory [4][9]. Valuation Metrics - The company is valued at a PE ratio of 13.1 times for 2024, with a corresponding target price of 18.9 CNY [4][8]. - The projected net profit margin for 2024 is 17.0%, with a return on equity (ROE) of 18.3% [9].