Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.76 CNY [2][6]. Core Insights - The company's performance meets expectations, with significant growth in its vehicle-road-cloud related business, which is entering a phase of rapid expansion [2]. - The company reported a revenue of 534 million CNY in the first three quarters of 2024, representing an 18.09% year-on-year increase, with Q3 alone achieving 205 million CNY, up 17.96% [2]. - The net profit attributable to the parent company for the first three quarters was 167 million CNY, a 7.59% increase year-on-year, with Q3 net profit at 60.84 million CNY, up 6.85% [2]. - The vehicle-road-cloud related business has accelerated growth, with the smart traffic operation management system revenue reaching 212 million CNY, a 40.17% increase year-on-year [2]. - The company is involved in significant digital transformation projects in Jiangsu province, with a total investment of approximately 3.44 billion CNY, which is expected to contribute significantly to revenue [2]. Financial Summary - Revenue projections for 2024-2026 are 920 million CNY, 1,125 million CNY, and 1,365 million CNY respectively, with growth rates of 24.0%, 22.3%, and 21.3% [1]. - Net profit attributable to the parent company is forecasted to be 243 million CNY, 300 million CNY, and 369 million CNY for 2024-2026, with growth rates of 27.2%, 23.5%, and 23.0% respectively [1]. - Earnings per share (EPS) is projected to be 0.59 CNY, 0.72 CNY, and 0.89 CNY for 2024-2026 [1]. - The return on equity (ROE) is expected to improve from 8.8% in 2024 to 12.2% in 2026 [1].
通行宝2024年三季报点评：车路云相关业务再提速