Keanda(SZ:002972) Guohai Securities·2024-10-30 22:09Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [1]. Core Views - The company has demonstrated strong competitiveness in the fields of lightning protection for rail transit and axle counting systems, with a notable recovery in performance during the first three quarters of 2024 [3]. - The company's gross profit margin improved by 0.2 percentage points year-on-year to 65.15%, while net profit margin increased by 4.04 percentage points to 34.31% [2][4]. - The operating cash flow significantly improved, with a year-on-year increase of 102 million yuan to 82 million yuan [2][4]. Financial Performance - For the first three quarters of 2024, the company achieved revenue of 200 million yuan, a year-on-year increase of 19.41%, and a net profit of 69 million yuan, up 34.98% [4]. - The third quarter of 2024 saw revenue of 57 million yuan, growing 3.39% year-on-year, and a net profit of 13 million yuan, increasing by 3.27% [4]. - The projected revenues for 2024, 2025, and 2026 are 293 million yuan, 345 million yuan, and 399 million yuan, respectively, with corresponding net profits of 82 million yuan, 100 million yuan, and 113 million yuan [3][6]. Market Position - The company is recognized as a pioneer in lightning protection for rail transit and is a hidden champion in the domestic axle counting system market, having completed over 5,000 lightning protection projects across various train stations [5]. - The TAZ II axle counting system developed by the company is widely used in over 200 subway lines across more than 50 cities in China [5]. Relative Performance - The company's stock performance relative to the CSI 300 index shows an increase of 10.9% over the past month, 21.5% over the past three months, and 2.3% over the past year [5].