Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1][3]. Core Insights - The company reported a net profit of 24.38 million yuan for Q1-3 2024, representing a year-on-year increase of 53.22%. The revenue for the same period was 158 million yuan, up by 0.96% [3]. - The company is benefiting from a significant update in transportation equipment, which is expected to drive demand for rail transit equipment. The government aims to phase out old diesel locomotives by 2027 and increase the electrification rate of railways to 78% by 2030 [5]. - The establishment of a wholly-owned subsidiary, Shanghai Huto Intelligent Technology Co., Ltd., with an investment of 50 million yuan, aims to develop areas such as unmanned delivery and automatic inspection [4]. Financial Summary - For 2024, the company is projected to achieve a net profit of 46 million yuan, with earnings per share (EPS) of 0.34 yuan. The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated at 37.0, 34.1, and 32.4 respectively [3][6]. - The company's revenue is expected to grow from 275 million yuan in 2024 to 331 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 9.1% [6][7]. - The gross margin is projected to remain stable around 44% over the next few years, while the net profit margin is expected to increase to 16.8% by 2024 [6][8].
铁大科技：北交所信息更新：设立子公司切入自动巡检等领域，Q1-3归母净利润+53.22%