深城交：2024年三季报点评：业绩同比高增，发力低空及车路云成长可期

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant year-on-year growth in performance, with a focus on low-altitude and vehicle-road-cloud integration, indicating potential for future growth [1][4] - Despite a challenging fiscal environment, the rapid development of big data software and smart transportation has led to a noticeable increase in gross profit margin, supporting the company's performance [4] - The company is strategically expanding into low-altitude economy projects and vehicle-road-cloud integration, which are expected to drive order growth and support sustained performance [4][6] Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 780 million yuan, a year-on-year decrease of 11.6%, while net profit attributable to shareholders increased by 13.2% to 60 million yuan [3] - In Q3 2024, the company achieved revenues of 320 million yuan, with a net profit of 70 million yuan, reflecting a year-on-year increase of 75.1% [3] - The gross profit margin for the first nine months of 2024 was 33.6%, up by 5.6 percentage points year-on-year, while the net profit margin was 5.8%, an increase of 0.8 percentage points [4] Future Outlook and Valuation - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to 168 million yuan, 208 million yuan, and 251 million yuan respectively, reflecting a downward adjustment of 5.1%, 0.5%, and 1.2% [4] - The ongoing focus on low-altitude economy and vehicle-road-cloud integration is expected to lead to more orders and continued growth in performance [4]