HHKJ(002296) 中原证券·2024-11-13 08:53Investment Rating - The report maintains an "Add" rating for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [14]. Core Insights - The company achieved a revenue of 474 million yuan for the first three quarters of 2024, representing a year-on-year growth of 5.83%, while the net profit attributable to shareholders was 134 million yuan, up 21.24% year-on-year [2]. - The gross margin for the first three quarters of 2024 was 54.09%, an increase of 10.98 percentage points year-on-year, and the net profit margin was 28.34%, up 3.51 percentage points year-on-year [4]. - The company has a strong competitive position in the monitoring system products within the Henan region, with a diverse product line applicable to various railway systems [3]. Financial Performance - The company’s revenue for 2024 is projected to be 786 million yuan, with a growth rate of 6.20%, and net profit is expected to reach 200 million yuan, reflecting a growth rate of 21.58% [11]. - The company’s operating profit for 2024 is forecasted at 225 million yuan, with a corresponding PE ratio of 18.07 [11]. - The company’s cash flow from operating activities is expected to be 180 million yuan in 2024, with a net profit of 200 million yuan [12]. Market and Industry Outlook - The railway fixed asset investment in China has been growing rapidly, with a reported investment of 561.2 billion yuan in the first three quarters of 2024, a year-on-year increase of 10.3% [6]. - The overall investment in the railway and urban rail transit sectors is expected to remain high, driven by ongoing infrastructure development and equipment upgrades [6]. - The company has secured multiple project contracts recently, indicating a stable increase in its order backlog [5].