CDG(SH:603018) Guotai Junan Securities·2024-11-18 00:30Investment Rating - The report maintains a rating of "Buy" for the company [3][6]. Core Views - The company is expected to benefit from policy catalysts in the low-altitude economy sector, leveraging its rich experience and technological accumulation to drive future revenue and profit growth [3]. - Due to the cyclical downturn in the infrastructure and engineering design sectors, the earnings per share (EPS) forecasts for 2024-2026 have been revised downwards to 0.93, 1.01, and 1.09 yuan, respectively, reflecting a growth rate of -9%, 9%, and 8% [3]. - The target price has been adjusted to 12.20 yuan, corresponding to a price-to-earnings (PE) ratio of 13.1 times for 2024 [3]. Financial Summary - Revenue for 2022 was 5,839 million yuan, with a forecasted decline to 5,353 million yuan in 2023, followed by a slight recovery to 5,419 million yuan in 2024 [2]. - Net profit attributable to the parent company was 684 million yuan in 2022, with a slight increase to 698 million yuan in 2023, but expected to decrease to 634 million yuan in 2024 [2]. - The earnings per share (EPS) for 2022 was 1.00 yuan, projected to be 1.02 yuan in 2023, and then decrease to 0.93 yuan in 2024 [2]. - The return on equity (ROE) is expected to decline from 15.6% in 2022 to 11.4% in 2024 [2]. - The current PE ratio is 8.62, with projections of 9.29 for 2024 and decreasing to 7.93 by 2026 [2]. Strategic Developments - The company has formed a strategic partnership with WoFei ChangKong to develop comprehensive solutions for low-altitude flight commercialization and a new integrated transportation network [3]. - The company successfully won the bid for the "Guan-Yue Canal Project Pre-Feasibility Study," which spans approximately 316 km [3]. - The low-altitude economy is recognized as a new productive force, with nearly 30 provinces incorporating its development into local government work reports or related policies [3].