QiaoYin(002973) 华泰证券·2024-12-08 06:10Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 15.71 [1]. Core Views - The company has been continuously securing contracts in urban management and sanitation services, indicating a positive growth trend. The recent contracts include a project in Guangdong with a total bid amount of RMB 78.53 million for a three-year term, and several other contracts in different cities, which are expected to drive revenue growth [2][3]. - The company is actively promoting digital and intelligent development, with trials of its self-developed outdoor cleaning robots and patrol delivery robots in multiple locations [3]. - The company has adjusted the conversion price of its convertible bonds from RMB 25.03 to RMB 18.00, which is expected to enhance investor confidence and promote bond conversion [4]. - The company is projected to achieve a net profit of RMB 2.94 billion, RMB 3.41 billion, and RMB 3.93 billion for the years 2024 to 2026, respectively, with a price-to-earnings ratio (PE) of 18.7 times for 2025 [5]. Summary by Sections Waste Management - The company announced a pre-bid win for an environmental sanitation service project in Guangdong, with a contract amount of RMB 78.53 million for three years. Since November, the company has secured multiple contracts in urban management and sanitation services, showcasing a strong development trend [1][2]. Digital Development - The company is advancing its digital transformation, with trials of its self-developed cleaning and patrol robots in various cities, indicating a commitment to innovation and efficiency [3]. Financial Adjustments - The company has lowered the conversion price of its convertible bonds, which is anticipated to boost investor confidence and facilitate bond conversion [4]. Earnings Forecast - The company maintains its profit forecast, expecting net profits of RMB 2.94 billion, RMB 3.41 billion, and RMB 3.93 billion for 2024, 2025, and 2026, respectively, with a target price of RMB 15.71 based on a PE of 18.7 for 2025 [5].