HTDC(SH:601188) Tai Ping Yang·2024-12-30 01:00Investment Rating - The report initiates coverage with an "Accumulate" rating for Longjiang Transportation [9][10]. Core Views - Longjiang Transportation reported a total revenue of 427 million yuan for Q3 2024, a year-on-year decrease of 11.4%, and a net profit attributable to shareholders of 149 million yuan, down 17.82% year-on-year [9]. - The company is focusing on its "one body, two wings" strategy, which includes the development of a diversified "industrial wing" project and stable operations in its existing businesses [10]. - The company’s highway, known as "Longjiang First Road," provides stable toll revenue, contributing to a gross profit margin of 72.4% [10]. - The "industrial wing" project aims to integrate the graphite industry chain, with plans to enhance manufacturing capabilities by 2025 [10]. - The diversified projects, including a taxi business and highway service areas, have provided significant support to the company's performance, with the taxi segment contributing 18% to gross profit in 2023 [10]. Financial Summary - For 2024, the company expects revenue to be 652 million yuan, with a year-on-year growth rate of 49.9% [11]. - The net profit attributable to shareholders is projected to be 137 million yuan in 2024, with a slight decrease of 0.5% year-on-year [11]. - The diluted earnings per share (EPS) is forecasted at 0.10 yuan for 2024, with a price-to-earnings (PE) ratio of 34.14 [11].