Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of RMB 33.19 based on a 2025 PE of 50 times [5][15]. Core Insights - The company is expanding its smart transportation business through a joint venture with Tianjin Expressway Group, which is expected to enhance its market presence outside Jiangsu Province [12][15]. - The government is promoting new urban infrastructure to build resilient cities, which aligns with the company's strategic focus on smart transportation and digital transformation [13][15]. - The company's revenue and net profit have shown stable growth, with a reported revenue of RMB 534 million in the first three quarters of 2024, representing an 18% year-over-year increase [14][15]. Financial Data Summary - Revenue projections for 2024, 2025, and 2026 are RMB 876 million, RMB 1,097 million, and RMB 1,394 million, respectively, with corresponding net profits of RMB 220 million, RMB 275 million, and RMB 347 million [5][15]. - The company's earnings per share (EPS) are forecasted to be RMB 0.53, RMB 0.66, and RMB 0.84 for 2024, 2025, and 2026, respectively [5][15]. - The gross margin is expected to remain around 46.4% to 47.4% over the forecast period [5][15].
通行宝：公司跟踪报告：首次覆盖：与天津高速成立合资公司，智慧交通业务有望提速