Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Viewpoints - The company is deeply engaged in the smart transportation sector and is expanding into the low-altitude economy market [3]. - The smart transportation industry has a broad development outlook, supported by national policies and technological advancements [9][36]. - The company has a strong focus on technological innovation and has accumulated significant project experience, with a robust order backlog [47][50]. Summary by Sections Company Overview - The company, Beijing Yunxingyu Transportation Technology Co., Ltd., was established in April 1997 and focuses on smart transportation, including highway engineering, maintenance, and IoT applications [12]. - As of 2023, the company holds 122 patents, with 34 being invention patents, showcasing its commitment to R&D [15][20]. Smart Transportation Industry Outlook - The market size of China's smart transportation industry reached 243.2 billion yuan in 2023, with a CAGR of 13.72% from 2019 to 2023, and is expected to grow to 261 billion yuan in 2024 [36][38]. - Government policies have been consistently supportive of the smart transportation sector, with significant investments in infrastructure [40][43]. Technological Development and Project Experience - The company emphasizes R&D, with a focus on smart highway systems and has developed various innovative products [47][49]. - The company has successfully executed numerous significant projects, including the first independently contracted highway system integration project in China [50]. Financial Forecast and Valuation - The company is projected to achieve revenues of 2.305 billion yuan in 2024, with a net profit of 116.11 million yuan, reflecting a growth trajectory [1][20]. - The estimated P/E ratios for 2024-2026 are 40.48, 38.37, and 35.15, indicating a relatively low valuation compared to industry averages [1][20].
云星宇：深耕智慧交通领域，拓展低空经济新市场