Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company is expected to achieve a total net profit of 1.06 billion yuan in 2024, a decrease of 35% year-on-year, with a projected revenue of 799 million yuan, down 16.26% year-on-year [1] - The company is actively expanding into new markets such as mining, water conservancy, and overseas markets, despite facing challenges in the railway and highway sectors due to funding pressures and project delays [1][3] - The company has announced a merger and acquisition plan, with the target companies reporting a combined net profit of 350 million yuan in 2023 [2] Financial Summary - The company reported a revenue of 541 million yuan in 2022, which increased to 954 million yuan in 2023, but is expected to decline to 799 million yuan in 2024 [5] - The projected net profit for 2024 is 106 million yuan, with further increases expected in 2025 and 2026 to 193 million yuan and 230 million yuan respectively [5] - The company's gross margin is projected to be 32.1% in 2024, with a net margin of 13.3% [5][10] - Earnings per share (EPS) are expected to be 1.18 yuan in 2024, increasing to 2.15 yuan in 2025 and 2.56 yuan in 2026 [5][10] Market Trends - The water conservancy and mining markets are experiencing rapid growth, with revenues in these sectors increasing significantly year-on-year [3] - The after-market segment is also showing strong development, with its revenue share rising from 2.81% in 2023 to 7.06% in 2024 [3]
五新隧装：北交所信息更新：并购交易预案公布标的2023净利润合计超3.5亿元，2024预计归母净利润1.06亿-20250309