浙江交科（002061）：区域交通基建发力，省属龙头腾飞在即

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [4]. Core Views - The company is positioned as a leading player in transportation infrastructure in Zhejiang Province, with significant recovery in performance expected due to increased provincial investment in transportation projects [1][2]. - The company has a strong backing from its major shareholder, Zhejiang Transportation Investment Group, which is expected to drive order acquisition and revenue growth [3][4]. - The recent stock incentive plan aims for a stable growth target of 6%, enhancing investor confidence in the company's long-term prospects [4]. Summary by Sections Company Overview - The company, formerly known as Jiangshan Chemical Plant, has shifted focus to transportation infrastructure after divesting its chemical business in 2021, with the controlling shareholder being the Zhejiang State-owned Assets Supervision and Administration Commission [1][14]. - The company has shown a significant recovery in its operating performance, with a notable increase in net profit in the first three quarters of 2024 [1][20]. Industry Analysis - Zhejiang Province has a robust fiscal capacity, ranking third nationally in comprehensive financial strength, which supports ongoing infrastructure investments [2][31]. - The "Thousand Projects, Trillion Investment" initiative launched in January 2023 is expected to drive substantial investment in transportation and other sectors, with a projected annual investment of 1.5 trillion yuan from 2024 to 2027 [2][31]. Order and Revenue Growth - The company has a strong order backlog, and with the support of its major shareholder, it is expected to accelerate revenue conversion and order fulfillment starting in 2025 [3][4]. - The company’s core business, which includes highway construction and maintenance, has maintained stable profitability, with a gross margin around 8% [20][28]. Financial Performance and Projections - The company’s revenue for 2023 was approximately 46 billion yuan, with a projected increase to 48.2 billion yuan in 2024, reflecting a growth rate of 4.8% [6]. - The forecasted net profit for 2024 is 1.48 billion yuan, with expected growth rates of 10% in 2024 and 12% in 2025 [4][6].