地铁设计（003013）：Q4营收业绩同比高增，盈利能力提升高ROE亮眼

Investment Rating - The report assigns a "Buy-A" rating to the company, maintaining this rating with a 6-month target price of 20 CNY [5]. Core Insights - The company achieved a revenue of 2.748 billion CNY in 2024, representing a year-over-year increase of 6.79%, with a net profit of 492 million CNY, up 13.91% year-over-year [2][3]. - The company's core business in surveying and design saw a revenue increase of 5.57%, while the engineering general contracting business surged by 75.25%, increasing its revenue share to 9.26% [2]. - The company has demonstrated strong operational resilience, with consistent year-over-year revenue and profit growth since 2017, even amidst industry cycles [2][4]. Financial Performance - The gross profit margin for 2024 was 38.40%, an increase of 1.17 percentage points year-over-year, driven by the opening of major projects and cost control measures [3]. - The net profit margin for the year was 18.23%, reflecting a year-over-year increase of 1.15 percentage points, with a return on equity (ROE) of 19.25% [3]. - The operating cash flow significantly improved, with a net inflow of 567 million CNY in Q4 2024, compared to a net outflow of 530 million CNY in the previous three quarters [3]. Business Strategy and Growth Prospects - The company is a leading player in urban rail transit design in A-shares, with high barriers to entry and strong competitive advantages [4]. - The company is actively expanding into new business areas, including energy-saving renovations and non-rail projects, while also pursuing international opportunities [8]. - Future revenue projections estimate growth to 3.008 billion CNY in 2025, 3.266 billion CNY in 2026, and 3.519 billion CNY in 2027, with corresponding net profits of 543 million CNY, 598 million CNY, and 652 million CNY [9][10].