地铁设计（003013）：轨交设计国企典范，深耕广东+稳健经营推动持续发展

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the investment analysis [4][8]. Core Insights - The company is a leading urban rail transit engineering consulting firm backed by the Guangzhou Metro Group, focusing on Guangdong while expanding nationally. Its stable operations are expected to drive continuous growth [4][10]. - The urban rail transit industry is experiencing steady growth, with new economic policies in Guangdong injecting new momentum into development [10][36]. - The company has a strong competitive edge due to its comprehensive engineering design qualifications and a robust incentive mechanism, alongside a commitment to research and development [10][46]. Summary by Sections Company Overview - The company, established in 1993, has evolved into a leading urban rail transit engineering consulting firm in China. It has shown steady growth in revenue and net profit, with plans to enhance its consulting capabilities through acquisitions [15][21]. - From 2016 to 2024, the company's revenue grew from 1.11 billion to 2.75 billion yuan, with a compound annual growth rate (CAGR) of 12%. Net profit increased from 0.14 billion to 0.49 billion yuan, with a CAGR of 16.7% [21][22]. Industry Growth - The urban rail transit industry has seen a CAGR of 12.58% from 2019 to 2024, with non-first-tier cities becoming new growth points. The total operational mileage of urban rail transit in China is expected to reach 12,168.8 kilometers by 2024 [36][39]. - Guangdong province is leading in urban rail transit development, with significant investments and a strong fiscal position supporting infrastructure projects [39][40]. Company Advantages - The company possesses a comprehensive Class A engineering design qualification, which is held by only 92 firms nationwide, establishing a significant competitive barrier [10][46]. - The company has a diversified incentive mechanism and a strong focus on R&D, with a record number of patents filed in 2024 [10][46]. - The company has a solid dividend policy, with a cumulative dividend of 1 billion yuan from 2020 to 2024, reflecting a commitment to shareholder returns [10][46]. Financial Analysis - The company is projected to achieve net profits of 5.41 billion, 5.99 billion, and 6.64 billion yuan from 2025 to 2027, with growth rates of 10.04%, 10.58%, and 10.96% respectively [8][9]. - The revenue from the core surveying and design business is expected to grow at rates of 8.00%, 9.00%, and 10.00% from 2025 to 2027 [9][10].