PCI-STCL(SH:600728) ZHESHANG SECURITIES·2025-04-13 15:01Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company's ICT business revenue has significantly increased, with a total revenue of 79.49 billion yuan in 2024, representing a year-on-year growth of 27.64% [8] - The company has successfully delivered major projects in the rail transit sector, including Guangzhou Metro Line 11 and Shenzhen Metro Line 13, and has signed new orders in over ten cities [1] - The AI model technology has advanced, with the "Zhixing Traffic Model" reaching version 2.0, enhancing traffic management and operational efficiency [3] - Operating cash flow has improved significantly, with a net cash flow from operating activities of 180 million yuan in 2024, a year-on-year increase of 117.57% [4] - The company expects continued revenue growth in 2025, driven by new orders in the intelligent transportation business and a contract asset balance of 2.012 billion yuan [2] Financial Performance - In 2024, the company reported a net profit attributable to shareholders of -115 million yuan, but the adjusted net profit (excluding non-recurring items) was 24 million yuan, indicating a turnaround [8][9] - The gross profit margin for industry solutions improved to 19.6%, and overall operating expenses decreased by 1.87% year-on-year [4] - Revenue projections for 2025-2027 are estimated at 88.96 billion, 95.36 billion, and 102.77 billion yuan, with net profits expected to be 1.35 billion, 1.85 billion, and 2.5 billion yuan respectively [9]