浙江交科（002061）：2024年现金流改善明显，2025Q1业绩双位数增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company is expected to see significant cash flow improvement in 2024, with a projected operating revenue of 47.772 billion yuan, representing a year-on-year increase of 3.75%. However, the net profit attributable to shareholders is expected to decrease by 2.78% to 1.31 billion yuan. For Q1 2025, the company anticipates an operating revenue of 8.171 billion yuan, which is a 5.74% increase year-on-year, and a net profit of 221 million yuan, reflecting an 18.82% increase [2][8][13]. Summary by Sections Financial Performance - In 2024, the company achieved an operating revenue of 47.772 billion yuan, with a 3.75% year-on-year growth. The net profit attributable to shareholders was 1.31 billion yuan, down 2.78%. For Q1 2025, the operating revenue reached 8.171 billion yuan, up 5.74%, and the net profit was 221 million yuan, up 18.82% [2][8][13]. - The company’s comprehensive gross margin for 2024 was 7.89%, a decrease of 0.15 percentage points year-on-year. The gross margin for Q1 2025 improved to 7.40%, an increase of 0.13 percentage points year-on-year [13]. Cash Flow and Debt - The company experienced a significant improvement in cash flow in 2024, with a net cash inflow from operating activities of 1.099 billion yuan, an increase of 5.27 billion yuan year-on-year. The cash collection ratio was 91.01%, up 0.93 percentage points year-on-year [13]. - The asset-liability ratio decreased by 0.14 percentage points to 78.18% in 2024, indicating a slight improvement in financial stability [13]. Market Outlook - In 2024, the total transportation investment in Zhejiang province reached a record high of 409.3 billion yuan, a year-on-year increase of 9.6%. The company is expected to benefit from this high level of infrastructure investment, particularly in the maintenance business, which is projected to contribute additional profits [13].