深城交：2024年年报及2025年一季报点评：新签合同高增，业务转型下增长可期-20250506

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has experienced a significant increase in new contracts, with a year-on-year growth of 49% in new contracts totaling 2.58 billion yuan, driven by its strategic focus on new quality sectors such as low-altitude economy and smart transportation [5][7] - Despite a decline in traditional planning and design business due to industry cycles, the company is actively transitioning towards new infrastructure and operational services, which is expected to support future growth [5][7] - The company's revenue for 2024 is projected to be 1.316 billion yuan, reflecting a decrease of 7.26% from the previous year, but a strong recovery is anticipated in subsequent years with a forecasted revenue of 2.063 billion yuan in 2025, representing a growth rate of 56.77% [9][10] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 1.32 billion yuan, with a net profit attributable to the parent company of 106 million yuan, reflecting a year-on-year decline of 34.74% [5][10] - The gross margin for 2024 was 32.5%, down by 4.81 percentage points from the previous year, while the net profit margin was 8.4%, down by 3.92 percentage points [6][12] Business Segments - The revenue from smart transportation, planning consulting, and engineering design and testing was 736 million yuan, 355 million yuan, and 224 million yuan respectively, with smart transportation showing a growth of 27.09% [5] - The proportion of revenue from smart transportation increased to 55.89%, indicating a shift in the company's business structure towards more profitable segments [5] Profitability and Valuation - The company’s net profit for 2025 is projected to be 194 million yuan, with an expected growth rate of 83.87% compared to 2024 [9][10] - The report forecasts a gradual improvement in profitability metrics, with the return on equity (ROE) expected to rise from 4.53% in 2024 to 10.38% by 2027 [12][13]