Investment Rating - The investment rating for the company is "Outperform" (maintained) [3][5] Core Views - The company is expected to achieve a revenue of 280 million yuan in 2024, representing a year-on-year growth of 12.40%, and a net profit attributable to the parent company of 56.99 million yuan, which is a 46.50% increase year-on-year [5] - In Q1 2025, the company reported a revenue of 62 million yuan, a year-on-year increase of 16.20%, and a net profit attributable to the parent company of 15.70 million yuan, reflecting a growth of 33.43% year-on-year [5] - The company is projected to continue its growth trajectory with net profits expected to reach 6.30 million yuan, 7.20 million yuan, and 8.20 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.46, 0.53, and 0.60 yuan [5] Financial Performance Summary - In 2024, the company achieved a revenue of 280 million yuan, with a gross margin of 44.4% and a net margin of 20.4% [7][10] - The company’s revenue is projected to grow to 316 million yuan in 2025, 359 million yuan in 2026, and 397 million yuan in 2027, with corresponding year-on-year growth rates of 13.0%, 13.5%, and 10.6% respectively [7] - The net profit attributable to the parent company is expected to grow from 63 million yuan in 2025 to 82 million yuan in 2027, with a year-on-year growth rate of 10.5% in 2025 and 14.4% in 2026 [7] Industry Insights - The rail transit industry is in a rapid development phase, with significant updates expected in equipment as part of the national strategy to modernize the railway system by 2035 [6] - The government aims to eliminate old diesel locomotives by 2027 and increase the electrification rate of railways to 78% by 2030, which will benefit companies in the equipment sector [6]
铁大科技（872541）：北交所信息更新：2024全年雷电防护类产品营收+36.60%，2025Q1实现归母净利润+33.43%