Investment Rating - The report maintains an "Accumulate" rating with a target price of 27.83 yuan, reflecting a potential upside based on the company's growth prospects [2][11]. Core Insights - The company is experiencing a surge in orders due to its successful bids for major projects in Jiangsu and Hunan, totaling approximately 329 million yuan, indicating a significant growth phase in its smart transportation business [3][11]. - The smart transportation industry is driven by both policy support and market demand, with the government planning to support the digital transformation of transportation infrastructure over the next three years [11]. - The company reported a revenue of 896 million yuan in 2024, a year-on-year increase of 20.75%, and a net profit of 210 million yuan, reflecting a 9.81% growth [11]. Financial Summary - Revenue projections show a strong upward trend, with expected revenues of 1,346 million yuan in 2025, 2,160 million yuan in 2026, and 3,083 million yuan in 2027, representing growth rates of 50.3%, 60.5%, and 42.7% respectively [5][12]. - The net profit attributable to the parent company is forecasted to reach 338 million yuan in 2025, 461 million yuan in 2026, and 601 million yuan in 2027, with growth rates of 61.2%, 36.3%, and 30.4% respectively [5][12]. - The company's gross margin is projected to be around 44% in 2025, slightly declining to 40% by 2027 [13]. Market Data - The company's market capitalization is approximately 9.326 billion yuan, with a current share price of 16.07 yuan [6][11]. - The stock has shown a 52-week price range between 16.04 and 25.90 yuan, indicating volatility but also potential for growth [6][11]. Order Growth - The company has secured contracts for two major projects in 2025, which are expected to significantly boost its revenue and demonstrate its competitive strength in the smart transportation sector [11].
通行宝（301339）：智慧交通建设浪潮下，公司订单爆发在即