Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated steady revenue and profit growth, with significant increases in engineering general contracting business revenue. The gross profit margin has shown a stable upward trend, and the business in Guangdong province has expanded its share [6][7] - The company is backed by its major shareholder, Guangzhou Metro, and possesses rich qualifications across multiple fields, leading to a technological advantage in the industry. The company is well-positioned to capitalize on the core business development of rail transit design consulting [6][8] Financial Performance Summary - In the first half of 2025, the company achieved total operating revenue of 1.317 billion yuan, a year-on-year increase of 5.31%. The net profit attributable to the parent company was 221 million yuan, up 6.58% year-on-year, while the net profit excluding non-recurring items was 216 million yuan, reflecting a 5.5% increase [7] - The gross profit margin for the first half of 2025 was 36.74%, an increase of 0.22 percentage points year-on-year, and the net profit margin was 16.89%, up 0.09 percentage points year-on-year. As of the first half of 2025, the company's asset-liability ratio was 51.46%, with a current ratio of 1.28 and a quick ratio of 1.05 [7] Business Segment Analysis - By business type, the company reported operating revenues of 1.08 billion yuan from exploration and design, 2.5 million yuan from planning consulting, 211 million yuan from engineering general contracting, and 10,000 yuan from other businesses in the first half of 2025, with year-on-year changes of +0.93%, -57.17%, +73.98%, and -17.15% respectively. The revenue distribution was 81.97%, 1.90%, 16.07%, and 0.06% [8] - Geographically, the company generated 982 million yuan in revenue from Guangdong province, a year-on-year increase of 21.46%, accounting for 74.56% of total revenue. In contrast, revenue from outside Guangdong was 335 million yuan, down 24.21% year-on-year, representing 25.44% of total revenue [8] Profit Forecast - The company has updated its profit forecasts for 2025-2027, expecting net profits attributable to the parent company to be 625 million yuan, 642 million yuan, and 678 million yuan respectively, with corresponding EPS of 1.53 yuan, 1.57 yuan, and 1.66 yuan. The current stock price corresponds to P/E ratios of 9.7, 9.4, and 8.9 times for the respective years [6][9]
地铁设计（003013）：公司信息更新报告：营收利润同比增长稳健，工程总承包业务收入大幅增长