Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is expected to continue its growth trend in performance, with an improvement in profitability driven by an increase in gross margin [3][5] - The company has a strong market position in the Guangdong province and is well-positioned to benefit from the rapid development of urban rail transit in the Greater Bay Area [5] Financial Performance Summary - In H1 2025, the company achieved revenue of 1.317 billion yuan, a year-on-year increase of 5.31%, and a net profit attributable to shareholders of 221 million yuan, up 6.58% year-on-year [5] - The second quarter of 2025 saw significant growth, with revenue reaching 740 million yuan, a 15.76% increase year-on-year, and net profits showing a substantial increase of 60.73% [5] - The company's gross margin for H1 2025 was 36.74%, with a notable increase in Q2 to 38.20% [5] Revenue and Profit Forecast - Revenue projections for the company are as follows: 2.573 billion yuan in 2023, 2.748 billion yuan in 2024, and 2.934 billion yuan in 2025, with year-on-year growth rates of 3.92%, 6.79%, and 6.77% respectively [4] - The net profit attributable to shareholders is forecasted to be 432 million yuan in 2023, 492 million yuan in 2024, and 553 million yuan in 2025, with growth rates of 8.01%, 13.91%, and 12.44% respectively [4] Business Segment Performance - In H1 2025, the company's revenue from surveying and design, planning consulting, and EPC (Engineering, Procurement, and Construction) was 1.08 billion yuan, 25 million yuan, and 212 million yuan respectively, showing varied growth rates across segments [5] - The company maintained strong growth in its EPC business, while the planning consulting segment faced challenges [5] Cash Flow and Financial Ratios - The net cash flow from operating activities in H1 2025 was -521 million yuan, reflecting a decrease in cash outflow compared to the previous year [5] - The company's net profit margin for H1 2025 was 16.89%, with a significant increase in Q2 to 22.53% [5]
地铁设计（003013）：业绩延续增长趋势，毛利率提升推动盈利能力改善