Investment Rating - The report gives an "Outperform" rating for the company, indicating an expected performance that is 5% to 20% above the market average [34]. Core Insights - The company, 铁大科技, is positioned as a key player in the railway and urban rail signal system industry, with a focus on signal monitoring systems, lightning protection systems, and LED signal machines. The company has shown a stable growth trajectory, with a projected revenue increase from 245 million yuan in 2023 to 303 million yuan in 2025 [27][82]. - The railway equipment market is expected to grow at a CAGR of 11%, driven by a shift towards digitalization and intelligent upgrades in the industry [108]. - The company has a strong R&D capability backed by Tongji University, which enhances its competitive edge in technology and innovation [60][83]. Company Overview - 铁大科技 specializes in the development, manufacturing, and sales of railway signal systems and related products, with a significant portion of its revenue coming from equipment monitoring systems, which contributed 66% of total revenue in the first half of 2023 [49][97]. - The company has achieved a net profit of 38.55 million yuan in 2023, reflecting a year-on-year growth of 15.54% [79][82]. - The company’s main clients include major state-owned enterprises in the railway sector, indicating a concentrated customer base [77]. Financial Projections - The projected earnings per share (EPS) for 2023, 2024, and 2025 are 0.28 yuan, 0.30 yuan, and 0.34 yuan respectively, with corresponding net profits of 38.55 million yuan, 41.54 million yuan, and 45.98 million yuan [20][27]. - The company’s revenue is expected to grow from 245 million yuan in 2023 to 303 million yuan by 2025, with a stable profit margin maintained throughout [27][82].
北交所首次覆盖报告：轨交信号小巨人归母净利润+16%，设备更新推动需求提升