Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [3]. Core Insights - The company achieved a revenue of 742 million yuan in 2023, representing a year-on-year growth of 24.19%, and a net profit attributable to the parent company of 191 million yuan, up 26.66% year-on-year [7]. - The company's electronic toll collection (ETC) business saw significant growth, with revenue reaching 375 million yuan in 2023, a 24.23% increase year-on-year, accounting for 50.57% of total revenue [2]. - The company is expanding its ETC user base rapidly, with 2.0679 million new users added in 2023, representing a 28.53% increase from the previous year [2]. - The smart transportation operation management system generated 344 million yuan in revenue, a 22.29% increase year-on-year, contributing 46.36% to total revenue [2]. - The company has a strong position in the smart transportation sector, leveraging vast traffic data and maintaining a competitive edge in the market [3]. Financial Summary - The company forecasts net profits of 265 million yuan, 347 million yuan, and 436 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 30, 23, and 18 [3]. - The company's operating cash flow improved significantly to 201 million yuan in 2023, up from 117 million yuan in the previous year [7]. - The projected revenue growth rates for the next few years are 26.69% for 2024, 22.68% for 2025, and 20.63% for 2026 [10].
ETC加速拓展，股权激励彰显稳健经营信心