Investment Rating - The report maintains a rating of "Outperform" for the company, indicating an expected performance that is 5% to 20% better than the market [34][29]. Core Insights - The rail transit equipment market has experienced a compound annual growth rate (CAGR) of 11% over the past nine years, driving a transformation towards informatization and intelligence [2]. - The company achieved a revenue of 249 million yuan in 2023, representing a year-on-year growth of 7.01%, and a net profit attributable to the parent company of 39 million yuan, which is a 16.61% increase [34]. - In Q1 2024, the company reported a revenue of 53 million yuan and a net profit of 11.76 million yuan, reflecting a year-on-year growth of 31.82% [34]. - The company is expected to achieve net profits of 41.54 million yuan, 45.98 million yuan, and 48.97 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.30, 0.34, and 0.36 yuan [34]. - The report highlights the ongoing push for large-scale equipment updates in the transportation sector, with the goal of phasing out old diesel locomotives by 2027 and achieving a railway electrification rate of over 78% by 2030 [35]. Financial Summary - The company's total revenue is projected to grow from 275 million yuan in 2024 to 331 million yuan in 2026, with a year-on-year growth rate of 10.4% in 2024, 10.3% in 2025, and 9.1% in 2026 [21]. - The gross profit margin is expected to remain stable, with estimates of 42.5% in 2024, 42.0% in 2025, and 41.5% in 2026 [21]. - The net profit margin is projected to be 15.1% in 2024, 15.2% in 2025, and 14.8% in 2026 [21]. - The company's total assets are expected to increase from 627 million yuan in 2024 to 734 million yuan in 2026 [21].
北交所信息更新：铁路设备更新推动稳定增长，2024Q1归母净利润同比增长31.82%