Investment Rating - The investment rating for the company is "Buy" [1] Core Viewpoints - The company has a solid foundation in the rail transit sector, having participated deeply in the localization of high-speed rail supporting products and is a leading provider of one-stop services in the rail transit vehicle supporting field [1][10] - The rail transit industry is entering a new phase of rapid development, with promising prospects for the vehicle supporting market driven by national strategic planning and the demand for new and upgraded rail vehicles [2][32] - The company is positioned as a benchmark in the private sector of the rail transit industry, with its heavy machinery manufacturing segment revitalizing and contributing to sustained performance growth [3][61] Summary by Relevant Sections Company Overview - The company has been deeply engaged in the rail transit field for over 30 years, evolving from producing small components for traditional trains to becoming a leading supplier of high-speed rail supporting products [10][11] - Its product range includes safety systems, intelligent control systems, and maintenance support systems, covering a wide array of rail transit needs [11][12] Industry Outlook - The high-speed rail market in China is expected to maintain stable growth, with new line openings and the replacement of older trains driving demand for vehicle supporting products [2][32] - The demand for new high-speed trains is projected to remain above 200 units annually, supported by national planning and the need for upgrades and maintenance of existing fleets [32][34] Financial Performance - The company forecasts net profits of 602 million, 656 million, and 707 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19.9, 18.3, and 17.0 [1][4] - Revenue is expected to grow from 3.697 billion yuan in 2023 to 5.413 billion yuan by 2027, reflecting a compound annual growth rate of approximately 7.1% [4][19] Competitive Advantages - The company benefits from a one-stop service capability, which enhances its competitive edge in the market by simplifying client management and improving supply chain efficiency [3][45] - It has established stable partnerships with major rail transit manufacturers, ensuring a consistent demand for its products and services [48][50] Innovation and Development - The company is committed to continuous innovation, having developed new products such as the intelligent port wheel grabber, which significantly improves operational efficiency [61][63] - It has a strong focus on digital management and internal control optimization, which enhances operational resilience and quality [54][60]

轨道交通产业链民企标杆，重工制造板块焕发新活力当前，轨道交通行业正迎来新一轮发展机遇，公司 有望依托两大核心优势实现业绩持续增长。一方面，公司凭借长期积累的一站式配套服务能力与稳定的 客户合作关系，将持续受益于行业建设扩容。另一方面，公司持续优化产品结构，着力提升贯通道、电 气控制柜系统、减震器等毛利率较高的产品收入占比，推动整体盈利水平改善。此外，公司重工板块推 出智慧港口轮式抓取料机等新产品，效率在原有门座机基础上提升 1-2 倍，且价格更优，预计将为公司 业绩贡献新增量。 风险提示：产业政策变化、轨道交通投资波动、新业务拓展不及预期 深耕轨道交通领域三十载，积极拥抱未来产业开创新篇章 我们预计公司2025-2027 年归母净利润分别为6.02/6.56/7.07 亿元，当前股价对应2025-2027 年PE 分别为 19.9/18.3/17.0 倍，首次覆盖，给予"买入"评级。 轨道交通行业进入新一轮快速发展期，车辆配套市场前景可期综合国家战略规划、存量更新周期及普速 列车换装动集趋势来看，我国高铁市场未来仍将保持稳定增长。一方面，结合十五五规划以及中长期铁 路规划，未来高铁新线通车将带动动车组新造需求 ...

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved total revenue of 3.516 billion yuan, a year-on-year increase of 15.66% [1] - The net profit attributable to shareholders reached 493 million yuan, representing a year-on-year growth of 69.79% [1] - The net profit after deducting non-recurring gains and losses was 525 million yuan, up 84.52% year-on-year, with a significant increase in net operating cash flow of 428 million yuan compared to the same period last year [1] - The company has maintained positive year-on-year growth in net profit for 11 consecutive reporting periods, demonstrating its strong competitiveness in the rail transit equipment market [1] Group 2: Technological Development - The company has strengthened its forward-looking layout in technology research and development, actively exploring new materials, structures, and fields, while continuously optimizing its intellectual property system [2] - In the first half of 2025, the company added 36 valid patents, including 12 invention patents, bringing the total to 671 valid patents, of which 153 are invention patents [2] - The company played a significant role in the development of the CR450 high-speed train, which set a new record with a single-column speed of 453 km/h and a relative crossing speed of 896 km/h [2] - The company provided numerous components for the CR450 train, achieving a 30% weight reduction in interior products compared to aluminum materials used in the CR400 train, while also enhancing corrosion resistance and impact resistance [2] Group 3: Industry Outlook - The domestic rail transit industry is experiencing unprecedented development opportunities, driven by increasing passenger demand and the improvement of the high-speed rail network [3] - The demand for new vehicle construction and maintenance will be stimulated as early operational lines enter major repair periods, creating a broad incremental space for the rail transit industry [3] - The company holds a positive and optimistic view on the future development of the domestic high-speed rail market, leveraging its deep technical strength and market experience to consolidate its market share [3]