Company Overview - Sichuan Southwest Jiaotong University Railway Development Co., Ltd. was listed on the Beijing Stock Exchange on June 10 [1] - The company, established in November 2005 and headquartered in Chengdu, focuses on safety in rail transit infrastructure [3] - It is recognized as a national-level specialized and innovative "little giant" enterprise [3] Financial Performance - Revenue for the years 2022, 2023, and 2024 is projected to be 235 million, 273 million, and 335 million respectively, showing double-digit growth [3] - Net profit for the same years is expected to be 33.79 million, 48.96 million, and 56.10 million respectively, also reflecting double-digit growth [3] Shareholding Structure - The actual controller of the company is Wang Pengxiang, who holds a total of 41.05% of the voting rights through direct and indirect holdings [3] - Chengdu Southwest Jiaotong University Technology Development Group, a wholly-owned subsidiary of Southwest Jiaotong University, holds 22.93% of the shares [3][4] Investment and Support - Various funds, including those under Sichuan Science and Technology Investment Group and Chengdu Technology Transfer Investment Group, have invested in the company [3][5] - The Sichuan Academician Fund provided comprehensive support post-investment, aiding the company in its successful listing [5] Industry Context - The listing of the company marks a significant breakthrough for Chengdu in the "rail transit equipment + intelligent safety monitoring" sector [6] - Chengdu has been actively promoting the rail transit industry towards high-end development, with a complete industrial system covering R&D, design, construction, manufacturing, and operation services [6] - The revenue from the rail transit industry chain in Chengdu has exceeded 440 billion [6]

Core Viewpoint - The company Jiao Da Tie Fa (920027.BJ) is set to be listed on the Beijing Stock Exchange, focusing on the research, production, and sales of intelligent products and equipment for rail transit, along with providing specialized technical services [1][4]. Group 1: Company Overview - Jiao Da Tie Fa specializes in rail transit intelligent products and equipment, including safety monitoring products, railway information systems, new materials, intelligent equipment, surveying services, and operation and maintenance services [1]. - The company has participated in the development of the "High-speed Railway Earthquake Early Warning System" in collaboration with the China Earthquake Administration and is one of the three certified suppliers for this product [4]. - Jiao Da Tie Fa's products are widely used in various rail systems, including high-speed railways and urban transit systems, with major clients being state-owned enterprises related to railways [4]. Group 2: Financial Information - The initial offering price for Jiao Da Tie Fa is set at 8.81 yuan per share, with an issuance price-to-earnings (P/E) ratio of 12.94, significantly lower than the industry average P/E ratio of 34.96 [2]. - The company plans to allocate raised funds for several projects, including 0.60 billion yuan (35.39%) for a new production project, 0.51 billion yuan (30.21%) for a research center, 0.25 billion yuan (14.79%) for marketing and after-sales service network construction, and 0.33 billion yuan (19.60%) for working capital [2]. Group 3: Management and Control - The actual controller of Jiao Da Tie Fa is Wang Pengxiang, who holds 13.99% of the shares directly and controls a total of 41.05% of the voting rights through various agreements [5]. - Wang Pengxiang has extensive experience within the Southwest Jiaotong University system and has transitioned to full-time work at the company after obtaining leave for entrepreneurship [5]. Group 4: Market Position and Strategy - The company aims to enhance its operational strength and pursue a national development strategy as a key future goal [6]. - The median TTM P/E ratio of comparable companies is noted to be 37.7X, indicating a potential investment interest in Jiao Da Tie Fa [6].

Investment Rating - The report assigns a positive investment rating to the company, highlighting its strong growth potential in the rail transit safety monitoring and service sector [1]. Core Viewpoints - The company, Jiao Da Tie Fa, is recognized as a "small giant" in the rail transit safety service field, demonstrating high profitability and stable growth, with industry-leading profit quality [1]. - The rail transit industry is supported by national policies and is experiencing rapid growth, with significant investments expected to continue [2]. - The company has shown remarkable achievements in technological innovation and has a strong research and development capability, which is expected to enhance its market competitiveness [3]. Summary by Sections Company Overview - Jiao Da Tie Fa specializes in the research, development, production, and sales of intelligent products and equipment for rail transit, providing professional technical services [11]. - The company has a diverse product range, including safety monitoring products, railway information systems, new materials, intelligent equipment, surveying services, and operation and maintenance services [17][21]. Financial Performance - The company's operating revenue has shown a consistent upward trend from 2022 to 2024, with revenues of 230.41 million, 269.09 million, and 331.03 million yuan respectively [69]. - The gross profit margins for the years 2022, 2023, and 2024 were 45.76%, 46.57%, and 44.50%, indicating stable profitability [1][69]. Industry Context - The rail transit industry is a strategic emerging industry supported by the government, with significant growth in railway operating mileage projected from 146,000 kilometers in 2020 to 165,000 kilometers by 2025 [2]. - The market size of China's rail transit operation and maintenance industry has grown from 91.4 billion yuan in 2017 to 191.68 billion yuan in 2022, with a compound annual growth rate of 15.96% [2]. Investment Highlights - The company is recognized as a national-level specialized and innovative "small giant" enterprise, with a strong focus on technological innovation and a robust R&D framework [3]. - The company has participated in numerous research projects and has a significant number of patents and software copyrights, enhancing its competitive edge in the market [3][12].