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地铁设计(003013):业绩符合预期 低空经济与出海助增长

Subway Design (003013): Performance is in line with expectations, low-altitude economy and overseas trips help growth

銀河證券 ·  Aug 20, 2024 00:00

Event: The company released its 2024 semi-annual report. In the first half of 2024, the company achieved revenue of 1.251 billion yuan, a year-on-year increase of 1.48%; net profit to mother was 0.207 billion yuan, a year-on-year decrease of 3.18%.

The performance was relatively stable, and the share outside the province increased. 2024H1 carried out design tasks for 30 general contracting and design general contracting routes and 13 consulting lines in 50 cities across the country in an orderly manner, achieving revenue of 1.251 billion yuan, an increase of 1.48% over the previous year; revenue within Guangdong Province and outside the province accounted for 64.64%/35.46% respectively, and the share of outside the province increased. The company achieved net profit of 0.207 billion yuan to mother, a year-on-year decrease of 3.18%. Non-net profit was deducted by 0.205 billion yuan, a year-on-year decrease of 2.98%. During the reporting period, the company's net cash flow from operating activities was -0.596 billion yuan, a year-on-year decrease of 0.004 billion yuan. Contract assets were 1.779 billion yuan, up 10.98% year over year. Accounts receivable were $0.366 billion, up 27.08% year over year.

Gross margin declined. The rate of expenses has improved during the period. 2024H1's gross margin was 36.52%, a year-on-year decrease of 2.8 pcts, mainly due to factors such as an increase in the share of business outside the province and an increase in the share of general engineering contracting. Net profit margin was 16.8%, down 0.73 pct year over year. The cost rate for the period was 14.06%, a year-on-year decrease of 0.31pct. The sales expense ratio was 2.27%, a year-on-year decrease of 0.36pct. The management fee rate was 7.22%, an increase of 0.21pct over the previous year. The financial expense ratio was -0.06%, an increase of 0.49pct over the previous year, mainly due to a decrease in interest income and an increase in interest expenses on loans. The R&D cost rate was 4.63%, down 0.68 pct from the previous year, to actively plan the low-altitude economy and overseas travel. The “Implementation Plan for Innovative Application of General Aviation Equipment (2024-203C)” proposes that by 2030, general aviation equipment will form a trillion-level market size. The “Guangdong Province Action Plan to Promote High-Quality Development of the Low-altitude Economy (2024-2026)” clearly states that by 2026, the scale of the low-altitude economy will exceed 300 billion yuan. According to the “Guangzhou Low-Altitude Economic Development Implementation Plan”, by 2027, the overall scale of Guangzhou's low-altitude economy will reach 150 billion yuan, with infrastructure investment exceeding 10 billion yuan. The company will continue to consolidate the core rail transit design business in Guangzhou, increase overseas business development, strengthen overseas market expansion, and maintain its leading position in rail transit design: the company focuses on the fields of low-altitude economy and full-space unmanned systems to promote the integrated high-quality development of the low-altitude economy and rail transit business.

Investment advice: The company's net profit for 2024-2026 is estimated to be 0.465, 0.53 and 0.604 billion yuan, respectively, +7.69%/+13.86%/+14.05% year-on-year, and the corresponding P/E is 11.29/9.92/8.69x, respectively, maintaining the “recommended” rating.

Risk warning: risk of falling fixed asset investment; risk of new orders falling short of expectations; risk of accounts receivable recovery falling short of expectations.

The translation is provided by third-party software.


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