轨道交通雷电防护领域先行者，国内计轴系统隐形冠军。公司是国内最早从事铁路信号防雷的企业之一，自2004 年公司创造性地提出以车站信号楼为中心建设铁路站场综合防雷系统以来，这一防雷理念得到业界广泛认可。公司研发的防雷分线柜已累计完成5000 多个火车站场防雷工程，特别是武广客专、上海虹桥、成都北编站、武汉北编站、广州南站、青藏铁路等防雷工程已成为行业标杆。在轨道交通信号控制领域，公司开发的TAZ II 计轴系统广泛运用于国内铁路建设和城市轨道交通行业，已在全国50 多个城市，超过200条地铁线路使用。Incidents:
On October 28, Keanda released its 2024 three-quarter report: In the first three quarters of 2024, the company achieved operating income of 0.2 billion yuan, an increase of 19.41% year on year; net profit to mother was 0.069 billion yuan, an increase of 34.98% year on year. With 2024Q3, the company achieved operating income of 0.057 billion yuan, a year-on-year increase of 3.39%; net profit to mother was 0.013 billion yuan, an increase of 3.27% year-on-year.
Investment highlights:
A pioneer in the field of lightning protection in rail transit, and an invisible champion in domestic axle systems. The company is one of the earliest enterprises engaged in railway signal lightning protection in China. Since 2004, the company creatively proposed the construction of a comprehensive lightning protection system for railway stations centered around station signal buildings, this lightning protection concept has been widely recognized by the industry. The lightning protection branch cabinet developed by the company has completed more than 5,000 railway station lightning protection projects. In particular, lightning protection projects such as Wuguang Passenger Railway, Shanghai Hongqiao, Chengdu Beibian Station, Wuhan Beibian Station, Guangzhou South Railway Station, and the Qinghai-Tibet Railway have become industry benchmarks. In the field of rail traffic signal control, the TAZ II axle system developed by the company is widely used in domestic railway construction and urban rail transit industries, and has been used in more than 50 cities and more than 200 subway lines across the country.
Gross margin increased year-on-year, and net cash flow from operating activities improved markedly. In the first three quarters of 2024, the company's gross margin increased 0.2 pct to 65.15% year on year; the company's sales expense ratio, management expense ratio, and R&D expense ratio decreased by 1.83/3.98/2.73 pct year on year, and the financial expenses ratio increased 2.78 pct to 1.07% year on year; due to the combined influence of the above factors, the company's net margin increased 4.04 pct to 34.31% year on year. In the first three quarters of 2024, the company's net operating cash flow increased by 0.102 billion yuan year-on-year to 0.082 billion yuan, a significant improvement.
Profit forecasting and investment ratings We believe that the company has strong competitiveness in the field of rail transit lightning protection and metering systems, with performance returning to growth in the first three quarters of 2024, and a marked improvement in net cash flow from operating activities; we expect operating income of 0.293/0.345/0.399 billion yuan respectively for 2024-2026, and net profit to mother of 0.082/0.1/0.113 billion yuan, respectively. The corresponding PE is 33/27/24 times, respectively. Covered for the first time, we gave it an “increase in weight” rating.
Risks indicate the risk of falling demand in rail transit industries such as railways and subways; the risk that the company's new orders fall short of expectations; the risk of falling gross margin; and the risk of rising costs due to fluctuations in raw material prices.
