Incident: The company released its report for the third quarter of 2024. From January to September 2024, it achieved operating income of 2.074 billion yuan, an increase of 28.94% over the same period of the previous year; net profit attributable to shareholders of listed companies was 0.129 billion yuan, an increase of 89.14% over the same period of the previous year; and basic earnings per share were 0.25 yuan, an increase of 92.31% over the same period of the previous year.

New orders continue to grow, and production efficiency continues to improve. In the third quarter of 2024, the company obtained new domestic orders of 0.263 billion yuan for airport equipment, an increase of 96.02% over the previous year; new international orders for airport equipment were 0.314 billion yuan, an increase of 110.73% over the previous year. Airport equipment orders continue to grow at a blowout, and production tasks are full. Currently, production schedules have far exceeded normal levels. In terms of fire rescue equipment, the company obtained a new order of 0.279 billion yuan, an increase of 90.13% over the previous year. Facing increasing order demand, in order to ensure that more “good products” are delivered as scheduled to customers at home and abroad before the end of the year, the company has taken a number of measures to comprehensively increase production capacity. Through optimized production processes, refined material scheduling, and intensive production, the “intelligent production line for platform vehicles” created by introducing automated equipment has been launched, and production efficiency continues to improve.

The airport has a complete range of equipment and broad overseas market space. The company has been deeply involved in the field of airport equipment for more than 30 years. The equipment covers the six major operating units of the airport's cabin service, aircraft service, cargo handling, yard maintenance, aviation fuel refueling, and airport fire protection. It is the only enterprise in the world equipped with all ground support equipment capabilities to support an airport. Some of the leading products have a domestic market share of more than 50%, and is the manufacturer with the most complete range of airport ground equipment in the world. In recent years, the company has continued to accelerate its overseas expansion, forming global strategic cooperation with the global Swiss International Airport Service Co., Ltd. (Swissport), UAE Danada Group (Dnata), Menzies (Menzies), Singapore Xinxiang Group (SATS), and TCR companies to continuously expand overseas markets. The company's brand influence has increased more than ever before internationally, and there is plenty of room for future growth.

Profit forecast and investment rating: The company's net profit for 2024-2026 is expected to be 0.318 billion yuan, 0.419 billion yuan, 0.53 billion yuan, EPS 0.60 yuan, 0.79 yuan, and 1.00 yuan, corresponding PE is 20 times, 16 times, and 12 times, maintaining a “buy” rating.