CCCCDC(600720) 中国银河·2024-07-18 01:00Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage of this stock [1]. Core Views - The company is the first central enterprise design asset to be listed through a restructuring and spin-off, achieving a transformation through the integration of design platforms [1]. - The company is a leading player in infrastructure design, with steady improvements in operational performance and development quality [1]. - The low-altitude economy opens up growth opportunities, with significant investments expected in general airport design, benefiting construction design enterprises [1]. - The company is positioned to capitalize on overseas business growth driven by the "Belt and Road" initiative, with a notable increase in international project involvement [1]. Summary by Sections Section 1: Restructuring and Spin-off - The company underwent a restructuring involving the spin-off of several design institutes, enhancing its market position and competitive edge [1][11]. - The restructuring included significant asset swaps and share purchases, with a total transaction value of approximately 235.03 billion yuan [11]. Section 2: Infrastructure Market Dynamics - The infrastructure sector is expected to continue growing, supported by government policies aimed at stabilizing growth and increasing investment [14]. - The report highlights the potential for significant market expansion in the construction design sector, driven by urbanization and infrastructure needs [19]. Section 3: Company Performance and Positioning - The company has a strong historical foundation and is backed by a powerful shareholder, which stabilizes its operational capabilities [21]. - The company’s revenue and net profit are projected to lead the industry, with a focus on maintaining high gross and net profit margins [2]. Section 4: Growth Opportunities - The low-altitude economy is projected to create substantial new investment opportunities, with estimated annual investments in general airport design ranging from 20.7 to 34.5 billion yuan [1]. - The company is actively pursuing international projects, with overseas revenue accounting for 3.24% of total revenue in 2023, indicating strong growth potential in foreign markets [1]. Section 5: Financial Projections - The company is expected to achieve net profits of 17.91 billion yuan, 20.84 billion yuan, and 24.77 billion yuan from 2024 to 2026, with corresponding PE ratios of 10.36, 8.90, and 7.49 [2].