Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company has shown steady growth in performance, with a significant acceleration in its smart transportation business. For the first three quarters of 2024, the company achieved total operating revenue of 534 million yuan, representing a year-on-year increase of 18.09%. The net profit attributable to shareholders reached 167 million yuan, up 7.59% year-on-year [1][2] - The revenue growth is driven by the increase in ETC (Electronic Toll Collection) business, which generated 297 million yuan, a year-on-year growth of 4.82%. The smart transportation operation management system business saw a remarkable increase of 40.17%, primarily due to the growth in AI video analysis cloud control platform, toll robot business, and technical service revenue [1][2] - The company is expected to benefit from the new development phase of smart transportation, supported by policy catalysts. The integration of vehicle-road-cloud systems is anticipated to progress, with pilot cities announced for smart connected vehicles [1][2] Financial Performance Summary - For the first three quarters of 2024, the company reported total operating revenue of 534 million yuan, an increase of 18.09% year-on-year. The net profit attributable to shareholders was 167 million yuan, reflecting a year-on-year increase of 7.59% [1] - The company's core business, ETC, is experiencing steady growth, while the smart transportation operation management system business is expanding rapidly. The projected net profits for 2024-2026 are estimated at 225 million, 271 million, and 332 million yuan, respectively, with corresponding EPS of 0.54, 0.65, and 0.80 yuan [1][2][3] - The company’s current price is 22.80 yuan, with projected P/E ratios for 2024-2026 at 42.0, 34.9, and 28.5 times, respectively [1][2] Market Data - As of October 29, 2024, the company's stock price is 22.80 yuan, with a 52-week price range of 11.16-26.20 yuan. The total market capitalization is approximately 9.45 billion yuan, and the circulating market capitalization is about 2.74 billion yuan [1][3]
通行宝：2024年三季报点评报告：业绩稳步增长，智慧交通业务加速