CDG(603018) 国元证券·2024-11-04 08:00Investment Rating - The report assigns an "Overweight" rating to the company [1] Core Views - The company's Q3 revenue showed improvement, but profitability remains under pressure [2] - The company is actively expanding into the low-altitude economy and promoting vehicle-road-cloud integration, which could open new growth opportunities [4] - The company is expected to achieve revenues of 4.603 billion, 4.762 billion, and 4.976 billion yuan for 2024-2026, with net profits of 501 million, 520 million, and 554 million yuan, respectively [5] Financial Performance - In Q1-3 2024, the company achieved revenue of 2.692 billion yuan, a year-on-year decrease of 15.66%, and net profit of 232 million yuan, a year-on-year decrease of 33.78% [2] - In Q3 2024, the company achieved revenue of 1.031 billion yuan, a year-on-year increase of 8.18%, and net profit of 78 million yuan, a year-on-year decrease of 11.55% [2] - The gross profit margin for Q1-3 2024 was 37.16%, an increase of 0.38 percentage points year-on-year, while the expense ratio increased by 2.44 percentage points to 20.44% [3] Business Development - The company has successfully secured multiple low-altitude economy projects, including the "Integrated Service Management System Construction for Low-Altitude (UAV) in Jiangsu Transportation Holdings" and the "Development Plan for Low-Altitude Economy in Shaoxing" [4] - The company has full-chain capabilities in planning, design, system integration, and product development for vehicle-road-cloud integration, participating in projects such as the Jiangsu Wufengshan Smart Highway and the Taizhou G328 Digital Highway Demonstration Project [4] Valuation and Forecast - The company's EPS for 2024-2026 is expected to be 0.73, 0.76, and 0.81 yuan per share, with corresponding P/E ratios of 13, 12, and 12 times [5] - The company's ROE is expected to be 9.55%, 9.27%, and 9.20% for 2024-2026 [7] Market Performance - The company's stock price has fluctuated over the past year, with a 52-week high of 10.65 yuan and a low of 6.14 yuan [8] - The company's market capitalization is 6.0037 billion yuan, with a circulating market value of 5.9371 billion yuan [8]