买 入华泰金融(HK)：Revenue Rebounded in 2Q24; Awaiting Profit Recovery2024-09-02
摘要：TransInfo Technology’s (TransInfo) revenue/attributable net profit (NP)/recurring NP were RMB3,567/12.24/73.20mn (+6.24/-95.71/-34.52% yoy) for 1H24 and revenue/attributable NP were RMB1,987/70.08mn (+11.06/-45.04 yoy, +25.80/ +221.15 qoq) for 2Q24. Considering commercialization of intelligent transportation software may be postponed to 2025, we use 2025 as our valuation basis, and lower our revenue forecasts; given rigid costs, we slightly raise our expense ratio forecasts. We estimate 2024/2025/2026 EPS at RMB0.32/0.39/0.48 (previous: RMB0.43/0.52/0.62). We value the stock at 26.1x 2025E PE, its peers’average on Wind consensus. Our target price is RMB10.17 (previous: RMB13.69). Maintain BUY. 查看全文>>
Revenue Rebounded in 2Q24; Awaiting Profit Recovery
发布时间：2024-09-02 来源：华泰金融(HK)
TransInfo Technology’s (TransInfo) revenue/attributable net profit (NP)/recurring NP were RMB3,567/12.24/73.20mn (+6.24/-95.71/-34.52% yoy) for 1H24 and revenue/attributable NP were RMB1,987/70.08mn (+11.06/-45.04 yoy, +25.80/ +221.15 qoq) for 2Q24. Considering commercialization of intelligent transportation software may be postponed to 2025, we use 2025 as our valuation basis, and lower our revenue forecasts; given rigid costs, we slightly raise our expense ratio forecasts. We estimate 2024/2025/2026 EPS at RMB0.32/0.39/0.48 (previous: RMB0.43/0.52/0.62). We value the stock at 26.1x 2025E PE, its peers’ average on Wind consensus. Our target price is RMB10.17 (previous: RMB13.69). Maintain BUY.