20231101-安信证券-通行宝-301339.SZ-Q3业绩持续高增_数据要素业务快速放量_5页_585kb

Summary of ANXIN Securities Research Report on Kangshengbao (301339SZ)

Report Overview
This report covers Kangshengbao's Q3 2023 performance and market outlook, published by ANXIN Securities on November 1, 2023. The security has a buy recommendation with a 12-month target price of 2919 yuan.

Performance Highlights
Q3 2023 showed exceptional growth:

• Revenue reached 17.4 billion yuan, up 2062% year-over-year.
• Net profit after tax was 569.385 million yuan, up 4901% YoY.
• Gross margin improved to 53.16%, an increase of 16.8 basis points, driven by higher efficiency in electronic charging services.
  Key drivers included:
• Enhanced ETC operations, contributing over 63% of revenue.
• Strong revenue in derivative businesses, up 8739% YoY.

Business Analysis
Kangshengbao is a leader in intelligent transportation:

• Core business includes electronic charging (11 billion yuan in 2023 Q3, led by increased ETC promotions and higher traffic flow).
• Operations management system saw 783% revenue growth.
• Expanding into data elements, leveraging its vast dataset from highway scenarios to offer services to banks, insurers, and others.
• Advanced cloud control platform, aggregating and analyzing data for applications like traffic management and smart city integration.

Investment Analysis

• Recommendation: Maintain "Buy-A" rating with a 12-month target price of 2919 yuan.
• Financial forecasts: Expected revenue of 836, 1055, and 1336 billion yuan for 2023-2025; net profits of 217, 297, and 385 million yuan.
• Risks emphasized: Potential market saturation in ETC, slow provincial business expansion, and policy uncertainties for data elements.
• Analyst notes highlight short-term recovery in highway traffic, mid-term growth from SaaS in other regions, and long-term data monetization benefits.

Key Data and Insights

• Large-scale data assets: Over data from ETC, traffic monitoring, and other sources.
• Proven solutions in 14 highway projects, reducing operational costs; high implementation scale.
• Valuation suggests a premium (dynamic PE of 40x for 2024 estimates), reflecting high growth potential but with specific risks.

This report underscores Kangshengbao's strong financial momentum and strategic position in data-driven transportation IT, recommending active investment with awareness of market risks.