Cinda Securities: CRT's current valuation is at a relatively low level, initiating a "Buy" rating

The research report from Xinda Securities points out that CRT is a leader in national railway special container transportation and is expected to enter a new growth cycle. The company's main business areas include railway special container business, railway freight and port logistics business, and supply chain management, which have high asset and operational barriers. In 2024, the gross profit contribution of the company's first two business segments is expected to be 67.38% and 23.20%, respectively, contributing significantly to performance. Considering the rhythm of the company's new container manufacturing cycle and the expected steady improvement in special container turnover levels, as well as the anticipated operational improvements in railway freight and port logistics, it is estimated that the company's net profit attributable to the parent company will be 585 million yuan, 690 million yuan, and 805 million yuan for 2025-2027, representing year-on-year growth of +53.2%, +17.9%, and +16.7%, respectively. It is believed that the company's performance growth potential and operational stability may gradually improve. The average PE over the past five years is about 19 times, and the current valuation is at a relatively low level. This is the first coverage, and a "buy" rating is given