Equipment suppliers for electronic toll collection (ETC) system in China are enjoying explosive business as government pushes forward the use of the automatic toll road payment systems nationwide.

Beijing Wanji Technology Co. Ltd., a Shenzhen-listed manufacturer of ETC devices, Tuesday estimated nearly 140-fold growth in net profit thanks to surging sales of ETC-related products such as transponders. The company said it expects to report 2019 profit between 729 million yuan and 917 million yuan ($106 million – $133 million).

Beijing Wanji is among the biggest winners in China’s push to shift from manned toll booths to cashless, electronic tolling systems — which allow cars to whizz past unmanned toll booths without stopping.

Despite the upbeat earnings, Beijing Wanji’s shares slumped by the 10% daily limit Tuesday, reflecting investors’ concerns over future growth momentum. Beijing Wanji forecast risks of slower growth in 2020 as demand eases.

The National Development and Reform Commission and the transport ministry set a goal of having ETC devices installed on 90% of vehicles on expressways in China by the end of 2019.

According to the Ministry of Transport, ETC users totaled 197 million as of Dec. 23, a rise of 120 million from the same time a year ago.

Contact reporter Han Wei (weihan@caixin.com)

Related: China Races Ahead with 192 Million Drivers Using Electric Toll Collection System