JSTI(300284) 国元证券·2024-06-24 00:00Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as a first-time recommendation [4]. Core Insights - The company focuses on engineering consulting and contracting, leveraging over 40 years of industry experience. It aims to benefit from the emerging low-altitude economy, supported by top-level design and active local government responses [1][15]. - The establishment of a joint venture in the low-altitude economy sector is expected to integrate core resources and enhance service capabilities [3][17]. - The company has a strong emphasis on technological innovation and product development, maintaining a leading position in research capabilities, technical expertise, and industry reputation [5][19]. Financial Performance - In 2023, the company reported a revenue of 5.278 billion yuan, a year-on-year increase of 0.98%, while the net profit attributable to shareholders was 330 million yuan, down 44.47% year-on-year [6]. - From 2018 to 2023, the company's revenue decreased from 7.030 billion yuan to 5.278 billion yuan, with a five-year CAGR of -5.57%. The net profit also declined from 623 million yuan to 330 million yuan, with a five-year CAGR of -11.93% [6][8]. - The gross margin for 2023 was 35.99%, an increase of 1.04 percentage points year-on-year, while the net margin was 5.81%, a decrease of 6.34 percentage points year-on-year [6]. Future Projections - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 472 million yuan, 554 million yuan, and 592 million yuan, respectively, with corresponding basic earnings per share of 0.37 yuan, 0.44 yuan, and 0.47 yuan [7][8]. - The projected P/E ratios for the same years are 19.58, 16.67, and 15.60, indicating a positive outlook for the company's valuation [7][8]. Industry Context - The low-altitude economy is recognized as a strategic emerging industry with significant growth potential, supported by national policies aiming to create a trillion-yuan market by 2030 [15][16]. - The company is actively expanding its low-altitude services across key regions, including the Beijing-Tianjin-Hebei area, the Yangtze River Delta, and the Guangdong-Hong Kong-Macau Greater Bay Area [16].