JSTI(300284) 天风证券·2024-07-31 00:30Investment Rating - The report maintains an "Accumulate" rating for the company [4][19]. Core Views - The company reported a revenue of 2.059 billion yuan in H1 2024, a year-on-year increase of 2.62%, while the net profit attributable to shareholders was 158 million yuan, down 7.75% year-on-year. The non-recurring net profit was 137 million yuan, reflecting a growth of 9.87% year-on-year, indicating stable revenue growth despite profit pressure [2][3]. - The company is actively exploring low-altitude economy opportunities, which are expected to create a second growth curve in the medium to long term [3][15]. - The report forecasts net profits attributable to shareholders for 2024-2026 to be 390 million, 450 million, and 510 million yuan, respectively [3][19]. Financial Performance - In H1 2024, the company's comprehensive gross margin was 29.9%, a decrease of 0.2 percentage points year-on-year. The expense ratio was 17.75%, down 1.31 percentage points year-on-year, with all expense categories diluted further despite slight revenue growth [6]. - The company's cash flow from operations (CFO) was -723 million yuan in H1 2024, an increase in outflow of 28 million yuan year-on-year [6]. - The engineering consulting business generated revenue of 1.86 billion yuan in H1 2024, a decrease of 2.01% year-on-year, but the gross margin improved to 33.13%, up 0.86 percentage points year-on-year [7]. Business Segmentation - The company's domestic and overseas revenues in H1 2024 were 1.718 billion and 341 million yuan, respectively, with year-on-year growth of 2.56% and 2.65%. The domestic revenue accounted for 83.5% of total revenue, while the overseas revenue accounted for 16.5% [7]. - The company has accelerated its layout in the low-altitude economy business, focusing on six major areas, which are expected to enhance performance and valuation in the medium to long term [3][15].