CITIC COHC(000099) 华创证券·2025-03-18 12:11Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][19]. Core Insights - The company achieved a net profit attributable to shareholders of 303 million yuan in 2024, representing a year-on-year growth of 26.8%, exceeding previous profit expectations [6][7]. - The report highlights a threefold benefit logic for the company in the low-altitude economy sector, focusing on consumer market expansion, participation in new low-altitude operational network standards, and potential opportunities from state-owned enterprise strategies [6][7]. Financial Performance Summary - Revenue: The total revenue for 2024 is projected at 2,163 million yuan, with a year-on-year growth rate of 9.8%. Quarterly revenues are expected to show consistent growth, with Q4 achieving 6.66 billion yuan, a growth of 18.7% [2][6]. - Net Profit: The net profit for 2024 is expected to be 303 million yuan, with a significant increase in Q4 net profit to 1.08 billion yuan, reflecting a 142% year-on-year growth [6][7]. - Earnings Per Share (EPS): The EPS for 2024 is projected at 0.39 yuan, with forecasts for 2025, 2026, and 2027 at 0.45, 0.50, and 0.56 yuan respectively [2][6]. - Profitability Ratios: The gross margin for 2024 is expected to be 23%, an increase of 1.8 percentage points year-on-year, with quarterly gross margins showing a positive trend [6][7]. Future Outlook - The company aims to become a leading player in the global low-altitude economy, actively participating in international standard-setting and expanding into new low-altitude economic scenarios and business models [6][7]. - The report anticipates continued growth in the low-altitude economy sector, with the company positioned to benefit from emerging market opportunities and strategic collaborations [6][7].