CATEC(600879) 长江证券·2025-04-02 12:14Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In 2024, the company's revenue is expected to decline by 23.75% due to fluctuations in demand from aerospace defense downstream customers, alongside the exclusion of the civil products subsidiary's revenue from August to December [2][7] - The company achieved a historical high gross margin of 20.99% for the year, benefiting from the divestiture of its civil products business [2][7] - The company is positioned for high-quality growth driven by its dual main businesses in aerospace support and unmanned systems, with expectations of a recovery in demand in the aerospace defense sector as the "14th Five-Year Plan" concludes [2][7] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 14.28 billion, a decrease of 23.75% year-on-year; net profit attributable to shareholders was 548 million, an increase of 4.42% year-on-year; and net profit excluding non-recurring items was 167 million, a decrease of 59.44% year-on-year [7] - For Q4 2024, the company achieved revenue of 5.05 billion, a decrease of 12.52% year-on-year, and a net loss of 14 million, a decrease of 213.60% year-on-year [7] Market Dynamics - The company’s military product deliveries fell short of expectations due to industry demand fluctuations, impacting overall revenue [12] - The company’s inventory remains at historically high levels, with a year-end inventory of 20.25 billion, indicating potential for rapid delivery as demand recovers [12] Future Outlook - The company is expected to achieve net profits of 651 million, 803 million, and 1.115 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 19%, 23%, and 39% [12] - The company’s focus on high-intensity R&D investments is expected to solidify its position in the unmanned systems industry and explore emerging markets such as commercial aerospace and low-altitude economy [12]