JSTI(300284) 天风证券·2025-04-15 15:28Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company is undergoing a business structure transformation and is accelerating its layout in the low-altitude economy, which is expected to become a new growth point [1]. - The company reported a revenue of 4.729 billion yuan in 2024, a year-on-year decrease of 10.4%, and a net profit attributable to shareholders of 224 million yuan, down 31.92% year-on-year [1][4]. - The company is focusing on the maintenance, upgrading, and intelligent transformation of existing infrastructure, leveraging its comprehensive capabilities in detection, research, and design [1]. - The company has established a joint venture, Jiangsu Tengyun Technology, to explore the low-altitude economy, aiming to create a second growth curve through a "consulting + technology + industry" model [1]. Revenue and Orders - In 2024, the engineering consulting business generated revenue of 4.601 billion yuan, a decrease of 5.95% year-on-year, accounting for 97.29% of total revenue [2]. - The gross profit margin for the engineering consulting business was 35.78%, down 2.66 percentage points year-on-year [2]. - The company’s new digital business, focusing on smart and digital solutions, has shown rapid growth [2]. Profitability and Financials - The overall gross profit margin for 2024 was 34.8%, a decrease of 1.23 percentage points year-on-year, with a net profit margin of 4.97%, down 0.84 percentage points year-on-year [3]. - The company’s cash flow from operations (CFO) was 261 million yuan, a decrease of 46 million yuan year-on-year, with a cash collection ratio of 99.69%, up 10.30 percentage points year-on-year [3]. - The report projects net profits for 2025, 2026, and 2027 to be 260 million, 301 million, and 343 million yuan, respectively, with year-on-year growth rates of 17%, 15%, and 13% [4]. Financial Data and Valuation - The company’s revenue for 2024 is projected at 4.729 billion yuan, with an expected growth rate of -10.40% [5]. - The projected earnings per share (EPS) for 2024 is 0.18 yuan, with a price-to-earnings (P/E) ratio of 49.25 [5]. - The company’s total assets are expected to reach 16.063 billion yuan by 2024, with a debt-to-equity ratio of 45.24% [8][12].