中科海讯（300810）：24年业绩同比减亏显著，后续充分受益深海科技发展

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Views - The company significantly reduced its losses in 2024, with a year-on-year decrease in net profit loss of 83.34%, attributed to improved project valuation and better management of accounts receivable [2][3]. - The government has included deep-sea technology in its key emerging industries, which is expected to benefit the company due to its comprehensive underwater detection technology [3]. Financial Performance Summary - In 2024, the company achieved revenue of 240 million yuan, a year-on-year increase of 45.65%, and a net profit attributable to shareholders of -26 million yuan, a reduction in loss of 83.34% compared to the previous year [1][2]. - The revenue breakdown by product shows significant growth in the signal processing platform, which generated 159 million yuan, up 218.35% year-on-year, while the sonar system revenue increased by 58.23% to 59 million yuan [2]. - The gross margin improved to 27.40%, an increase of 35.46 percentage points year-on-year, while the total expense ratio decreased by 16.42 percentage points to 35.33% [2]. Future Projections - Revenue projections for 2025-2027 are estimated at 471 million yuan, 657 million yuan, and 868 million yuan, respectively, with net profits expected to reach 86 million yuan, 135 million yuan, and 195 million yuan [3][4]. - The earnings per share (EPS) are projected to be 0.73 yuan, 1.14 yuan, and 1.65 yuan for the years 2025, 2026, and 2027, respectively [3][4].