Hi-Target(300177) 东北证券·2025-04-29 11:11Investment Rating - The report gives an "Accumulate" rating for the company, indicating a potential stock price increase of 5% to 15% over the next six months [5]. Core Insights - The company reported a significant narrowing of losses, with a 2024 revenue of 1.22 billion yuan, a year-on-year increase of 2.80%, and a net profit attributable to shareholders of -12 million yuan, improving by 97.08% year-on-year [1][2]. - The gross margin improved to 39.86% in 2024, up by 3.21 percentage points from the previous year, and further increased to 44.00% in Q1 2025, reflecting a 5.02 percentage point rise year-on-year [1][2]. - The company's cash flow situation has significantly improved, with a net cash flow from operating activities of 102 million yuan in 2024, a year-on-year growth of 377.43% [2]. Revenue and Profitability - In 2024, the high-precision positioning equipment and industry solutions business generated 1.051 billion yuan in revenue, a year-on-year increase of 12.15%, while the spatiotemporal data and information technology business saw a revenue decline of 32.43% to 168 million yuan [2]. - The company has a strong order backlog in the intelligent driving sector, with orders more than doubling year-on-year, indicating robust growth potential [3]. Financial Forecast - The company is expected to achieve revenues of 1.32 billion yuan, 1.48 billion yuan, and 1.70 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits projected at 36 million yuan, 60 million yuan, and 86 million yuan [3][4]. - Earnings per share (EPS) are forecasted to be 0.05 yuan in 2025, 0.08 yuan in 2026, and 0.12 yuan in 2027 [3][4]. Market Position - The company is recognized as one of the few full-product suppliers of high-precision positioning products and solutions in China, with strong growth prospects in the automotive high-precision and hydrological monitoring sectors [3].