Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is experiencing a revenue decline of 4.4% in 2024, with total revenue expected to reach 470 million, showing a narrowing decline compared to 2023 [1] - The net profit attributable to the parent company is projected to be -26 million, a significant drop of 162.8% year-on-year [4] - The company is shifting its business focus from "engineering consulting" to "comprehensive technical services," aiming to optimize its customer structure and reduce reliance on real estate clients [3] Financial Performance Summary - Revenue: In 2024, the company expects total revenue of 470 million, down 4.4% from 2023, with a quarterly breakdown showing a recovery in Q3 and Q4 [1] - Net Profit: The net profit attributable to the parent company is forecasted to be -26 million in 2024, with a significant year-on-year decline [4] - Gross Margin: The overall gross margin for 2024 is expected to be 36.6%, a decrease of 3.2 percentage points, primarily due to competitive pressures in the real estate evaluation market [2] - Cash Flow: The company anticipates a net cash inflow from operating activities of 414 thousand in 2024, a decrease from the previous year [2] Business Strategy and Customer Structure - The company has reduced its reliance on real estate clients, with their revenue share dropping from 90% to 46% by the end of 2024 [3] - New business areas such as industry and insurance have seen revenue growth of over 100% and 30% respectively [3] - The company is exploring new application scenarios based on a "service + platform + data" model, collaborating with emerging clients in various sectors [3] Future Projections - The company projects net profits of 42 million, 63 million, and 77 million for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [3] - Earnings per share (EPS) are expected to be 0.28, 0.42, and 0.51 yuan for the years 2025, 2026, and 2027 [4]
深圳瑞捷：客群结构持续优化，静待业绩修复拐点-20250508