eGOVA(300075) 国泰君安·2024-04-25 06:02Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.20 CNY, down from the previous target of 29.65 CNY [2][4]. Core Views - The company's performance is under short-term pressure, but pessimistic expectations have largely been released, and it is expected to benefit from the development of the low-altitude economy in the future [2][4]. - The company has recently launched a new operational model called "Star Plan," aimed at establishing an automated inspection network for unmanned airports, which is anticipated to significantly reduce operational costs and improve profit margins [2][4]. Summary by Sections Financial Performance - The company reported a revenue of 1.213 billion CNY in 2023, a decline of 20.5% year-on-year, primarily due to delays in client settlements at the end of the year [2][4]. - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 0.41 CNY, 0.55 CNY, and 0.73 CNY respectively, with a reference PE ratio of 47 times for 2024 [2][4]. - The overall gross profit margin improved throughout the year, despite a decline in integrated business revenue [2][4]. Market Position and Strategy - The company has secured contracts for integrated management projects in various provinces, indicating ongoing client investment willingness [2][4]. - The strategic focus on the low-altitude economy is expected to open new market opportunities and enhance operational efficiency [2][4]. Valuation Metrics - The company's current price is 15.53 CNY, with a market capitalization of 9.646 billion CNY [2][4]. - The report highlights a significant increase in the company's valuation metrics, with a PE ratio of 71.78 for 2023 and a projected decrease to 38.01 for 2024 [2][4].