JSTI(300284) 新浪财经·2025-05-01 04:47Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, but is focusing on digitalization and low-altitude economy as new growth areas, maintaining a "buy" rating [1][5]. Financial Performance - Q1 2025 revenue was 809 million yuan, down 9.0% year-on-year, with a net profit attributable to shareholders of 43.11 million yuan, down 19.1% year-on-year [1]. - The comprehensive gross profit margin for Q1 2025 was 29.1%, an increase of 3.84 percentage points year-on-year, while the net profit margin was 5.3%, a decrease of 0.66 percentage points year-on-year [2]. - Operating cash flow outflow decreased, with a cash collection ratio of 118.2%, up 2.3 percentage points year-on-year, indicating improved cash flow [2]. Cost and Expenses - The total expense ratio for Q1 2025 was 22.5%, an increase of 4.37 percentage points year-on-year, with financial expenses rising to 17.59 million yuan due to increased exchange losses [1][2]. - Impairment expenses accounted for 0.5% of revenue, up 0.44 percentage points year-on-year [1]. Strategic Initiatives - The company is actively investing in digitalization and low-altitude economy sectors, having implemented over 70 demonstration projects in bridge monitoring and emergency response [4]. - It has participated in over 60 major aviation consulting projects and established a research institute for low-altitude economic development [4]. Earnings Forecast and Valuation - The company maintains its EPS forecast for 2025-2027 at 0.20, 0.22, and 0.23 yuan respectively, with a target price of 10.48 yuan based on a PE ratio of 53 times for 2025 [5].