GSAFETY(SZ:300523) Xin Lang Cai Jing·2025-05-06 06:49Group 1: Financial Performance - In 2024, the company achieved revenue of 1.401 billion, a year-on-year decrease of 37.92%, and a net profit attributable to shareholders of -322 million, transitioning from profit to loss [1] - The first quarter of 2025 saw revenue of 200 million, a year-on-year increase of 55.76%, while the net profit attributable to shareholders was -34 million, with a year-on-year loss reduction of 41.32% [1] - The decline in 2024's performance was influenced by insufficient existing contracts, delays in project approvals, and market conditions, leading to decreased revenue and gross margin [1] Group 2: Business Segments - In 2024, the urban safety business generated revenue of 390 million, down 57.96%, while the emergency management business brought in 385 million, a decrease of 23.56%, and the equipment and firefighting business earned 449 million, down 21.05% [1] - Despite the revenue declines, the total contract amount signed in 2024 increased by nearly 40%, indicating potential recovery in performance as orders are gradually fulfilled [1] Group 3: Innovation and Technology - The company is focusing on AI technology to enhance product offerings and solutions in the national public safety sector, aiming to strengthen market differentiation and innovation capabilities [2] - Collaborations with China Telecom and Tsinghua University are being emphasized to boost technological innovation [2] - The company is advancing from "AI + product" to "product AI transformation," aiming to create intelligent solutions and build AI capabilities to support information system construction [2] Group 4: Robotics and Low-altitude Applications - The subsidiary Keda Lianan has launched a quadruped firefighting robot that integrates real-time environmental detection and complex terrain capabilities, addressing indoor fire rescue challenges [2] - For low-altitude applications, Keda Lianan has introduced a drone system for dynamic fire source detection and high-pressure precision suppression, providing efficient solutions for high-rise building fires [2] Group 5: Earnings Forecast and Investment Rating - The company anticipates a gradual recovery in downstream demand, but due to a low base in 2024, the EPS forecasts for 2025-2026 have been adjusted downwards to 0.40 and 0.54 respectively, with a 2027 EPS forecast of 0.74 [3] - The investment rating is maintained at "Buy" [3]