JSTI(SZ:300284) Xin Lang Cai Jing·2025-07-29 06:34Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to foreign exchange losses impacting profit margins, while transitioning towards becoming a "think tank technology enterprise" focusing on emerging growth areas [1][2]. Financial Performance - In 2025 H1, the company achieved revenue of 1.776 billion, a year-on-year decrease of 13.75%, and a net profit attributable to shareholders of 95.39 million, down 39.54% [1]. - Q2 revenue was 967 million, a decline of 17.36% year-on-year, with net profit of 52.28 million, down 49.98%, which was below expectations [1]. - The overall gross margin improved by 1.93 percentage points to 31.87%, despite a 7.82% decline in engineering consulting revenue [1][2]. Cost Management - The expense ratio for 2025 H1 was 22.57%, an increase of 4.83 percentage points, with sales and R&D expenses showing effective cost control [2]. - Financial expenses rose significantly to 45.68 million, primarily due to foreign exchange losses of 41.59 million [2]. Cash Flow and Debt - Operating cash flow improved year-on-year, with a cash collection ratio of 94.92%, up 7.97 percentage points [2]. - The company's debt ratio decreased to approximately 43.48%, down 2.70 percentage points year-on-year [2]. Business Transformation and Growth Areas - The company is transitioning towards a "think tank technology enterprise," focusing on digitalization, urban lifelines, low-altitude economy, and multimodal transport [1]. - Emerging businesses such as urban lifelines and low-altitude economy saw over 100% growth, contributing to the transformation [1]. Industry Development - The company is deepening its low-altitude industry ecosystem, participating in the development of provincial standards and creating a comprehensive product system in the low-altitude economy [3]. - Key platforms developed include airspace service management, low-altitude regulatory service, and AI-based inspection platforms, providing a full-chain solution [3]. Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been revised downwards due to slower demand recovery and unexpected foreign exchange losses [4]. - The target price has been adjusted to 10.51, corresponding to a 63x PE for 2025, maintaining an "accumulate" rating [4].