JSTI(300284) 国元证券·2024-11-01 06:09Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.13 yuan [4][6] Core Views - Despite short-term pressure on revenue and profits, the company's long-term outlook remains positive [1] - The company is actively positioning itself in the low-altitude economy sector, which is expected to grow significantly in China [3] - The company's profitability has improved, with a gross margin increase of 0.81 percentage points year-over-year [2] Financial Performance - Revenue for Q1-3 2024 was 2.914 billion yuan, a decrease of 6.49% year-over-year [1] - Net profit attributable to the parent company was 153 million yuan, down 32.98% year-over-year [1] - Gross margin for Q1-3 2024 was 31.64%, an increase of 0.81 percentage points year-over-year [2] - Operating expenses ratio for Q1-3 2024 was 20.37%, up 1.33 percentage points year-over-year [2] Low-Altitude Economy - China's low-altitude economy is expected to reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [3] - The company has actively participated in low-altitude economy projects, including airport research and measurement in multiple regions [3] - The company has established a joint venture with Shenzhen United Aircraft Group to explore new scenarios and build new systems in the low-altitude economy [3] Future Projections - Revenue for 2024-2026 is projected to be 5.094 billion yuan, 5.160 billion yuan, and 5.311 billion yuan, respectively [4] - Net profit attributable to the parent company for 2024-2026 is expected to be 277 million yuan, 293 million yuan, and 323 million yuan, respectively [4] - EPS for 2024-2026 is forecasted to be 0.22 yuan, 0.23 yuan, and 0.26 yuan per share, respectively [4] Valuation - The company's P/E ratio for 2024-2026 is projected to be 65x, 62x, and 56x, respectively [4] - The company's P/B ratio for 2024-2026 is expected to be 2.14x, 2.09x, and 2.04x, respectively [9]