CATEC(600879) Soochow Securities·2025-03-27 10:04Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 14.28 billion yuan in 2024, a decrease of 23.75% year-on-year, while the net profit attributable to shareholders was 548 million yuan, an increase of 4.42% year-on-year [2] - The decline in revenue is attributed to reduced deliveries of aerospace products and a decrease in revenue from the wire and cable business, which will no longer be included in the consolidated financial statements starting August 2024 [2] - The increase in net profit is primarily due to investment gains from the transfer of the aerospace electrical business [2] - The company has made significant progress in the unmanned systems field, with continuous upgrades to its independently developed "Hongzhan" autonomous mission system and breakthroughs in various technical areas [3] Financial Summary - Total revenue for 2023 was 18.73 billion yuan, with a projected revenue of 14.28 billion yuan for 2024, followed by 14.81 billion yuan in 2025 [1][10] - The net profit for 2023 was 524.85 million yuan, with projections of 548.02 million yuan for 2024 and 735.32 million yuan for 2025 [1][10] - The latest diluted EPS is projected to be 0.17 yuan for 2024, increasing to 0.22 yuan in 2025 [1][10] - The company’s operating cash flow was -403 million yuan in 2024, an improvement from -1.02 billion yuan in the previous period [10]