CATEC(SH:600879) Soochow Securities·2025-03-27 12:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In 2024, the company achieved operating revenue of 14.28 billion yuan, 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. The revenue decline was primarily due 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. The net profit growth was attributed to investment gains from the transfer of equity in Aerospace Electric [2] - The company made significant progress in the unmanned systems field, with its independently developed "Hongzhan" autonomous mission system undergoing continuous upgrades. Key technological breakthroughs were achieved in autonomous planning, game decision-making, and distributed cross-domain collaborative autonomous cognition. The company applied for 275 patents and was granted 219 patents throughout the year, laying a solid foundation for future development in aerospace electronic information and unmanned system equipment [3] Financial Summary - The company’s total revenue for 2024 is projected at 14.28 billion yuan, with a year-on-year decrease of 23.75%. The net profit attributable to the parent company is expected to be 548 million yuan, reflecting a year-on-year increase of 4.42%. The earnings per share (EPS) for 2024 is estimated at 0.17 yuan, with a price-to-earnings (P/E) ratio of 57.01 [1][2] - The company’s cash flow from operating activities was -403 million yuan, an improvement of 60.53% compared to the previous period. This was mainly due to a reduction in cash outflows for purchasing goods and services [2] - The company completed the transfer of 51% equity in Aerospace Electric, marking a significant breakthrough in its industrial structure adjustment, allowing it to focus more on aerospace electronic information and unmanned system product development [9]