CATEC(SH:600879) Shenwan Hongyuan Securities·2025-03-27 13:59Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company focuses on aerospace and unmanned systems, entering a new stage of high-quality development [1] - The company reported a revenue of 14.28 billion yuan for 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 [5][7] - The company aims to recover growth in aerospace and unmanned systems products as demand is expected to release [7] - The company has made significant progress in the development of unmanned system military trade products, achieving historical highs in delivery quantity and revenue [7] Financial Data and Profit Forecast - The total revenue for 2024 is projected at 14.28 billion yuan, with a year-on-year decline of 23.8%, while the net profit is expected to be 548 million yuan, reflecting a growth of 4.4% [6] - The company anticipates a recovery in revenue to 15.38 billion yuan in 2025, with a projected net profit of 611 million yuan [6] - The gross margin for 2024 is reported at 20.99%, an increase of 0.67 percentage points year-on-year [7] - The company has adjusted its profit forecast for 2025-2026, with expected net profits of 611 million yuan and 772 million yuan respectively [7]