MEIYA PICO INC.(300188) 东北证券·2025-04-02 08:44Investment Rating - The report assigns a "Buy" rating for the company [4][6] Core Views - The company reported a revenue of 1.769 billion yuan in 2024, a decrease of 10.82% year-on-year. The net profit attributable to the parent company was -415 million yuan, with a non-recurring net profit of -575 million yuan. The gross margin was 40.58%, down by 5.44 percentage points [1][2] - The decline in revenue is attributed to the impact of customer budgets, leading to delays in order fulfillment and project delivery. The company has increased sales expenses to maintain competitive advantages, affecting net profit [2][3] - The company is a leader in the electronic data forensics industry, leveraging AI technology to enhance its product offerings and maintain its market position. The public safety big data business continues to evolve with significant R&D efforts [3] Financial Summary - The company’s revenue for 2024 was 1.769 billion yuan, down 10.82% from 2023. The revenue breakdown by product includes: public security big data (672 million yuan, -23.30%), electronic data forensics (711 million yuan, -6.49%), digital government and enterprise digitalization (278 million yuan, +31.07%), and new network space security (107 million yuan, -20.15%) [2] - The forecast for net profit attributable to the parent company is adjusted to 0.02 million yuan for 2025, 0.53 million yuan for 2026, and 0.92 million yuan for 2027, indicating a significant recovery trajectory [4][5] - The company’s financial metrics show a projected revenue growth of 19.20% in 2025, followed by 17.62% in 2026 and 16.00% in 2027 [5][12]