Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The company is expected to achieve revenue of 470 million in 2024, a year-on-year decline of 4.37%, with net profit attributable to the parent company projected at -26 million [1] - The company is actively managing its client relationships, leading to a temporary decline in revenue due to reduced collaboration with high-risk clients [1] - The company is diversifying its product lines and expanding its third-party evaluation services, which has led to significant revenue growth from industrial and insurance clients [2] - The company is enhancing its market share in the South China region while expanding its operations to major cities across the country and internationally [3] Financial Performance - In 2024, the company's comprehensive gross profit margin is expected to be 36.6%, a decrease of 3.17 percentage points year-on-year, with a net profit margin of -5.04% [4] - The company anticipates a gradual improvement in net profit, projecting 40 million, 53 million, and 68 million for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 58, 44, and 34 [1][6] - The company reported a significant increase in asset and credit impairment losses, which negatively impacted profits [4] Business Segmentation - The third-party evaluation business generated revenue of 278 million in 2024, down 12.39%, while project management revenue increased by 10.26% to 190 million [2] - The company has successfully reduced its revenue dependency on real estate clients, with their contribution dropping to 46% of total revenue, thereby improving order quality and payment reliability [2] Regional Expansion - The company achieved revenue of 215 million in South China and 114 million in East China, with respective year-on-year changes of +5.0% and -9.88% [3] - The company has expanded its overseas operations, generating 2.23 million in revenue from markets including Malaysia, Indonesia, and Singapore [3]
深圳瑞捷（300977）：多元化业务发力，客户结构持续优化