Highlander(300065) 东吴证券·2025-04-23 11:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a significant improvement in profitability by focusing on high-margin orders, resulting in a net profit of 8.21 million yuan in 2024, a year-on-year increase of 107.05%, despite a 49.06% decline in revenue to 38.39 million yuan [2][3] - The gross margin increased to 33.93%, up 10.70% year-on-year, due to the strategic shift towards high-quality development and the abandonment of low-margin orders [2] - The company made notable advancements in smart navigation and marine observation technologies, including obtaining significant certifications for its radar systems and navigation solutions [2] - Future development plans emphasize technological innovation, product promotion, industry integration, and sustainable development, with a focus on expanding market share and enhancing collaboration with upstream and downstream enterprises [3] Financial Summary - The company reported total revenue of 384 million yuan in 2024, with projections of 1,038 million yuan in 2025 and 1,189 million yuan in 2026, reflecting a growth rate of 170.29% and 14.56% respectively [1][10] - The forecasted net profit for 2025 and 2026 is 99 million yuan and 124 million yuan respectively, with a projected PE ratio of 107 and 86 times [3][10] - The company's total assets are expected to grow from 2,441 million yuan in 2024 to 3,868 million yuan by 2027, indicating a strong upward trend in financial health [10]