GSAFETY(SZ:300523) Soochow Securities·2025-05-06 06:08Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 1.401 billion yuan for 2024, a year-on-year decrease of 37.92%, and a net profit attributable to shareholders of -322.13 million yuan, indicating a shift from profit to loss, slightly below market expectations [2] - In Q1 2025, the company achieved a revenue of 200 million yuan, a year-on-year increase of 55.76%, with a net profit of -34 million yuan, representing a 41.32% reduction in losses, exceeding market expectations [2] - The company focuses on AI-driven product innovation, enhancing its competitive edge in the public safety sector, and aims to upgrade its solutions through collaboration with major partners [8] Financial Performance Summary - The total revenue forecast for 2023 is 2.257 billion yuan, with a projected decline to 1.401 billion yuan in 2024, followed by a recovery to 2.029 billion yuan in 2025, and further growth to 2.415 billion yuan in 2026 and 2.842 billion yuan in 2027 [1][9] - The net profit attributable to shareholders is expected to recover from -322.13 million yuan in 2024 to 92.98 million yuan in 2025, 126.13 million yuan in 2026, and 172.61 million yuan in 2027, reflecting a significant turnaround [1][9] - The earnings per share (EPS) is projected to be -1.38 yuan in 2024, improving to 0.40 yuan in 2025, 0.54 yuan in 2026, and 0.74 yuan in 2027 [1][9] Business Focus - The company is concentrating on the integration of robotics and low-altitude application scenarios, launching innovative solutions such as a four-legged firefighting robot and a drone system for high-rise fire detection and suppression [3][8]