GSAFETY(SZ:300523) Soochow Securities·2025-05-06 06:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 1.401 billion yuan in 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, showing a 41.32% reduction in losses, exceeding market expectations [2] - The company is focusing on AI-driven product innovation, enhancing its competitive edge in the public safety sector, and collaborating with major partners to improve technological capabilities [3][8] Financial Performance Summary - The company's total revenue is projected to recover to 2.029 billion yuan in 2025, with a year-on-year growth of 44.78%, and a net profit of 92.98 million yuan, marking a significant turnaround from the previous year's losses [1][9] - The earnings per share (EPS) is expected to improve from -1.38 yuan in 2024 to 0.40 yuan in 2025, with further growth anticipated in subsequent years [1][9] - The company’s total assets are estimated to be 4.081 billion yuan in 2025, with a debt-to-asset ratio of 61.07% [9]