JSTI(300284)2025-05-07 13:25Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4]. Core Insights - The company experienced a revenue decline of 10.40% year-on-year in 2024, with total revenue reaching 4.73 billion yuan and a net profit attributable to shareholders of 224 million yuan, down 31.92% year-on-year. The first quarter of 2025 also saw a revenue decrease of 9.00% year-on-year [1][6]. - Despite the challenges in traditional infrastructure investment and increased competition in the engineering consulting industry, the company maintains a stable industry position, ranking 67th and 85th in the global engineering design company lists by ENR [1]. - The company is focusing on transforming its business structure and accelerating its entry into the low-altitude economy, having established a research institute for low-altitude economic development in Jiangsu Province [2]. Financial Performance - The company's gross margin for 2024 was 34.76%, a decrease of 1.23 percentage points year-on-year. The net profit margin was 4.97%, down 0.84 percentage points year-on-year [3]. - For the first quarter of 2025, the gross margin was reported at 29.07%, with a net profit margin of 4.53%, attributed to intensified industry competition and increased financial costs [3]. Earnings Forecast - The company is expected to see earnings per share (EPS) of 0.19, 0.21, and 0.23 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 45, 41, and 37 [4][6].