JXFH(SZ:300213) ZHESHANG SECURITIES·2025-05-08 10:30Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The company reported a revenue of 1.154 billion yuan for 2024, a year-on-year increase of 2.70%, and a net profit attributable to shareholders of 74.15 million yuan, up 10.52% year-on-year. However, in Q1 2025, the company experienced a revenue decline of 32.09% year-on-year, resulting in a net loss of 25.53 million yuan due to seasonal factors and order execution cycles [1][6] - The transportation sector saw a revenue of 701 million yuan in 2024, accounting for 61% of total revenue, with a year-on-year growth of 5.68% and a gross margin of 55.63%, up 9.2 percentage points. The total fixed asset investment in railways increased by 11.3% year-on-year, reaching a historical high [2] - The government and defense market faced pressure, with revenue declining by 32.49% year-on-year to 194 million yuan, while the financial and other sectors saw a significant increase of 49.47% year-on-year to 259 million yuan. The company is expanding into emerging markets, including smart civil aviation and digital energy [3] - The Ministry of Industry and Information Technology is steadily advancing 5G-R, with successful product validation for the next phase of field testing [4] - The company has won several significant AI application projects in the railway sector, indicating a strong market potential for AI integration [5] - Profit forecasts for the company indicate net profits of 83 million yuan, 108 million yuan, and 147 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 58, 45, and 33 [6]