CDG(SH:603018) Guoyuan Securities·2025-05-19 04:25Investment 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 Views - The company's traditional business is under pressure, leading to short-term performance challenges, with a reported revenue of 4.428 billion yuan in 2024, down 17.28% year-on-year, and a net profit of 383 million yuan, down 45.17% year-on-year [1]. - Despite the challenges in traditional sectors, the company is successfully transitioning towards digitalization and low-altitude economy, with new business revenues reaching 1.38 billion yuan, accounting for 31.10% of total revenue, up from 25.56% in 2023 [2]. - The company has seen significant growth in its low-altitude economy segment, with orders increasing by 96% in 2024, supported by the establishment of a dedicated low-altitude technology company and the development of proprietary software [2]. Financial Performance Summary - In 2024, the company reported a revenue of 4.428 billion yuan, a decrease of 17.28% year-on-year, and a net profit of 383 million yuan, down 45.17% year-on-year [1]. - The gross profit margin for 2024 was 37.22%, a decline of 1.78 percentage points compared to the previous year [1]. - The company’s financial forecast estimates revenues of 4.499 billion yuan, 4.671 billion yuan, and 4.903 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 448 million yuan, 497 million yuan, and 538 million yuan for the same years [4].