DAFENG INDUSTRY(SH:603081) HUAXI Securities·2025-05-21 13:25Investment Rating - The report maintains an "Accumulate" rating for the company [1][6] Core Views - The company has shown a notable growth in its cultural and tourism operations, with a revenue increase of 44.26% in 2024, reaching 262 million yuan, and a gross margin improvement of 13.65 percentage points [4] - The company is actively exploring innovative business models, including a partnership with Shanghai Zhiyuan New Technology Co., Ltd. to develop humanoid robots tailored for cultural and tourism applications [5] - The financial outlook has been adjusted, with revenue forecasts for 2025-2027 revised to 1.96 billion, 2.09 billion, and 2.22 billion yuan, respectively, and net profit estimates adjusted to 142 million, 166 million, and 179 million yuan [7] Financial Performance Summary - In 2024, the company reported total revenue of 1.84 billion yuan, a year-on-year decrease of 4.88%, and a net profit of 65 million yuan, down 36.03% [2] - The gross margin for the company improved to 33.4% in 2024, while the sales expense ratio increased to 7.21% [3] - The company’s cash flow from operating activities decreased by 37.53% to 105 million yuan in 2024, primarily due to reduced tax refunds [3] Business Segment Analysis - The cultural and tourism technology equipment segment saw a revenue decline of 22.72%, but its gross margin increased by 8.89 percentage points [3] - The digital art technology business experienced an 18.14% revenue growth with a gross margin increase of 5.99 percentage points [3] - The rail transit equipment business revenue surged by 99.95%, with a gross margin increase of 13.93 percentage points [3]