CATEC(SH:600879) Soochow Securities·2025-08-28 15:26Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 showed a significant decline in revenue and net profit, with total revenue at 5.822 billion yuan, down 24.51% year-on-year, and net profit attributable to shareholders at 174 million yuan, down 30.37% year-on-year. This decline is primarily attributed to a slowdown in the delivery of aerospace products, although the company managed to partially offset this through the expansion of its unmanned systems segment, which has seen strong demand [1][7] - The company's gross margin slightly increased to 20.51%, attributed to better control of raw material costs, despite a decrease in revenue scale. The operating cash flow showed a net outflow of 3.371 billion yuan, reflecting extended collection periods and increased inventory expenditures [7] - The company has strengthened its core competitiveness by successfully completing major launch support tasks and winning multiple new contracts in the unmanned systems field. The company is also investing in the construction of a new drone industrial base [7] Financial Summary - The company's total revenue for 2023 is projected at 18.727 billion yuan, with a year-on-year growth of 7.16%. However, for 2024, a decline of 23.75% is expected, followed by a recovery with growth rates of 3.71%, 9.28%, and 11.48% in the subsequent years [1][8] - The net profit attributable to shareholders is forecasted to be 524.85 million yuan in 2023, with a decline of 14.35% year-on-year, followed by a recovery with growth rates of 4.42%, 6.27%, 35.54%, and 13.71% in the following years [1][8] - The company's earnings per share (EPS) is expected to be 0.16 yuan in 2023, increasing to 0.27 yuan by 2027, with corresponding P/E ratios decreasing from 71.73 to 41.94 over the same period [1][8]