JSTI(SZ:300284) Guoyuan Securities·2025-10-31 05:48Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company's performance is under pressure in the short term, with revenue and profit declining significantly. For the first three quarters of 2025, the company achieved revenue of 2.769 billion yuan, down 5.00% year-on-year, and a net profit attributable to shareholders of 79 million yuan, down 48.39% year-on-year [1] - The company is focusing on low-altitude economy and digital transformation as new growth drivers, leveraging technology to enhance its business model and market position [3] Financial Performance Summary - For Q1-Q3 2025, the company's gross margin was 30.58%, a decrease of 1.06 percentage points year-on-year, with Q3 gross margin at 28.28%, down 7.47 percentage points year-on-year. The operating expense ratio increased to 21.36%, up 0.99 percentage points year-on-year [2] - The company is projected to achieve revenues of 4.634 billion yuan, 4.594 billion yuan, and 4.569 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 176 million yuan, 191 million yuan, and 210 million yuan for the same years [4][6]