2023年业绩快报点评：业绩同比高增，低空经济领军蓄势“起飞”

Investment Rating - The report maintains a "Buy" rating for the company [16][33]. Core Insights - The company achieved a revenue of 708 million yuan in Q4 2023, a year-on-year decline of 3.54%, while the net profit attributable to shareholders increased by 35.23% to 119 million yuan [1]. - The company has a solid foundation in the low-altitude economy business, positioning itself to capitalize on a trillion-yuan market [2]. - The company is actively involved in low-altitude flight service projects, having won significant contracts and developed a comprehensive low-altitude flight service simulation verification platform [4][31]. - The company is expected to benefit from the expansion of air traffic management and smart airport construction, with projected net profits of 131 million yuan in 2023, 155 million yuan in 2024, and 188 million yuan in 2025 [33]. Financial Performance Summary - In 2023, the company is projected to achieve a total revenue of 1.675 billion yuan, a growth of 6.3% year-on-year, and a net profit of 131 million yuan, reflecting a growth of 46.87% [18][33]. - The gross profit margin is expected to improve year-on-year, contributing to significant net profit growth [19]. - The company has been focusing on three main business segments: civil air traffic management, urban road traffic management, and urban governance, enhancing market development and R&D investment [20]. Market Position and Future Outlook - The company is the only publicly listed entity within the China Electronics Technology Group Corporation's 28th Research Institute, indicating a unique market position [33]. - The low-altitude economy is anticipated to grow significantly, with projections estimating a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [31].