ATCDI(SH:603357)2024-03-30 16:00Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company achieved a significant increase in net profit excluding non-recurring items, with a year-on-year growth of 22.04% [8]. - The total revenue for 2023 reached 3.388 billion yuan, representing a year-on-year increase of 21.08% [8]. - The company has a robust order intake, with new contracts signed amounting to 2.25 billion yuan, a year-on-year growth of 8.91% in the surveying and design segment [8]. - The company is focusing on low-altitude economy and accelerating digital transformation, having secured several consulting projects related to general aviation [8]. Financial Summary - The company reported a gross profit margin of 33.78% for 2023, an increase of 2.04 percentage points year-on-year [8]. - The net profit margin for 2023 was 14.58%, a decrease of 1.30 percentage points year-on-year [8]. - The company’s cash flow from operating activities was 273 million yuan, a decrease of 43.57% compared to the previous year [8]. - The projected revenues for 2024-2026 are 3.944 billion yuan, 4.662 billion yuan, and 5.535 billion yuan, respectively, with year-on-year growth rates of 16.42%, 17.68%, and 19.24% [8].