ATCDI(SH:603357) Guotai Junan Securities·2024-03-30 16:00Investment Rating - The investment rating for the company is "Accumulate" with a target price of 12.97, while the current price is 9.91 [5]. Core Views - The company has significant advantages in the low-altitude economy sector, supported by its geographical and qualification strengths. It has established a collaborative working platform based on cloud computing, big data, AI, and BIM, actively promoting the transition to digital business development [22][28]. - The company is a technical support unit for the provincial low-altitude office and has been involved in the development of the general aviation industry in Anhui Province, with new contracts in civil aviation amounting to 34 million yuan in 2023 [9][28]. - The company achieved a revenue of 3.39 billion yuan in 2023, representing a 21% increase year-on-year, with a net profit of 488 million yuan, up 10% [11][23]. Summary by Sections Financial Performance - The company's net profit for 2023 was 488 million yuan, with an expected EPS of 0.90 for 2023 and 1.02 for 2024, indicating a growth rate of 10% and 17% respectively [11][23]. - The revenue growth rate for 2023 was 21%, with significant contributions from various business segments, including surveying and design [11][23]. - The gross profit margin for 2023 was 33.85%, an increase of 2.07 percentage points from the previous year [11]. Business Development - The company has established a collaborative working platform that enhances design efficiency and project management capabilities, leveraging advanced technologies [10][29]. - In 2023, the company signed new contracts worth 4.6 billion yuan, with a backlog of orders amounting to 8.6 billion yuan, ensuring future revenue streams [11][28]. - The company is actively involved in the construction of low-altitude economic projects, with 69 ongoing projects and planned investments nearing 100 billion yuan [8][9]. Market Position - The company is positioned as a leading engineering consulting firm in the transportation sector, providing integrated solutions for various infrastructure projects [24]. - The market capitalization of the company is approximately 5.56 billion yuan, with a 52-week price range of 7.23 to 16.60 [6][5]. - The company maintains a strong competitive edge in the low-altitude economy, supported by government initiatives and a growing market demand [8][9].