Group 1: Financial Performance - In 2024, the company achieved revenue of 1.401 billion, a year-on-year decrease of 37.92%, and a net profit attributable to shareholders of -322 million, transitioning from profit to loss [1] - The first quarter of 2025 saw revenue of 200 million, a year-on-year increase of 55.76%, while the net profit attributable to shareholders was -34 million, with a year-on-year loss reduction of 41.32% [1] - The decline in 2024's performance was influenced by insufficient existing contracts, delays in project approvals, and market conditions, leading to decreased revenue and gross margin [1] Group 2: Business Segments - In 2024, the urban safety business generated revenue of 390 million, down 57.96%, while the emergency management business brought in 385 million, a decrease of 23.56%, and the equipment and firefighting business earned 449 million, down 21.05% [1] - Despite the revenue declines, the total contract amount signed in 2024 increased by nearly 40%, indicating potential recovery in performance as orders are gradually fulfilled [1] Group 3: Innovation and Technology - The company is focusing on AI technology to enhance product offerings and solutions in the national public safety sector, aiming to strengthen market differentiation and innovation capabilities [2] - Collaborations with China Telecom and Tsinghua University are being emphasized to boost technological innovation [2] - The company is advancing from "AI + product" to "product AI transformation," aiming to create intelligent solutions and build AI capabilities to support information system construction [2] Group 4: Robotics and Low-altitude Applications - The subsidiary Keda Lianan has launched a quadruped firefighting robot that integrates real-time environmental detection and complex terrain capabilities, addressing indoor fire rescue challenges [2] - For low-altitude applications, Keda Lianan has introduced a drone system for dynamic fire source detection and high-pressure precision suppression, providing efficient solutions for high-rise building fires [2] Group 5: Earnings Forecast and Investment Rating - The company anticipates a gradual recovery in downstream demand, but due to a low base in 2024, the EPS forecasts for 2025-2026 have been adjusted downwards to 0.40 and 0.54 respectively, with a 2027 EPS forecast of 0.74 [3] - The investment rating is maintained at "Buy" [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 1.401 billion yuan in 2024, a year-on-year decrease of 37.92%, and a net profit attributable to shareholders of -322.13 million yuan, indicating a shift from profit to loss, slightly below market expectations [2] - In Q1 2025, the company achieved a revenue of 200 million yuan, a year-on-year increase of 55.76%, with a net profit of -34 million yuan, showing a 41.32% reduction in losses, exceeding market expectations [2] - The company is focusing on AI-driven product innovation, enhancing its competitive edge in the public safety sector, and collaborating with major partners to improve technological capabilities [3][8] Financial Performance Summary - The company's total revenue is projected to recover to 2.029 billion yuan in 2025, with a year-on-year growth of 44.78%, and a net profit of 92.98 million yuan, marking a significant turnaround from the previous year's losses [1][9] - The earnings per share (EPS) is expected to improve from -1.38 yuan in 2024 to 0.40 yuan in 2025, with further growth anticipated in subsequent years [1][9] - The company’s total assets are estimated to be 4.081 billion yuan in 2025, with a debt-to-asset ratio of 61.07% [9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 1.401 billion yuan for 2024, a year-on-year decrease of 37.92%, and a net profit attributable to shareholders of -322.13 million yuan, indicating a shift from profit to loss, slightly below market expectations [2] - In Q1 2025, the company achieved a revenue of 200 million yuan, a year-on-year increase of 55.76%, with a net profit of -34 million yuan, representing a 41.32% reduction in losses, exceeding market expectations [2] - The company focuses on AI-driven product innovation, enhancing its competitive edge in the public safety sector, and aims to upgrade its solutions through collaboration with major partners [8] Financial Performance Summary - The total revenue forecast for 2023 is 2.257 billion yuan, with a projected decline to 1.401 billion yuan in 2024, followed by a recovery to 2.029 billion yuan in 2025, and further growth to 2.415 billion yuan in 2026 and 2.842 billion yuan in 2027 [1][9] - The net profit attributable to shareholders is expected to recover from -322.13 million yuan in 2024 to 92.98 million yuan in 2025, 126.13 million yuan in 2026, and 172.61 million yuan in 2027, reflecting a significant turnaround [1][9] - The earnings per share (EPS) is projected to be -1.38 yuan in 2024, improving to 0.40 yuan in 2025, 0.54 yuan in 2026, and 0.74 yuan in 2027 [1][9] Business Focus - The company is concentrating on the integration of robotics and low-altitude application scenarios, launching innovative solutions such as a four-legged firefighting robot and a drone system for high-rise fire detection and suppression [3][8]