Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5][10]. Core Views - The company is positioned as a "small giant" in the intelligent monitoring sensor sector, with solid performance and a focus on shareholder returns. The engineering safety monitoring products are crucial for infrastructure construction, and the company is expected to benefit from new growth opportunities in the smart city transportation sector [5][10]. - The company has a robust order backlog and is experiencing significant growth in operating cash flow, alongside a stable dividend distribution policy since its listing in 2022 [6][10]. Summary by Sections Market Performance - The closing price of the stock is 13.87 yuan, with a market capitalization of approximately 1,934.83 million yuan and a circulating market value of 1,563.53 million yuan [3]. Financial Data - The company reported a total revenue of 299 million yuan in 2022, with a projected increase to 400 million yuan in 2025, reflecting a compound annual growth rate (CAGR) of 12.13% from 2023 to 2025 [8][10]. - The net profit attributable to the parent company is expected to grow from 73 million yuan in 2023 to 106 million yuan in 2026, with corresponding earnings per share (EPS) increasing from 0.52 yuan to 0.76 yuan [10]. Investment Opportunities - The company is set to benefit from the Ministry of Transport's plan to enhance structural monitoring systems for bridges and tunnels by 2025, which will drive demand for its safety monitoring equipment [5][10]. - The company has a strong presence in the water conservancy and energy sectors, with national investments in water infrastructure reaching a historical high of 1.35 trillion yuan in 2024, which is expected to further boost demand for safety monitoring sensors [6][10]. Product Development - The company has increased its R&D investment, resulting in a diverse product matrix, including a well-received machine vision deformation monitoring system. As of June 30, 2024, the company holds 50 patents, showcasing its commitment to innovation [5][10].

证券代码：830879 证券简称：基康仪器 公告编号：2025-003 基康仪器股份有限公司 关于取得矿用产品安全标志证书的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、基本情况 基康仪器股份有限公司（以下简称"公司"）于近日收到安标国家矿用产品安 全标志中心有限公司核发的 6 项《矿用产品安全标志证书》，现将相关事项公告 如下： | 序号 | 持证人 | 安全标志编号 | 产品名称 | 规格型号 | | | 有效期 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 基康仪器股 | KFB250001 | 矿用一般型锚 | MC-2500 | 2025 | 年 | 1 | 月 2 | | 日 | | | 份有限公司 | | 索测力计 | | ~2030 | 年 | 1 | 月 | 1 | 日 | | 2 | 基康仪器股 | KFB250031 | 矿用一般型压 | YKY3 | ...

Group 1: Investor Relations Activities - The investor relations activities included an analyst meeting held on February 17 and 18, 2025, via a phone conference and at a physical location in Beijing [3] - Participating units included various securities firms and investment funds, with notable attendance from Kaiyuan Securities and Galaxy Securities [4] Group 2: Company Performance and Growth Areas - The company reported strong downstream demand, particularly in the energy and water conservancy sectors, with a focus on projects like pumped storage and conventional hydropower [4][5] - As of September 2024, China's cumulative hydropower installed capacity reached 430 million kW, projected to exceed 540 million kW by 2030 [4] - In 2024, national water conservancy investment reached a record high of 1.35 trillion yuan, with expectations for continued high levels in 2025 [5] Group 3: Financial Outlook - The company anticipates a slight increase in gross profit margin for 2024, with revenue from safety monitoring IoT solutions growing compared to the previous year [6] - The average dividend payout ratio since the company's listing in 2022 has been 68%, with total cash dividends amounting to 109.8742 million yuan [9] Group 4: Research and Development Focus - In 2025, the company plans to enhance R&D investments, focusing on core technologies such as fiber optic sensors and machine vision [7] - New product developments aim to meet market demands in various sectors, including transportation and water conservancy [7] Group 5: Industry Recovery and Challenges - The transportation sector's performance is recovering but has not yet returned to peak levels, with ongoing projects in lightweight monitoring and safety assessments expected to drive growth [8] - The company has noted a slight increase in bad debt provisions for 2024, but the impact on profits is expected to be minimal due to low risk from major clients [10] Group 6: Cautionary Notes - The report includes uncertainties regarding industry trends and technological advancements, advising investors to make informed decisions [11]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 357 million yuan in 2024, representing a year-on-year growth of 8.57%, driven by the water conservancy and energy sectors [4] - The net profit attributable to shareholders for 2024 was 77.07 million yuan, reflecting a year-on-year increase of 6.07% [4] - The company has slightly adjusted its profit forecasts for 2024-2026, expecting net profits of 77 million, 89 million, and 103 million yuan respectively [4] - The current stock price corresponds to P/E ratios of 23.8, 20.6, and 17.9 for the years 2024, 2025, and 2026 respectively [4] Financial Summary and Valuation Indicators - Revenue (million yuan): 2022A: 299, 2023A: 329, 2024E: 357, 2025E: 400, 2026E: 458 [9] - Year-on-Year Growth (YOY %): 2022A: 15.3, 2023A: 10.0, 2024E: 8.6, 2025E: 12.2, 2026E: 14.4 [9] - Net Profit (million yuan): 2022A: 61, 2023A: 73, 2024E: 77, 2025E: 89, 2026E: 103 [9] - Gross Margin (%): 2022A: 50.8, 2023A: 54.6, 2024E: 52.5, 2025E: 52.2, 2026E: 51.6 [9] - Net Margin (%): 2022A: 20.3, 2023A: 22.1, 2024E: 21.6, 2025E: 22.3, 2026E: 22.4 [9] - Return on Equity (ROE %): 2022A: 10.5, 2023A: 13.0, 2024E: 12.9, 2025E: 13.5, 2026E: 14.2 [9] Industry Demand and Innovation - The company is experiencing strong market demand in downstream industries, supported by favorable government policies [5] - In 2024, the company capitalized on opportunities in various sectors such as water network construction and energy monitoring, leading to continuous growth in new contracts and revenue [5] - The company is increasing its R&D investment and expanding its technology center to enhance its competitive edge [5] - The company has obtained 50 patents and is focusing on the smart monitoring sensor field, with plans to continue developing sensor technology [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 357 million yuan in 2024, representing a year-on-year growth of 8.57%, driven by the water conservancy and energy sectors [4] - The net profit attributable to shareholders for 2024 was 77.07 million yuan, reflecting a year-on-year increase of 6.07% [4] - The company has slightly adjusted its profit forecasts for 2024-2026, expecting net profits of 77 million, 89 million, and 103 million yuan respectively [4] - The current stock price corresponds to P/E ratios of 23.8, 20.6, and 17.9 for the years 2024, 2025, and 2026 [4] Financial Summary - Revenue (million yuan): 2022A: 299, 2023A: 329, 2024E: 357, 2025E: 400, 2026E: 458 [9] - Year-on-Year Growth (YOY %): 2022A: 15.3, 2023A: 10.0, 2024E: 8.6, 2025E: 12.2, 2026E: 14.4 [9] - Net Profit (million yuan): 2022A: 61, 2023A: 73, 2024E: 77, 2025E: 89, 2026E: 103 [9] - Gross Margin (%): 2022A: 50.8, 2023A: 54.6, 2024E: 52.5, 2025E: 52.2, 2026E: 51.6 [9] - Net Margin (%): 2022A: 20.3, 2023A: 22.1, 2024E: 21.6, 2025E: 22.3, 2026E: 22.4 [9] - Return on Equity (ROE %): 2022A: 10.5, 2023A: 13.0, 2024E: 12.9, 2025E: 13.5, 2026E: 14.2 [9] Market Demand and Innovation - The company is experiencing strong market demand in downstream industries, capitalizing on opportunities in water network construction, small reservoir rainwater monitoring, and dam safety monitoring [5] - The company has increased its R&D investment and expanded its R&D center, enhancing its technological capabilities and product innovation [5] - The company has obtained 50 patents and continues to focus on the smart monitoring sensor field, aiming to enhance its product offerings [6]

Investment Rating - The report maintains a "Recommended" rating for the company [3][7]. Core Insights - The company has shown steady revenue growth, with a projected increase in operating income from 328.64 million yuan in 2023 to 439.65 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 10.98% [2][9]. - The net profit attributable to the parent company is expected to grow from 72.66 million yuan in 2023 to 98.25 million yuan in 2026, with a notable profit growth rate of 20.01% in 2023, followed by a more moderate growth in subsequent years [2][9]. - The company is benefiting from a historical high in water conservancy investment in China, which reached 1.3529 trillion yuan in 2024, a 12.8% increase year-on-year, providing a strong foundation for future revenue growth [7]. Financial Forecast Summary - **Revenue Forecast**: - 2023: 328.64 million yuan - 2024: 356.81 million yuan (growth rate: 8.57%) - 2025: 396.14 million yuan (growth rate: 11.02%) - 2026: 439.65 million yuan (growth rate: 10.98%) [2][9] - **Net Profit Forecast**: - 2023: 72.66 million yuan - 2024: 77.08 million yuan (growth rate: 6.08%) - 2025: 86.37 million yuan (growth rate: 12.05%) - 2026: 98.25 million yuan (growth rate: 13.76%) [2][9] - **Earnings Per Share (EPS)**: - 2023: 0.52 yuan - 2024: 0.55 yuan - 2025: 0.62 yuan - 2026: 0.70 yuan [2][9] - **Price-to-Earnings (P/E) Ratio**: - 2023: 24.09 - 2024: 23.82 - 2025: 21.25 - 2026: 18.68 [2][9]

Financial Performance - The company achieved operating revenue of CNY 356.80 million, a year-on-year increase of 8.57%[4] - Net profit attributable to shareholders reached CNY 77.07 million, up 6.07% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses was CNY 72.96 million, reflecting a growth of 6.94% year-on-year[4] - The net cash flow from operating activities was CNY 66.44 million, showing a significant increase of 85.71%[4] - Total assets at the end of the reporting period amounted to CNY 721.58 million, representing an 8.77% increase from the beginning of the period[5] - Shareholders' equity attributable to the company was CNY 595.21 million, a growth of 7.12% year-on-year[5] Product Development - The company introduced new products including a machine vision deformation monitoring system and underwater MCU, which received wide market recognition[7] - The company increased its R&D investment and expanded its R&D center to enhance technological capabilities and product innovation[7] Operational Efficiency - The company implemented management consulting projects to optimize organizational structure and improve operational efficiency[8] Financial Data Disclaimer - The company warns that the financial data presented are preliminary and subject to change upon final audit[9]

证券代码：830879 证券简称：基康仪器 公告编号：2024-083 基康仪器股份有限公司 关于获得水文、水资源调查评价资质证书的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、基本情况 基康仪器股份有限公司（以下简称"公司"）于近日收到中国水利水电勘测 设计协会颁发的《水文、水资源调查评价单位水平评价证书》，公司获得乙级评 价资质。 二、证书信息 单位名称：基康仪器股份有限公司 证书编号：水文证 11224005 业务范围：水文、水资源调查评价 证书等级：乙级 水文测量与分析计算:水文调查,水文测量 水文测报系统设计、实施与维护:水文测报系统设计与实施,水文测报设施运 行维护 证书有效期：至 2029 年 12 月 25 日 《水文、水资源调查评价单位水平评价证书》 特此公告。 基康仪器股份有限公司 董事会 2024 年 12 月 30 日 三、对公司的影响 本次公司获得水文、水资源调查评价乙级资质证书，提升了公司水利专业服 务能力，为公司拓展水利信息化业务提供有力支持，进一步提升了公司的 ...

证券代码：830879 证券简称：基康仪器 公告编号：2024-082 基康仪器股份有限公司 关于募集资金使用完毕并注销募集资金专项账户的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、募集资金基本情况 根据中国证券监督管理委员会下发的《关于同意基康仪器股份有限公司向不 特定合格投资者公开发行股票注册的批复》（证监许可〔2022〕2979 号），公司向 不特定合格投资者公开发行股票 13,000,000 股，每股发行价格 6.50 元。本次公 开发行募集资金总额为 84,500,000.00 元，扣除总发行费用人民币 15,227,641.44 元，实际募集资金净额为 69,272,358.56 元。募集资金已于 2022 年 12 月 13 日划 至公司指定账户。上述募集资金到位情况已经天衡会计师事务所（特殊普通合伙） 审验，并于 2022 年 12 月 13 日出具了《验资报告》（天衡验字[2022]00174 号）。 三、本次募集资金专户注销情况 截至 2024 年 12 月 25 日， ...

关于公司通过 CMMI3 级认证的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、基本情况 证券代码：830879 证券简称：基康仪器 公告编号：2024-081 基康仪器股份有限公司 CMMI（Capability Maturity Model Integration）即软件能力成熟度模型集成， 是国际上用于衡量软件企业能力成熟度和项目管理水平的权威评审认证体系，通 过 CMMI 评估认证已成为体现软件企业开发管理能力的一个重要标志。 公司通过 CMMI3 级资质认证，体现了公司在软件设计、开发、项目管理以 及产品质量等方面的综合实力，提升了公司的核心竞争力，对公司今后持续健康 发展提供了有力的支撑。公司通过 CMMI3 级评估认证对公司经营发展将产生积 极影响。 上述信息不构成业绩承诺，对公司的影响以实际情况为准。敬请广大投资者 理性投资，注意投资风险。 三、备查文件 1、《CMMI3 级评估认证证书》。 特此公告。 基康仪器股份有限公司 董事会 2024 年 12 月 16 日 基康仪器 ...